Emergence of Networks and Market Institutions in a Large Virtual Economy ∗
... (although sometimes they consider weighted edges or time trends), and confirm stylized facts on node degree distributions. Our network metrics overlap with theirs, but our focus is on undirected weighted networks (although sometimes we consider directed or unweighted networks) and how they change ov ...
... (although sometimes they consider weighted edges or time trends), and confirm stylized facts on node degree distributions. Our network metrics overlap with theirs, but our focus is on undirected weighted networks (although sometimes we consider directed or unweighted networks) and how they change ov ...
Financial Liberalization, Boom-Bust Cycles and Production Efficiency
... crises: bankruptcy and financial distress costs. Bankruptcy costs are static and derive from the severe real depreciation that leads to firesales and bankrupts N-sector firms with currency mismatch on their balance sheets. Financial distress costs are dynamic and derive from the resultant collapse i ...
... crises: bankruptcy and financial distress costs. Bankruptcy costs are static and derive from the severe real depreciation that leads to firesales and bankrupts N-sector firms with currency mismatch on their balance sheets. Financial distress costs are dynamic and derive from the resultant collapse i ...
World bank documents
... Using data on forty-one countries over the period from 1976 to 1993, we split the sample period, so that each country has two observations (data permitting) with data averaged over each subperiod. In the tradition of recent work (Barro 1991), we regress the growth rate of gross domestic product (GDP ...
... Using data on forty-one countries over the period from 1976 to 1993, we split the sample period, so that each country has two observations (data permitting) with data averaged over each subperiod. In the tradition of recent work (Barro 1991), we regress the growth rate of gross domestic product (GDP ...
Personal Financial Management
... to formulate their PFM plan and start doing and reviewing monthly. ...
... to formulate their PFM plan and start doing and reviewing monthly. ...
Securities Trading and Settlement in Europe
... exchanges and settlement agencies from user-owned institutions to shareholder-owned, profit-driven corporations. While demutualization is leading to more consolidated trading and settlement systems, it creates the potential for increased operational risk and monopoly pricing. As Europe progresses to ...
... exchanges and settlement agencies from user-owned institutions to shareholder-owned, profit-driven corporations. While demutualization is leading to more consolidated trading and settlement systems, it creates the potential for increased operational risk and monopoly pricing. As Europe progresses to ...
NBER WORKING PAPER SERIES SOURCES OF MACROECONOMIC IMBALANCES A SIMULATION APPROACH
... hospitality during his visit to the Bank of Japan, November 1986 to January 1987. Financial support from the Brookings Institution and the Ford FOundation is gratefully acknowledged. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed ar ...
... hospitality during his visit to the Bank of Japan, November 1986 to January 1987. Financial support from the Brookings Institution and the Ford FOundation is gratefully acknowledged. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed ar ...
Large Devaluations and the Real Exchange Rate
... Northwestern University, NBER and Federal Reserve of Chicago. ...
... Northwestern University, NBER and Federal Reserve of Chicago. ...
Asset Return Predictability
... (2) Relative PPP does not imply that St is easy to forecast. (3) Without relative price changes, an MNC faces no real operating FX risk (as long as the firm avoids fixed contracts denominated in FC). • Relative PPP: Absolute versus Relative - Absolute PPP compares price levels. Under Absolute PPP, p ...
... (2) Relative PPP does not imply that St is easy to forecast. (3) Without relative price changes, an MNC faces no real operating FX risk (as long as the firm avoids fixed contracts denominated in FC). • Relative PPP: Absolute versus Relative - Absolute PPP compares price levels. Under Absolute PPP, p ...
A Flop And A debAcle: InsIde the IMF`s GlobAl RebAlAncInG Acts
... For those who share this view — and I count myself among them — the story that unfolds in this monograph is dispiriting. It is a detailed account of initiatives led by the IMF to address the imbalances in the years prior to the crisis. Based on interviews with scores of policy makers who were involv ...
... For those who share this view — and I count myself among them — the story that unfolds in this monograph is dispiriting. It is a detailed account of initiatives led by the IMF to address the imbalances in the years prior to the crisis. Based on interviews with scores of policy makers who were involv ...
The long-term level “misalignment” of the exchange rate:
... Development Index and the foreign trade share of GDP. 12 The earlier period (1950s and 1960s) would, however, repay further study. As Singleton et al (2006) have argued, New Zealand kept import controls and foreign exchange controls (on current account transactions) on for longer than most advanced ...
... Development Index and the foreign trade share of GDP. 12 The earlier period (1950s and 1960s) would, however, repay further study. As Singleton et al (2006) have argued, New Zealand kept import controls and foreign exchange controls (on current account transactions) on for longer than most advanced ...
NBER WORKING PAPER SERIES
... In this study, we analyze the role played by international reserves on the short and intermediaterun REER dynamics generated by a CTOT shock. We also test the degree to which international reserves and the choice of exchange rate regime mitigates REER volatility associated with given CTOT shocks. Sp ...
... In this study, we analyze the role played by international reserves on the short and intermediaterun REER dynamics generated by a CTOT shock. We also test the degree to which international reserves and the choice of exchange rate regime mitigates REER volatility associated with given CTOT shocks. Sp ...
Brazil as an export economy, 1880-1930 Marcelo de P. Abreu and
... The domestic consumption of coffee was relatively unimportant if compared to production.3 This makes the ratio between coffee exports and GDP a reasonable indication of the direct weight of coffee in economic activity. However, there are no reliable series on GDP and GDP deflators for the period bef ...
... The domestic consumption of coffee was relatively unimportant if compared to production.3 This makes the ratio between coffee exports and GDP a reasonable indication of the direct weight of coffee in economic activity. However, there are no reliable series on GDP and GDP deflators for the period bef ...
Integration of CEE and EU-15 Money Market, Deposit and Lending
... exceeds 70 percent of total banking sector assets. Even more pronounced are the cases of Czech Republic and Croatia where EU-15 banks ownership stakes exceed 90 percent of their total banking sector assets. Such high ownership stake of EU-15 banks in CEE banking industries offers not only potential ...
... exceeds 70 percent of total banking sector assets. Even more pronounced are the cases of Czech Republic and Croatia where EU-15 banks ownership stakes exceed 90 percent of their total banking sector assets. Such high ownership stake of EU-15 banks in CEE banking industries offers not only potential ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... process of economic development which yields relatively predictable patterns of internal structural change (in the Hollis Chenery tradition) and of changes in the product composition of exports according to Heckscher-Ohlin trade based on factor proportions. The next section examines data on the stru ...
... process of economic development which yields relatively predictable patterns of internal structural change (in the Hollis Chenery tradition) and of changes in the product composition of exports according to Heckscher-Ohlin trade based on factor proportions. The next section examines data on the stru ...
Dec - Whitman School of Management
... the outskirts of the city and selling it to make the system work. That doesn't work either." Micklethwait says one of the most interesting aspects about China at present is its economy. Since the financial crisis it has been a major driver of global growth but the recent 7.3 percent third quarter GD ...
... the outskirts of the city and selling it to make the system work. That doesn't work either." Micklethwait says one of the most interesting aspects about China at present is its economy. Since the financial crisis it has been a major driver of global growth but the recent 7.3 percent third quarter GD ...
NBER WORKING PAPER SERIES RISK SHARING THROUGH CAPITAL GAINS Faruk Balli Sebnem Kalemli-Ozcan
... countries in a monetary union risk sharing may be particularly important for the functioning of the union because monetary policy is unable to address “asymmetric” shocks, the case of some countries experiencing negative shocks while others are booming. Sala-i-Martin and Sachs (1992) suggest that th ...
... countries in a monetary union risk sharing may be particularly important for the functioning of the union because monetary policy is unable to address “asymmetric” shocks, the case of some countries experiencing negative shocks while others are booming. Sala-i-Martin and Sachs (1992) suggest that th ...
Chapter: 351 EXCHANGES (SPECIAL LEVY) ORDINANCE Gazette
... (1) Subject to subsection (2), the Secretary may by notice in the Gazette vary the amount or rate of the special levy payable under section 3 or 4. (2) The amount or rate of special levy, as the case may be, as varied under subsection (1) shall not exceed(a) in the case of the special levy under sec ...
... (1) Subject to subsection (2), the Secretary may by notice in the Gazette vary the amount or rate of the special levy payable under section 3 or 4. (2) The amount or rate of special levy, as the case may be, as varied under subsection (1) shall not exceed(a) in the case of the special levy under sec ...
the price of non-tradable goods and services is significantly lower
... of PPP theory will be changed. Nonetheless, since transport costs and trade barriers do not change dramatically over time they are not sufficient explanations for the failure of the relative version of PPP. ...
... of PPP theory will be changed. Nonetheless, since transport costs and trade barriers do not change dramatically over time they are not sufficient explanations for the failure of the relative version of PPP. ...
International Business Cycles: Theory vs. Evidence
... Table 1 displays some properties of business cycle experience between 1970 and mid-1990 in 10 developed countries and a European aggregate constructed by the OECD. We focus on three features of a set of common macroeconomic time series: volatility, measured by standard deviations; persistence, measu ...
... Table 1 displays some properties of business cycle experience between 1970 and mid-1990 in 10 developed countries and a European aggregate constructed by the OECD. We focus on three features of a set of common macroeconomic time series: volatility, measured by standard deviations; persistence, measu ...
How Big (Small?) are Fiscal Multipliers?
... the US and is not practical for a large panel of countries. The validity of military expenditure as an instrument for public spending hinges on two assumptions. First, military expenditure and war e¤orts must be driven by global geopolitical factors and not domestic economic conditions. Second, thes ...
... the US and is not practical for a large panel of countries. The validity of military expenditure as an instrument for public spending hinges on two assumptions. First, military expenditure and war e¤orts must be driven by global geopolitical factors and not domestic economic conditions. Second, thes ...
the prerequisites for progress towards a single currency in the
... develop an internal institution which will itself have sufficient credibility to be of benefit to member countries. The most viable alternative would be for a number of COMESA countries to choose to lock in (to the extent possible) future macroeconomic stability by creating irrevocable links with on ...
... develop an internal institution which will itself have sufficient credibility to be of benefit to member countries. The most viable alternative would be for a number of COMESA countries to choose to lock in (to the extent possible) future macroeconomic stability by creating irrevocable links with on ...
What Determines Institutional Arrangements for Macroprudential
... Central and Eastern Europe to the country list of the IMF survey.10 What is important in considering institutional arrangements is how they work in reality rather than what is provided in law. Even in countries with financial stability committees, how they work in reality differs: some countries ho ...
... Central and Eastern Europe to the country list of the IMF survey.10 What is important in considering institutional arrangements is how they work in reality rather than what is provided in law. Even in countries with financial stability committees, how they work in reality differs: some countries ho ...
Growth Impacts of the Exchange Rate and Technology
... Rodrik (2008) provides empirical evidence and develops theories about the importance for developing countries of real exchange rate (RER) undervaluation as a growth-driving factor. The author suggests that the transmission channel leading to higher growth rates is the increase in the relative price ...
... Rodrik (2008) provides empirical evidence and develops theories about the importance for developing countries of real exchange rate (RER) undervaluation as a growth-driving factor. The author suggests that the transmission channel leading to higher growth rates is the increase in the relative price ...
Regional Economic Issues
... Risks to the outlook are two sided, but tilted to the downside, notably over the medium term. There is potential for some upside from stronger external demand, notably higher growth in the euro area and the United States, and a firmer recovery in commodity prices, which would help the CIS, and lower ...
... Risks to the outlook are two sided, but tilted to the downside, notably over the medium term. There is potential for some upside from stronger external demand, notably higher growth in the euro area and the United States, and a firmer recovery in commodity prices, which would help the CIS, and lower ...