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This paper explains the problem of adjustment to the challenges of globalization in terms of the logic underpinning four distinct policy constraints or trilemmas, and their interrelationship, and in particular the disturbances that arise from capital flows. The analysis of a policy trilemma was...
Persistent link: https://www.econbiz.de/10013026306
We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...
Persistent link: https://www.econbiz.de/10013191065
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10012474799
This paper explains the problem of adjustment to the challenges of globalization in terms of the logic underpinning four distinct policy constraints or trilemmas, and their interrelationship, and in particular the disturbances that arise from capital flows. The analysis of a policy trilemma was...
Persistent link: https://www.econbiz.de/10012457651
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10013226928
Persistent link: https://www.econbiz.de/10001726218
The article analyzes Mexico under globalization, particularly on the free mobility of capital. It argues that … various countries are implementing industrial and protectionist policies. If Mexico continues to bet on outward growth through … nearshoring, it will have no chance of overcoming the problems it faces. Mexico cannot continue with an economic policy that does …
Persistent link: https://www.econbiz.de/10014551305
Persistent link: https://www.econbiz.de/10003769828
inflow decline more than fully explains Mexico's current account reversal during the 1994-95 Tequila Crisis, our measure …
Persistent link: https://www.econbiz.de/10003854757
Persistent link: https://www.econbiz.de/10003595805