This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar's status, and evaluate the welfare...

1 Introduction and Overview -- 2 A Primer for Economics of Banking -- Part I Too-Big-to-Fail in Banking Review -- 3 Introduction to Too-Big-to-Fail in Banking -- 4 TBTF Causal Chain: Explicit and Implicit Government Guarantees -- 5 Public Cost and Benets of TBTF -- 6 TBTF Policy Recommendations...

This study examines the relationship between current-account imbalances and economic growth during the 2008-2009 financial and economic crisis for 179 countries (covered by IMF data) and within the EU-27 countries (covered by Eurostat data). The countries are divided into 4 groups by GDP per...

This chapter is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation...

Existing estimates of the labor-market returns to human capital give a distorted picture of the role of skills across different economies. International comparisons of earnings analyses rely almost exclusively on school attainment measures of human capital, and evidence incorporating direct...