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Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in developing countries. The appeal of reserve requirements lies in the pro-cyclical behavior of...
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Innovation is key to boosting economic growth in the face of a rapidly ageing population. While Japan spends heavily on education and R&D, appropriate framework conditions are essential to increase the return on such investments by strengthening competition, both domestic and international, and...
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With gross government debt of 226% of GDP, Japan’s fiscal situation is in uncharted territory and puts the economy at risk. Japan needs a detailed and credible fiscal consolidation plan, including specific revenue increases and measures to control spending to restore its fiscal sustainability....
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Die stabilitätspolitischen Erfolgsaussichten der europäischen Geldpolitik werden im ersten Kapitel einer kritischen … Abkehr von national orientierter Geldpolitik als Folge der zunehmenden Globalisierung rational und erforderlich ist …. Schließlich wird gezeigt, daß auch die europäische Geldpolitik einer Einbettung in ein wirtschaftspolitisches Gesamtkonzept, wie …
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Whether and when does banking serve to stabilize the economy? Caprio and Honohan view the banking system as a filter through which foreign and domestic shocks feed through to the domestic economy. The filter can dampen or amplify the shocks through various credit market channels, including...
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