In this paper we examine the experience of Switzerland’s devaluation in 1936. We ask the following questions: what were the issues at stake in the political debate? What was the cost to Switzerland of the delay in the franc devaluation? What would have been the costs and benefits of an...

In this paper, we document evidence on the synchronization of business cycles across 16 countries over the past century and a quarter, demarcated into four exchange rate regimes. We find using three different methodologies that there is a secular trend towards increased synchronization for much...

In this paper we examine the experience of Switzerland's devaluation in 1936. The Swiss case is of interest because Switzerland was a key member of the gold bloc, and much of the modern academic literature on the Great Depression tries to explain why Switzerland and the other gold bloc...

This paper examines the importance of credit market shocks in driving global business cycles over the period 1988:1-2009:4. We first estimate common components in various macroeconomic and financial variables of the G-7 countries. We then evaluate the role played by credit market shocks using a...

Purpose Agile methods have considerably transformed project management. The purpose of this study is to analyze the impact of agile (as compared to plan-driven) methods on customer satisfaction in the context of knowledge-intensive business services. Design/methodology/approach This study uses a...

The paper traces the evolution of Japan's financial system, first focusing on institutional changes in domestic markets and then on liberalization of international capital flows. It describes forces affecting the pace and direction of changes and discusses the influence of these changes on the...