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The Great Depression ushered in a long era of deglobalization that lasted for many decades. An old conventional wisdom (e.g. Polanyi) argues that the common aspect of this shock across all countries, a deep depression, can explain the large and persistent global shift away from orthodox liberal...
Persistent link: https://www.econbiz.de/10012463174
In advanced economies, a century-long near-stable ratio of credit to GDP gave way to rapid financialization and surging leverage in the last forty years. This "financial hockey stick" coincides with shifts in foundational macroeconomic relationships beyond the widely-noted return of...
Persistent link: https://www.econbiz.de/10012455937
Persistent link: https://www.econbiz.de/10013480751
We analyze banking crises using a panel of macroeconomic and financial data for more than one hundred developing countries from 1975 through 1992. We find that banking crises in emerging markets are strongly associated with adverse external conditions. In particular Northern interest rates are...
Persistent link: https://www.econbiz.de/10012472448
Recent research in international economic history has opened up new lines of enquiry on the origins of globalization …
Persistent link: https://www.econbiz.de/10012469380
have placed an emphasis on the importance of trade with New World colonies, and the expanded supply of raw cotton it … provided. We test both hypotheses using calibrated general equilibrium models of the British economy and the rest of the world … trade with the rest of the world, not the American colonies, that allowed Britain to export its rapidly expanding textile …
Persistent link: https://www.econbiz.de/10012464570
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
Persistent link: https://www.econbiz.de/10012461036
, and the transition to skill-biased technological change. The simulated model tracks British industrialization in the 18th …
Persistent link: https://www.econbiz.de/10012464163
According to the Washington Consensus, developing countries? growth would benefit from a reduction in tariffs and other barriers to trade. But a backlash against this view now suggests that trade policies have little or no impact on growth. If "getting policies right" is wrong or infeasible,...
Persistent link: https://www.econbiz.de/10012464385
Industrial Revolution? How were some countries able to reverse this trend during the globalization of the late 20th Century? To …
Persistent link: https://www.econbiz.de/10012479692