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Marcet, Albert; Nicolini, Juan Pablo - C.E.P.R. Discussion Papers - 1998

This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model, where the full rational expectations assumption is replaced by a formal definition of quasi-rational learning. The model...

Persistent link: https://www.econbiz.de/10005123869

The Evolution of Paper Money

Levintal, Oren; Zeira, Joseph - C.E.P.R. Discussion Papers - 2009

This paper tells the story of how paper money evolved as a result of lending by banks. While lending commodity money requires holding large reserves of commodity money to ensure liquidity, issuing convertible paper money reduces these costs significantly. The paper also examines the possibility...

Persistent link: https://www.econbiz.de/10005039577

The Transition to Convertibility in Eastern Europe and the USSR

Portes, Richard - C.E.P.R. Discussion Papers - 1991

This paper discusses when and how to introduce foreign exchange convertibility in the process of transformation of the … discusses why convertibility is so important in the sequence, and it goes on to deal with implementation and exchange rate … policy. Macroeconomic stabilization is treated as a central issue in the strategy for achieving convertibility. Finally, the …

Persistent link: https://www.econbiz.de/10005504652

Options for the Payments and Exchange Rate System in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1991

The paper analyses the role of currency convertibility in the process of economic transition in Eastern Europe and … convertibility is an indispensable requirement for the success of real sector reforms but that this is only sustainable if the … convertibility and for a non-inflationary monetary framework in Eastern Europe, can be considerably increased if all monetary policy …

Persistent link: https://www.econbiz.de/10005281277

The Spanish Crisis: Background and Policy Challenges

Suarez, Javier - C.E.P.R. Discussion Papers - 2010

describes the strengths and weaknesses of Spain’s recent long growth cycle, the real and financial imbalances accumulated … pressure, partly initiated by unjustified catastrophic expectations about Spain, provides an opportunity for accelerating the …

Persistent link: https://www.econbiz.de/10008554220

Stabilization and Growth under Dictatorship: The Experience of Franco's Spain

Prados de la Escosura, Leandro; Rosés, Joan R.; … - C.E.P.R. Discussion Papers - 2010

-market allocation of resources and allowed Spain to accelerating growth and catching up with Western Europe. Without the 1959 Plan, per …

Persistent link: https://www.econbiz.de/10008468511

'Actual' versus 'Virtual' Employment in Europe: Is Spain Different?

Marimon, Ramon; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1996

employment. We pay special attention to Spain, a country that has experienced a high persistent unemployment rate, and show that …

Persistent link: https://www.econbiz.de/10005124383

The Sources of Long-run Growth in Spain 1850-2000

Prados de la Escosura, Leandro; Rosés, Joan R. - C.E.P.R. Discussion Papers - 2007

Between 1850 and 2000, Spain’s real income increased by about 40-fold, at an average rate of 2.5 percent. The sources … European Union Spain has experienced a dramatic productivity slowdown. …

Persistent link: https://www.econbiz.de/10005124439

Trade and Foreign Direct Investment with Central and Eastern Europe: Its Impact on Spain

Gual, Jordi; Martín, Carmela - C.E.P.R. Discussion Papers - 1994

Agreements are progressively implemented, is projected to have a significant impact on trade flows with Spain, as exports and … probably respond to the relative factor endowments underlying current trade patterns. Spain is likely to increase its exports … take place.The evolution of trade flows will, of course, be contingent upon developments in FDI. Most FDI in Spain in …

Persistent link: https://www.econbiz.de/10005136499

Spain's Industrial Exports to the EEC: A Panel Data Approach

Martín, Carmela; Moreno, Lourdes - C.E.P.R. Discussion Papers - 1991

This paper investigates the determinants of trends in Spain's industrial exports to other Community countries by using … influence of advertising expenditure and, to a lesser extent, technological effort on Spain's industrial export performance. …

Persistent link: https://www.econbiz.de/10005498106