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Exchange-Rate Adjustment and Macroeconomic Interdependence between Stagnant and Fully Employed Countries

Ono, Yoshiyasu - CESifo - 2014

This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge...

Persistent link: https://www.econbiz.de/10010747221

The Impact of Financial (De-)Regulation on Current Account Balances

Moral-Benito, Enrique; Röhn, Oliver - CESifo - 2014

Both global imbalances and financial market (de-)regulation feature prominently among the potential causes of the global financial crisis, but they have been largely discussed separately. In this paper, we take a different angle and investigate the relationship between financial market...

Persistent link: https://www.econbiz.de/10011082830

China's Capital Controls - Through the Prism of Covered Interest Differentials

Cheung, Yin-Wong; Herrala, Risto - CESifo - 2013

We study the renminbi (RMB) covered interest differential – an indicator of the effectiveness of capital controls. It is found that the differential is not shrinking over time and, in fact, appears larger after the global financial crisis than before. That is, capital controls in China are...

Persistent link: https://www.econbiz.de/10010690380

Commodity Price Volatility, Democracy and Economic Growth

Arezki, Rabah; Gylfason, Thorvaldur - CESifo - 2011

We use a new dataset on non-resource GDP to examine the impact of commodity price volatility on economic growth in a … panel of up to 158 countries during the period 1970-2007. Our main finding is that commodity price volatility leads to a … result, we show that increased commodity price volatility leads to a statistically significant and quantitatively large …

Persistent link: https://www.econbiz.de/10009352227

Natural Resources, Volatility, and Inclusive Growth: Perspectives from the Middle East and North Africa

Arezki, Rabah; Nabli, Mustapha K. - CESifo - 2012

experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important …

Persistent link: https://www.econbiz.de/10010550241

Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy

Arghyrou, Michael G. - CESifo - 2014

We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt …

Persistent link: https://www.econbiz.de/10010948838

Persistence of High Income Inequality and Banking Crises: 1980-2010

Bellettini, Giorgio; Delbono, Flavio - CESifo - 2013

Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...

Persistent link: https://www.econbiz.de/10010670800

Are the Baltic Countries Ready to Adopt the Euro? A Generalised Purchasing Power Parity Approach

Caporale, Guglielmo Maria; Ciferri, Davide; Girardi, … - CESifo - 2008

This paper focuses on macroeconomic interdependencies between the Euro area and three transition economies (Estonia, Lithuania and Latvia), with the aim of establishing whether the latter are ready to adopt the Euro. The theoretical framework is based on the Generalised Purchasing Power Parity...

Persistent link: https://www.econbiz.de/10005094477

Bureaucrats or Politicians?

Alesina, Alberto; Tabellini, Guido - CESifo - 2004

Persistent link: https://www.econbiz.de/10005405896

A Fragile Eurozone in Search of a Better Governance

Grauwe, Paul De - CESifo - 2011

When entering a monetary union, member-countries change the nature of their sovereign debt in a fundamental way, i.e. they cease to have control over the currency in which their debt is issued. As a result, financial markets can force these countries’ sovereigns into default. In this sense...

Persistent link: https://www.econbiz.de/10009020784

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