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significantly stronger in those countrieswith larger flexibility/development of mortgage markets; third, the transmission … toconsumption is stronger only in those countries where mortgage equity release iscommon and mortgage contracts are predominantly of …
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This paper deals with two related issues: the sustainability of China's exchange rate regime and the opening up of its capital account. The exchange rate discussion deliberately passes over the issue of the "equilibrium" value of the renminbi and its alleged undervaluation - typically at the...
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