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A Pragmatic Approach to Capital Account Liberalization

Prasad, Eswar; Rajan, Raghuram G. - Institute for the Study of Labor (IZA) - 2008

Cross-country regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the...

Persistent link: https://www.econbiz.de/10005703740

Deriving the New Quantity Equation: An Approach for a Closed and an Open Economy

Welfens, Paul J. J. - Institute for the Study of Labor (IZA) - 2014

This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...

Persistent link: https://www.econbiz.de/10010891175

Financial Globalization and Economic Policies

Kose, M. Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, … - Institute for the Study of Labor (IZA) - 2009

We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...

Persistent link: https://www.econbiz.de/10005763826

Thresholds in the Process of International Financial Integration

Kose, M. Ayhan; Prasad, Eswar; Taylor, Ashley D. - Institute for the Study of Labor (IZA) - 2009

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....

Persistent link: https://www.econbiz.de/10005070416

Does Openness to International Financial Flows Contribute to Productivity Growth?

Kose, M. Ayhan; Prasad, Eswar; Terrones, Marco E. - Institute for the Study of Labor (IZA) - 2008

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...

Persistent link: https://www.econbiz.de/10005822435

Is the Chinese Growth Miracle Built to Last?

Prasad, Eswar - Institute for the Study of Labor (IZA) - 2007

, especially those related to having an open capital account, do not loom large in the case of China. In the process of securing …

Persistent link: https://www.econbiz.de/10005822458

The Renminbi's Role in the Global Monetary System

Prasad, Eswar; Ye, Lei - Institute for the Study of Labor (IZA) - 2012

changes for the balance and sustainability of China's own economic development as well as the associated implications for the … global monetary system. While China is actively promoting the internationalization of its currency, it is a long way from … attaining full convertibility or meeting other prerequisites for achieving reserve currency status. Ultimately, China will …

Persistent link: https://www.econbiz.de/10009646302

India's Approach to Capital Account Liberalization

Prasad, Eswar - Institute for the Study of Labor (IZA) - 2009

In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has served the economy well in terms of reducing its...

Persistent link: https://www.econbiz.de/10005703471

Bismarck versus Beveridge: Which Unemployment Compensation System is More Prone to Labor Market Shocks?

Beissinger, Thomas; Buesse, Oliver - Institute for the Study of Labor (IZA) - 2001

Based on a model with imperfectly competitive labor and product markets the real consequences of labor market shocks for economies with either an earnings-related or flat-rate unemployment compensation system are considered. A distinctive feature of the analysis is the comparison of both...

Persistent link: https://www.econbiz.de/10005761964

The Impact of the Unemployment Benefit System on International Spillover Effects

Beissinger, Thomas; Buesse, Oliver - Institute for the Study of Labor (IZA) - 2002

Based on a two-country model it is scrutinized how the structure of the unemployment benefit system affects the consequences of idiosyncratic labor market shocks on real wages and unemployment in other countries. International spillover effects are caused by changes in world real income. The...

Persistent link: https://www.econbiz.de/10005762260