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Dynamic Adjustment and the Demand for International Reserves
Bilson, John F. O. - 1979
rapid. In addition, an economic theory of the speed of adjustment is presented and tested. The evidence suggests that … greater exchange rate flexibility has not significantly altered the reserve holding behavior of the world's central banks …
Persistent link: https://www.econbiz.de/10012478740
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Trade Induced Structural Change and the Skill Premium
Cravino, Javier - 2017
We study how international trade affects manufacturing employment and the relative wage of unskilled workers when goods and services are traded with different intensities. Manufacturing trade reduces manufacturing prices worldwide, which reduces manufacturing employment if manufactures and...
Persistent link: https://www.econbiz.de/10012455178
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The Global Spatial Distribution of Economic Activity : Nature, History, and the Role of Trade
Henderson, J. Vernon - 2016
We study the distribution of economic activity, as proxied by lights at night, across 250,000 grid cells of average area 560 square kilometers. We first document that nearly half of the variation can be explained by a parsimonious set of physical geography attributes. A full set of country...
Persistent link: https://www.econbiz.de/10012456530
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Commodity Trade and the Carry Trade : a Tale of Two Countries
Ready, Robert - 2013
Persistent differences in interest rates across countries account for much of the profitability of currency carry trade strategies. "Commodity currencies'' tend to have high interest rates while low interest rate currencies belong to exporters of finished goods. This pattern arises in a...
Persistent link: https://www.econbiz.de/10012459290
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Financial Development and the Choice of Trade Partners
Chan, Man Lung - 2013
What determines the choice of countries' trade partners? We show theoretically and empirically that financial market imperfections affect the number and identity of exporters' destinations. Bigger economies with lower trade costs are more attractive markets because they offer higher export...
Persistent link: https://www.econbiz.de/10012459794
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Politics and the Effectiveness of Foreign Aid
Boone, Peter David - 1995
Critics of foreign aid programs have long argued that poverty reflects government failure. In this paper I analyze the effectiveness of foreign aid programs to gain insights into political regimes in aid recipient countries. My analytical framework shows how three stylized political/economic...
Persistent link: https://www.econbiz.de/10012473562
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Why Doesn't Capitalism Flow to Poor Countries?
Tella, Rafael Di - 2007
corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism … externality since the existence of corrupt entrepreneurs hurts good entrepreneurs by reducing the electoral appeal of capitalism …
Persistent link: https://www.econbiz.de/10012465489
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Capitalism and Democracy in 2040 : Forecasts and Speculations
Fogel, Robert W. - 2007
While the economies of the fifteen countries that were in the European Union (EU15) in 2000 will continue to grow from now until 2040, they will not be able to match the surges in growth that will occur in South and East Asia. In 2040, the Chinese economy will reach $123 trillion, or nearly...
Persistent link: https://www.econbiz.de/10012465470
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Capital and Wealth in the 21st Century
Weil, David N. - 2015
In Capital in the 21st Century, Thomas Piketty uses the market value of tradeable assets to measure both productive capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer wealth, which have grown enormously over the last 300...
Persistent link: https://www.econbiz.de/10012457747
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The Cambridge History of "Capitalism"
Temin, Peter - 2014
This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G … economists to add depth to their understanding of the world economy today. Robert C. Allen analyzes the world distribution of … criticize the definition of capitalism used in these volumes as too expansive to be useful. I argue that this definition mars …
Persistent link: https://www.econbiz.de/10012458007