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The Future of International Liquidity and the Role of China
Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2013
and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …
Persistent link: https://www.econbiz.de/10010951079
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Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?
Chinn, Menzie; Frankel, Jeffrey Alexander - National Bureau of Economic Research (NBER) - 2005
determinants of the shares of major currencies in the reserve holdings of the world%u2019s central banks. Significant factors …-2004. Whether the euro might in the future rival or surpass the dollar as the world%u2019s leading international reserve currency …
Persistent link: https://www.econbiz.de/10005084571
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The Rise and Fall of World Trade, 1870-1939
Taylor, Alan M.; Estevadeordal, Antoni; Frantz, Brian - National Bureau of Economic Research (NBER) - 2002
Measured by the ratio of trade to output, the period 1870 1913 marked the birth of the first era of trade globalization and the period 1914 39 its death. What caused the boom and bust? We use an augmented gravity model to examine the gold standard, tariffs, and transport costs as determinants of...
Persistent link: https://www.econbiz.de/10005084724
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Strategic Trade, Competitive Industries and Agricultural Trade Disputes
Bagwell, Kyle; Staiger, Robert W. - National Bureau of Economic Research (NBER) - 2000
The primary predictions of strategic-trade theory are not restricted to imperfectly-competitive markets. Indeed, these predictions emerge in a natural three-country extension of the traditional theory of trade policy in competitive markets, once the theory is augmented to allow for...
Persistent link: https://www.econbiz.de/10005085109
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Financial Crisis and the Paradox of Under- and Over-Regulation
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2009
This paper illustrates the paradox of prudential under-regulation in an economy that adopts financial reform, a reform which exposes the economy to future financial crises. There is individual-uncertainty about the crisis incidence, and the probability of the crisis is updated sequentially...
Persistent link: https://www.econbiz.de/10005025653
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Trade and Investment under Policy Uncertainty: Theory and Firm Evidence
Limão, Nuno M.; Handley, Kyle - National Bureau of Economic Research (NBER) - 2012
We provide theoretical and empirical evidence that policy uncertainty can significantly affect firm level investment and entry decisions in the context of international trade. When market entry costs are sunk, policy uncertainty can create a real option value of waiting to enter foreign markets...
Persistent link: https://www.econbiz.de/10009652877
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Reserves and Baskets
Bordo, Michael David; James, Harold - National Bureau of Economic Research (NBER) - 2011
We discuss three well known plans that were offered in the twentieth century to provide an artificial replacement for gold and key currencies as international reserves: Keynes' Bancor, the SDR and the Ecu( predecessor to the euro).The latter two of these reserve substitutes were...
Persistent link: https://www.econbiz.de/10009328104
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Global Macroeconomic and Financial Supervision: Where Next?
Goodhart, Charles - National Bureau of Economic Research (NBER) - 2011
The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...
Persistent link: https://www.econbiz.de/10009395475
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Coping with Shocks and Shifts: The Multilateral Trading System in Historical Perspective
O'Rourke, Kevin Hjortshøj; Irwin, Douglas A. - National Bureau of Economic Research (NBER) - 2011
shifts. By shocks we mean sudden jolts to the world economy in the form of financial crises and deep recessions, or wars and …
Persistent link: https://www.econbiz.de/10009368125
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U.S. Trade Policy Since 1934: An Uneven Path Toward Greater Trade Liberalization
Baldwin, Robert E. - National Bureau of Economic Research (NBER) - 2009
This paper presents a comprehensive but relatively brief historical survey of U.S. trade-policy over the last 75 years. It is aimed at individuals who are not already familiar with the concepts and terminology used in discussions of trade policy and the domestic and international institutional...
Persistent link: https://www.econbiz.de/10008627160