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Empirical studies quantifying the benefits of increased foreign direct investment (FDI) have been unable to provide conclusive evidence of a positive impact on host country’s economic performance. I show that the lack of robust evidence is not inconsistent with theory, even if the eventual...
Persistent link: https://www.econbiz.de/10011080446
We analyze the extent to which reputational concerns may overcome moral hazard problems in credit markets. In such markets, loan contracts are common, and with loan contracts, borrowers have incentives to take on high levels of risk if lenders cannot observe the types of projects in which...
Persistent link: https://www.econbiz.de/10010554326
The classic explanation for the persistence and volatility of real exchange rates is that they are the result of nominal shocks in an economy with sticky goods prices. A key implication of this explanation is that if goods in different sectors have different degrees of price stickiness then...
Persistent link: https://www.econbiz.de/10010554327
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Persistent link: https://www.econbiz.de/10010554333