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This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...
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This paper identifies a "border" effect in the absence of a border. The finding that trade between East- and West-Japan … contemporaneous structure of Japan’s business and social networks, rather than cultural differences, induced by long …
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American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the …
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financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level …, we build an econometric model with incidental truncation that jointly considers bank survival, the type of bank closure … (consolidations, absorption, and failures), and changes to bank risk. Despite roughly 9,000 bank closures, risk did not leave the …
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