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We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
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1995 data for Vietnam also suggest quantitatively much larger impacts from trade liberalization than is the case for …
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open economy (so concerns about the limits to independent policy in this setting are respected); and (4) it can be really …
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