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Currency Crisis and Unemployment : Sterling in 1931

Eichengreen, Barry - 1998

This paper studies the role of unemployment in sterling's interwar experience. According to most narrative accounts …, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British … currency crises, highlights the conflict between the objective of low unemployment and defense of the currency and show that it …

Persistent link: https://www.econbiz.de/10012472245

Imported or Home Grown? The 1992-3 EMS Crisis

Eichengreen, Barry; Naef, Alain - National Bureau of Economic Research - 2021

Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in...

Persistent link: https://www.econbiz.de/10012696397

The International Transmission and Effects of Fiscal Policies

Frenkel, Jacob A. - 1986

In recent years the world economy has been subject to large and unsyncronized changes in fiscal policies, high and volatile real rates of tnterest, large fluctuations in real exchange rates, and significant variations in private-sector spending. This paper reviews some of the key facts...

Persistent link: https://www.econbiz.de/10012477278

Will Brexit Age Well? Cohorts, Seasoning and the Age-Leave Gradient, Past, Present and Future

Eichengreen, Barry - 2018

In the UK's 2016 referendum on EU membership, young voters were more likely than their elders to vote Remain. Applying new methods to a half century of data, we show that this pattern reflects both ageing and cohort effects. Although voters become more Eurosceptical as they age, recent cohorts...

Persistent link: https://www.econbiz.de/10012480870

Migration and Fiscal Externality : US vs. Europe

Razin, Assaf - 2020

The paper compares migration policy and welfare state generosity between America and Europe. There is more selective skill-based migration policy in the US compared to the European Union. Policy coordination among states within the federal system on migration, taxes, and social benefits among...

Persistent link: https://www.econbiz.de/10012482345

Fiscal and Migration Competition

Razin, Assaf - 2010

It is often argued that tax competition may lead to a "race to the bottom". Such a race may hold indeed in the case of the pure case of factor mobility (such as capital mobility). However, in this paper we emphasize the unique feature of labor migration, that may nullify the "race to the bottom"...

Persistent link: https://www.econbiz.de/10012462431

The Skill Composition of Migration and the Generosity of the Welfare State

Cohen, Alon - 2009

Skilled migrants typically contribute to the welfare state more than they draw in benefits from it. The opposite holds for unskilled migrants. This suggests that a host country is likely to boost (respectively, curtail) its welfare system when absorbing high-skill (respectively, low-skill)...

Persistent link: https://www.econbiz.de/10012463909

The Skill Composition of Immigrants and the Generosity of the Welfare State : Free vs. Policy-Controlled Migration

Cohen, Alon - 2008

The paper analyzes the effect of the generosity of the welfare state on the skill composition of immigrants. We develop a parsimonious model in which the effect of an increase in the generosity (and taxes) of the welfare state on the skill composition of immigrants under free migration is...

Persistent link: https://www.econbiz.de/10012464188

The Breakup of the Euro Area

Eichengreen, Barry - 2007

The possibility that the euro area might break up was being raised even before the single currency existed. These scenarios were then lent new life five or six years on, when appreciation of the euro and problems of slow growth in various member states led politicians to blame the European...

Persistent link: https://www.econbiz.de/10012465257

Vying for Foreign Direct Investment : A EU-type Model of Tax Competition

Razin, Assaf - 2006

This paper brings out the special mechanism through which taxes influence bilateral FDI, when investment decisions are two-fold in the presence of fixed setup flows costs. For each pair of source-host countries, there is a set of factors determining whether aggregate FDI flows will occur at all,...

Persistent link: https://www.econbiz.de/10012466680