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Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...
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statistically significant output effect under floating exchange rate regimes. For the estimation of the output effects of fiscal …
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business and credit cycles were as strong during Bretton Woods (1950-1972) as during the Globalization period (1984-2006). For …
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