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Markets in China and Europe on the Eve of the Industrial Revolution
Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2004
Current orthodoxy suggests that the Industrial Revolution began in Europe because European institutions promoted comparatively high levels of market efficiency. This Paper compares the actual efficiency of markets in Europe and China, two regions of the world that were relatively advanced in the...
Persistent link: https://www.econbiz.de/10005114184
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How Risky is Financial Liberalization in the Developing Countries?
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
This Paper looks at the effect of domestic and external financial liberalization. Using a sample of 27 developing and developed countries, it studies the exchange market pressure and output gap effects of liberalization. The results show that developing and developed countries differ in many...
Persistent link: https://www.econbiz.de/10005666570
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Financial Development and the Sensitivity of Stock Markets to External Influences
Dellas, Harris; Hess, Martin - C.E.P.R. Discussion Papers - 2001
We investigate how the relative contribution of external factors to stock price movements varies with the degree of financial development. We find that financial development makes stock markets more susceptible to external influences (both financial and macroeconomic). Interestingly, this effect...
Persistent link: https://www.econbiz.de/10005791350
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Long-Term Capital Movements
Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2001
International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this Paper, we show that a small set of fundamentals shifts in relative output levels, the stock of public debt and demographic factors can do much to explain the...
Persistent link: https://www.econbiz.de/10005792250
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Exchange Rate Regimes: Some Lessons from Postwar Europe
Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001
Can Europe's post-war experience with fixed exchange rates be useful for today's emerging market countries? A new conventional wisdom suggests that the answer is negative, that in today's world of huge capital flows the only choice is between freely floating exchange rates and hard pegs. The...
Persistent link: https://www.econbiz.de/10005661704
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Macroeconomic Policy in Central Europe
Braga de Macedo, Jorge; Branson, William H - C.E.P.R. Discussion Papers - 1995
Our focus in this paper is macroeconomic policy in the countries of Central Europe: The Czech Republic, Hungary, Poland and Slovakia. All four are committed to joining the European Union. Accordingly, their macroeconomic policies need to put them on a credible path towards meeting the entry...
Persistent link: https://www.econbiz.de/10005136687
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Estimating the Border Effect: Some New Evidence
Gopinath, Gita; Gourinchas, Pierre-Olivier; Hsieh, Chang-Tai - C.E.P.R. Discussion Papers - 2009
To what extent do national borders and national currencies impose costs that segment markets across countries? To answer this question we use a dataset with product level retail prices and wholesale costs for a large grocery chain with stores in the U.S. and Canada. We develop a model of pricing...
Persistent link: https://www.econbiz.de/10005000445
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The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2013
, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong …
Persistent link: https://www.econbiz.de/10011084317
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New Open Economy Macroeconomics
Corsetti, Giancarlo - C.E.P.R. Discussion Papers - 2007
'New open economy macroeconomics' (NOEM) refers to a body of literature embracing a new theoretical framework for policy analysis in open economy, aiming to overcome the limitations of the Mundell-Fleming model while preserving the empirical wisdom and policy friendliness of traditional...
Persistent link: https://www.econbiz.de/10005789191
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What is Middle Class about the Middle Classes Around the World?
Banerjee, Abhijit; Duflo, Esther - C.E.P.R. Discussion Papers - 2007
This paper uses household surveys from 13 developing countries to describe consumption choices, health and education … daily consumption per capita is between $2 and $4 or between $6 and $10. The data shed lights on differences and … have fewer, healthier, and better educated children. While there are clear differences in consumption patterns between the …
Persistent link: https://www.econbiz.de/10005791405