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The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence to test the number of cointegrating vectors among these...
Persistent link: https://www.econbiz.de/10013071385
of itself, and it may also influence concentration in banking and thus the impact of bank-specific shocks for the …
Persistent link: https://www.econbiz.de/10013077036
A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over … time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change … decades, banking crises and sovereign defaults became they key focus since the 1980s. Around this time, the IMF shifted from …
Persistent link: https://www.econbiz.de/10013000216
Wars of conquest and wars of independence are characterized by an asymmetric payoff structure: one party gets aggregate production if it wins, and its own production if it loses, while the other party gets only its own production if it wins, and nothing if it loses. We study a model of war with...
Persistent link: https://www.econbiz.de/10013315756
There is little causal evidence about deep-rooted sources of support for shifting power from nation-states to international organizations. Focusing on the European Union, this paper develops the hypothesis that citizens appreciate the role of international organizations in constraining member...
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