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Labour Market Institutions and Unemployment- An International Comparison

Flaig, Gebhard - 2011

This paper deals with the effects of labour market institutions on unemployment in a panel of 19 OECD countries for the … of the unemployment rate. Our novel contribution is the estimation of panel models where we allow for heterogeneous … effects of institutions on unemployment. Our main results are that on the average a tighter employment protection, a higher …

Persistent link: https://www.econbiz.de/10013120904

Has Creative Destruction Become More Destructive?

Komlos, John - 2021

Schumpeter’s concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with...

Persistent link: https://www.econbiz.de/10013315579

Pulling Up the Tarnished Anchor : The End of Silver As a Global Unit of Account

Fernholz, Ricardo T. - 2017

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...

Persistent link: https://www.econbiz.de/10012955754

The International Monetary Fund : 70 Years of Reinvention

Reinhart, Carmen - 2016

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, as the needs of its clients and the type of crisis...

Persistent link: https://www.econbiz.de/10013000216

Exchange Rate Regime, Financial Market Bubbles and Long-Term Growth in China : Lessons from Japan

Schnabl, Gunther - 2016

The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...

Persistent link: https://www.econbiz.de/10012988972

Exchange Rate Linkages between the ASEAN Currencies, the US Dollar and the Chinese RMB

Caporale, Guglielmo Maria - 2016

This paper investigates whether the RMB is in the process of replacing the US dollar as the anchor currency in nine ASEAN countries, and also the linkages between the ASEAN currencies and a regional currency unit. A long-memory (fractional integration) model allowing for endogenously determined...

Persistent link: https://www.econbiz.de/10012985392

Pegging the Renminbi to a Basket – Facts, Prospects and Consequences

Oksanen, Heikki - 2013

the USD. The potentially costly consequences call for new rules for the world financial architecture. China's expansion …

Persistent link: https://www.econbiz.de/10013094115

Time-Varying Exchange Rate Basket in China from 2005 to 2009

Fidrmuc, Jarko - 2013

We use the Kalman filter to estimate the structure of the secret currency basket of the renminbi based on daily data between 2005 and 2009. The currency weights of selected currencies are modeled as stochastic processes (random walks). The official announcement of the new exchange rate regime in...

Persistent link: https://www.econbiz.de/10013094429

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Belke, Ansgar Hubertus; Schnabl, Gunther; Zemanek, Holger - 2021

The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...

Persistent link: https://www.econbiz.de/10013316298

Taxation, Corruption and the Exchange Rate Regime

Hefeker, Carsten - 2021

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...

Persistent link: https://www.econbiz.de/10013316396

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