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Modi's "Make in India" industrial reform policy and East Asian flying-geese paradigm

Nam, Chang-woon; Nam, Sumin; Steinhoff, Peter - 2017

The on-going "Make in India" campaign aims at manufacturing revival. Its characteristics resemble East Asian industrial reform and growth policies based on the flying-geese model which highlights "step-by-step" changes in a country's specialisation pattern and global competitiveness accompanied...

Persistent link: https://www.econbiz.de/10011646272

Financial fragility, bubbles and monetary policy

Illing, Gerhard - 2001

The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank's concern about the cost of financial disruption generates an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly...

Persistent link: https://www.econbiz.de/10011398119

Liquidity shortages and monetary policy

Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008

Persistent link: https://www.econbiz.de/10003635213

Endogenous systemic liquidity risk

Cao, Jin; Illing, Gerhard - 2009

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of...

Persistent link: https://www.econbiz.de/10003833348

Financial stability and monetary policy : a framework

Illing, Gerhard (contributor) - 2007

Persistent link: https://www.econbiz.de/10003496868

"Interest Rate Trap", or : why does the central bank keep the policy rate too low for too long time?

Cao, Jin; Illing, Gerhard - 2012

This paper provides a framework for modeling the risk-taking channel of monetary policy, the mechanism how financial intermediaries' incentives for liquidity transformation are affected by the central bank's reaction to financial crisis. Anticipating central bank's reaction to liquidity stress...

Persistent link: https://www.econbiz.de/10009533969

Forward guidance in a simple model with a zero lower bound

Illing, Gerhard; Siemsen, Thomas - 2014 - First Version: December 2013

In this paper we present a three period setup to model central bank forward guidance in a liquidity trap. We analyze the role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way. Despite the impact of price rigidity on welfare being...

Persistent link: https://www.econbiz.de/10010257354

Effects of tax depreciation rules on firms' investment decisions in an inflationary phase : comparison of net present values in selected OECD countries

Nam, Chang-woon - 2001

. Therefore, in periods with inflation generous tax depreciation provisions do not adequately promote private investment as … designed, but partly compensate such losses caused by inflation. …

Persistent link: https://www.econbiz.de/10011399561

Does debt maturity matter for investment decisions?

Nam, Chang-woon; Radulescu, Doina - 2004

case of prevailing inflation, there is a mismatch between the nominal interest rate that is a discounting factor for all …

Persistent link: https://www.econbiz.de/10011402695

Effects of bracket creep and tax reform on average personal income tax burden in Germany

Nam, Chang-woon; Zeiner, Christoph - 2015

inflation indexation into its personal income tax system in order to re-duce distortions of tax liabilities and additional tax … extent to which the previous reform efforts, made in this country since 1958, have led to the change of the real, inflation …, when the 'hidden' distortion caused by inflation prevails. According to the long-term real view adopted in this study, the …

Persistent link: https://www.econbiz.de/10011392527