Showing 1 - 9 of 9
This paper argues that the inception of the euro itself, with its restrictive monetarist institutional structures, to an area which is in a divergent state, which has recently been widened by a process of divergence, is ample reason for long term investors, and, indeed, post-"euphoric", short...
Persistent link: https://www.econbiz.de/10005641812
This paper argues that the inception of the euro itself, with its restrictive monetarist institutional structures, to an area which is in a divergent state, which has recently been widened by a process of divergence, is ample reason for long term investors, and, indeed, post-"euphoric", short...
Persistent link: https://www.econbiz.de/10005769745
We collect data on a number of financial restraints, including restrictions on interest rates and capital flows and reserve and liquidity requirements, and capital adequacy requirements from central banks of 14 countries. We estimate the effects of these policies on the aggregate productivity of...
Persistent link: https://www.econbiz.de/10005769835
In recent years free movement of financial capital following financial liberalization has given the impression that financial markets are truly globalized. In this paper we argue that free movement of financial capital alone does not constitute financial globalization. To achieve true financial...
Persistent link: https://www.econbiz.de/10005769845
Recent theoretical developments and practical monetary policy concerns have revived interest on the concept of a “natural” equilibrium real interest rate. The natural real interest rate is potentially an important concept for monetary policy makers. The observable market real interest rate...
Persistent link: https://www.econbiz.de/10005091691
Persistent link: https://www.econbiz.de/10005417334
Two alternative functional forms of the demand for money that focus on how an economy as a whole adjusts its cash balances have been discussed in the literature. One functional form is obtained by regarding the money supply as exogenous and the price level as endogenous and the other by...
Persistent link: https://www.econbiz.de/10005641643
This paper investigates the experience of developing countries with financial liberalization, focusing on the gap between theory and evidence. While the former suggests positive effects on economic development, the latter pinpoints to significant destabilizing consequences. e argue that the main...
Persistent link: https://www.econbiz.de/10005641665
The stringent deficit criterion followed by the EMU is motivated by the belief that a sustainable fiscal arrangement is a must for a viable monetary union. In this paper we provide an empirical analysis of the issue of deficit convergence in the Euro area and compare and contrast the Euro-zone...
Persistent link: https://www.econbiz.de/10005466813