Showing 1 - 10 of 486
Banks guarantee international trade through letters of credit. This paper analyzes what happens to trade when the critical role of banks as trade guarantors is compromised. Using the case of the Greek capital controls in 2015, the events around which led to a massive loss of confidence in the...
Persistent link: https://www.econbiz.de/10015059660
This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some suggestive evidence that the elasticity of real manufacturing exports to the Real...
Persistent link: https://www.econbiz.de/10014407928
currencies, and weakening financial conditions, recent trends in oil prices might not persist further without triggering world …
Persistent link: https://www.econbiz.de/10014409032
There is world-wide convergence in life expectancy, despite little convergence in GDP per capita. If one values longer … life much more than material happiness, the world living standards may this have already converged substantially. This … among countries. A conventional GDP-based measure remains a good approximation for (non) convergence in world living …
Persistent link: https://www.econbiz.de/10014409039
The recent development literature stresses that countries that receive large revenues from natural resource endowments typically raise less revenue from domestic taxation, and that this creates governance problems because the lower domestic tax effort reduces the incentive for the public...
Persistent link: https://www.econbiz.de/10014409045
We examine the relationship between trade and financial globalization and the rise in inequality in most countries in recent decades. We find technological progress as having a greater impact than globalization on inequality. The limited overall impact of globalization reflects two offsetting...
Persistent link: https://www.econbiz.de/10014409050
The paper reviews the policy response of major central banks during the 2007-08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These...
Persistent link: https://www.econbiz.de/10014409061
This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and...
Persistent link: https://www.econbiz.de/10014409066
Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered-or its true nature uncovered-as a result of government bailouts of financial or nonfinancial...
Persistent link: https://www.econbiz.de/10014409071
This paper provides a general equilibrium analysis of the trade effects of the formation of a currency union, and of its subsequent enlargement to include an economically dissimilar country. Furthermore, it investigates how economic dissimilarities among countries affect the magnitude of the...
Persistent link: https://www.econbiz.de/10014409072