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Guaranteeing Trade in a Severe Crisis: Cash Collateral over Bank Guarantees

Kotidis, Antonis - 2023

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

Global Value Chains and the Exchange Rate Elasticity of Exports

Ahmed, Swarnali; Appendino, Maximiliano; Ruta, Michele - 2015

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

Crude Oil Prices : Trends and Forecast

Krichene, Noureddine - 2008

currencies, and weakening financial conditions, recent trends in oil prices might not persist further without triggering world …

Persistent link: https://www.econbiz.de/10014409032

Life Expectancy and Income Convergence in the World : A Dynamic General Equilibrium Analysis

Ueda, Kenichi - 2008

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

Natural Resource Endowments, Governance, and the Domestic Revenue Effort : Evidence from a Panel of Countries

Thornton, John - 2008

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

Rising Income Inequality : Technology, or Trade and Financial Globalization?

Papageorgiou, Chris - 2008

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

Central Bank Response to the 2007-08 Financial Market Turbulence : Experiences and Lessons Drawn

Stella, Peter - 2008

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

Systemic Banking Crises : A New Database

Valencia, Fabian - 2008

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 : Issues and Practice

Cebotari, Aliona - 2008

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

Trade Effects of Currency Unions : Do Economic Dissimilarities Matter?

Albertin, Giorgia - 2008

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