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wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and …
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Monetary and fiscal policies around the world are in better shape today than two decades ago. This paper studies … whether financial globalization has helped induce governments to pursue better macroeconomic policies (the ""discipline effect … robust causal evidence. There is some evidence that financial globalization may have induced countries to pursue low …
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liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and …
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The paper examines empirically the question of whether more unequal societies spend more on income redistribution than their more egalitarian counterparts. Theoretical arguments on this issue are inconclusive. The political economy literature suggests that redistributive spending is higher in...
Persistent link: https://www.econbiz.de/10014400085
There is now a substantial theoretical literature arguing that inflation impedes financial deepening. Furthermore, it has been hypothesized that the relationship is a nonlinear one, in that there is a threshold level of inflation below which inflation has a positive effect on financial depth,...
Persistent link: https://www.econbiz.de/10014403632