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Decentralization and Macroeconomic Management

Ter-Minassian, Teresa - 1997

decentralization and the potential trade-offs between decentralization and income redistribution. By contrast, it has generally put … less emphasis on the effects of decentralization on macroeconomic management, although policymakers worldwide increasingly … have to grapple with these effects. This paper examines the constraints that a high degree of decentralization can place on …

Persistent link: https://www.econbiz.de/10014401198

Fiscal Decentralization and Governance : A Cross-Country Analysis

International Monetary Fund - 2001

Based on cross-country data for up to 78 countries, this paper shows that fiscal decentralization-the assignment of … governance, such as corruption, rule of law, and government effectiveness. Unlike previous studies in the decentralization …/governance literature, which focus primarily on expenditure-based measures of decentralization, the results reported in this paper show that …

Persistent link: https://www.econbiz.de/10014401240

Can international technological diffusion substitute for coordinated global policies to mitigate climate change?

Barrett, Philip - 2021

In short, yes. I use a multi-region integrated assessment model with fuel-specific endogenous technical change to examine the impact of Europe and China reducing emissions to zero by mid-century. Without international technological diffusion this is insufficient to avoid catastrophic climate...

Persistent link: https://www.econbiz.de/10012610702

Revisiting carbon leakage

Misch, Florian; Wingender, Philippe - 2021

This paper estimates the carbon leakage rate across countries, arguably a key parameter in the international climate policy discussion including on border carbon adjustment, but which remains subject to significant uncertainty. We propose innovations along two lines. First, we exploit recently...

Persistent link: https://www.econbiz.de/10012605494

Currency wars or efficient spillovers? : a general theory of international policy cooperation

Korinek, Anton - 2017

In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise of successful cooperation is that there is a Pareto inefficiency, id est if there is scope to...

Persistent link: https://www.econbiz.de/10011716551

The expansionary lower bound : contractionary monetary easing and the trilemma

Cavallino, Paolo; Sandri, Damiano - 2018

We provide a theory of the limits to monetary policy independence in open economies arising from the interaction … between capital flows and domestic collateral constraints. The key feature of our theory is the existence of an 'Expansionary …

Persistent link: https://www.econbiz.de/10012112314

North-South RandD Spillovers

Helpman, Elhanan - 1994

We examine the extent to which developing countries that do little, if any, research and development themselves benefit from R&D that is performed in the industrial countries. By trading with an industrial country that has a large “stock of knowledge” from its cumulative R&D activities, a...

Persistent link: https://www.econbiz.de/10014398245

Spillovers Through Banking Centers : A Panel Data Analysis

International Monetary Fund - 2000

To test the role of bank lending in transmitting currency crisis we examine a panel of BIS data on bank flows to 30 emerging markets disaggregated by 11 banking centers. We find that bank exposures to a crisis country help predict bank flows in third countries after the Mexican and Asian crisis,...

Persistent link: https://www.econbiz.de/10014399830

Portfolio Diversification, Leverage, and Financial Contagion

Smith, T. Todd - 1999

portfolio theory without recourse to market imperfections. It also demonstrates that “Value-at-Risk” portfolio management rules …

Persistent link: https://www.econbiz.de/10014400415

Global Liquidity and Asset Prices : Measurement, Implications, and Spillovers

Baks, Klaas - 1999

Much recent commentary suggests that global liquidity has influenced financial conditions in the major international markets to an important degree, and that excess liquidity in one financial center can influence financial conditions elsewhere. Little formal research has addressed these issues,...

Persistent link: https://www.econbiz.de/10014400553

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