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The Renminbi's Role in the Global Monetary System

Prasad, Eswar S. - 2012

We analyze three related but distinct concepts concerning the renminbi's role in the global monetary system: (i … changes for the balance and sustainability of China's own economic development as well as the associated implications for the … global monetary system. While China is actively promoting the internationalization of its currency, it is a long way from …

Persistent link: https://www.econbiz.de/10013110844

Policies in Hard Times : Assessing the Impact of Financial Crises on Structural Reforms

Gokmen, Gunes - 2020

It is commonly argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. The argument goes that the political cost of deep reforms declines as crises unravel structural problems that need to be urgently rectified and...

Persistent link: https://www.econbiz.de/10012842057

The Impacts of the Dollar-Renminbi Exchange Rate Misalignment on the China-United States Commodity Trade : An Asymmetric Analysis

Ferjani, Sabrine; Saafi, Sami; Nouira, Ridha; Rault, … - 2022

trade between China and the U.S. in order to avoid the well-known aggregation bias. Estimates of symmetric error …-correction models (ECM) revealed that real dollar-renminbi rate misalignment has short-run effects on 35 U.S. exporting and 53 U … in assessing the effects of the RE misalignment on trade flows between the U.S. and China and confirms that the impacts …

Persistent link: https://www.econbiz.de/10014083735

China's Emergence in the World Economy and Business Cycles in Latin America

Pesaran, M. Hashem - 2011

vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the … world shows that the long-term impact of a China GDP shock on the typical Latin American economy has increased by three … to Latin America and the rest of emerging Asia (excluding China and India) GDP has not undergone any significant change …

Persistent link: https://www.econbiz.de/10013121741

Has China's Growth Gone from Miracle to Malady?

Prasad, Eswar S. - 2023

China's remarkable run of persistently high growth in recent decades is all the more stunning in light of the country …

Persistent link: https://www.econbiz.de/10014354664

Groupthink : Collective Delusions in Organizations and Markets

Bénabou, Roland - 2013

This paper investigates collective denial and willful blindness in groups, organizations and markets. Agents with anticipatory preferences, linked through an interaction structure, choose how to interpret and recall public signals about future prospects. Wishful thinking (denial of bad news) is...

Persistent link: https://www.econbiz.de/10013083377

Size and Development of the Shadow Economies of 157 Countries Worldwide : Updated and New Measures from 1999 to 2013

Hassan, Mai - 2016

This paper is a first attempt to study the size and development of the shadow economies of 157 countries over 1999 to 2013. Using a MIMIC model, we find that higher tax and regulatory burden, unemployment and self-employment rates are drivers of the shadow economy, meaning that an increase of...

Persistent link: https://www.econbiz.de/10012980344

Inflation Persistence and the Phillips Curve Revisited

Karanassou, Marika; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

A major criticism against staggered nominal contracts is that they give rise to the so called"persistency puzzle" although they generate price inertia, they cannot account for thestylised fact of inflation persistence. It is thus commonly asserted that, in the context of thenew Phillips curve...

Persistent link: https://www.econbiz.de/10005863257

Are the East African Community's Countries Ready for a Common Currency?

Rusuhuzwa, Thomas Kigabo; Heshmati, Almas - 2022

This paper investigates the East African Community (EAC) partner states' readiness for a common currency. It uses recent data to assess the impact of policy coordination in the region during the last seven years of East African Monetary Union's protocol implementation. Despite some similarities...

Persistent link: https://www.econbiz.de/10014083749

Design Choices for Central Bank Digital Currency : Policy and Technical Considerations

Allen, Sarah - 2020

Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...

Persistent link: https://www.econbiz.de/10012827328