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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
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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
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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
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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
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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
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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
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Inflation Persistence and the Phillips Curve Revisited
Karanassou, Marika - 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 the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips curve...
Persistent link: https://www.econbiz.de/10012777470
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Fiscal Policy, Interest Rate Spreads, and the Zero Lower Bound
Bredemeier, Christian - 2015
This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...
Persistent link: https://www.econbiz.de/10013023757
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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
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External Monetary Shocks and Monetary Integration : Evidence from the Bulgarian Currency Board
Minea, Alexandru; Rault, Christophe - 2021
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...
Persistent link: https://www.econbiz.de/10013315999