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The broad aim of this paper is to estimate the money demand function for the case of six Gulf Cooperation Council countries. By applying panel cointegration tests, the empirical results reveal strong evidence of cointegration between the variables of the model for individual countries as well as...
Persistent link: https://www.econbiz.de/10011212951
Professor Becker´s 1956 paper about free banking was originally intended as a reaction to the 100-percent reserve proposals that were then popular at the University of Chicago. Today the original paper clearly illustrates how considerably our views and theories about free banking have evolved...
Persistent link: https://www.econbiz.de/10011267859
Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...
Persistent link: https://www.econbiz.de/10011267869
This paper tries to explain empirical causation between the exports and the real exchange rate. The paper develops a simple model, the model is based on the relationship of exports to: real interest rates differential, foreign demand for domestic goods and real exchange rate. The paper then...
Persistent link: https://www.econbiz.de/10011267896
Distinguishing between the money that functions in the world market and the money that functions internally in an economy has troubled many theorists. This paper is informed by the Marxist approach to money in general and world money in particular and argues that the theoretical difficulty...
Persistent link: https://www.econbiz.de/10011251887
Economic historians have offered several explanations for China’s cycles of silverisation and de-silverisation in the 18th and 19th centuries focusing either on exogenous supply shortages in world silver markets or an outflow of silver as a consequence of opium imports. This paper challenges...
Persistent link: https://www.econbiz.de/10011258590
This paper examines the influence of monetary shocks in China on the U.S. economy over ‎‎1996-2012. The influence on the U.S. is through the sheer scale of China’s growth through ‎effects in demand for imports, particularly that of commodities. China’s growth influences ‎world...
Persistent link: https://www.econbiz.de/10011258783
Annotated remarks made at the 50th Anniversary Conference “Fortalecimiento institucional de los bancos centrales y efectividad de la política monetaria”, of the Central Bank of Nicaragua, February 2010. The paper lays out the importance of institutional strenthening (governance) as an...
Persistent link: https://www.econbiz.de/10011258861
Central banks can play an important role in facilitating and promoting regional economic and monetary integration. Examples are the European monetary union and a more recent initiative by a group of Asian central banks to boost liquidity in local bond markets in Asia through the “Asian Bond...
Persistent link: https://www.econbiz.de/10011258884
There is a widespread consensus that China’s growth paradigm needs a rebalancing away from investment and external demand and towards consumption and domestic demand. This rebalancing process is supposed to be accompanied by the transition towards Renminbi’s full convertibility. In contrast,...
Persistent link: https://www.econbiz.de/10011258946