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This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an...
Persistent link: https://www.econbiz.de/10013322108
This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …
Persistent link: https://www.econbiz.de/10013242908
This is the first book to collect academic studies examining issues related to the potential internationalization of the Renminbi. It considers policy implications, documents the rising regional importance of the Renminbi and discusses key issues in the increasing use of the Renminbi in...
Persistent link: https://www.econbiz.de/10012106201
competition and solidarity in order to assure political and social acceptance of globalization. …
Persistent link: https://www.econbiz.de/10012106217
This paper assesses the international comovement of gross capital flows in a setting simultaneously encompassing aggregate inflows and outflows. It uses as empirical framework a multilevel latent factor model, implemented on flow data for a large sample of countries over more than three decades....
Persistent link: https://www.econbiz.de/10012008280
Persistent link: https://www.econbiz.de/10011745548
subject to self-fulfilling variations in the world real interest rate. Those expectation-driven changes in the borrowing cost … asset prices, GDP, consumption, investment and employment). When firms around the world benefit from unexpectedly low debt … internationally. Such a stylized model thus offers one way to rationalize both the existence of world business-cycle factor documented …
Persistent link: https://www.econbiz.de/10011911509
Persistent link: https://www.econbiz.de/10001771979
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