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Why should multilateral lending exist in a world where private capital markets are well developed and governments have … their own bilateral aid programs? If lending by the World Bank, IMF, and regional development banks has an independent …
Persistent link: https://www.econbiz.de/10012763737
the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …
Persistent link: https://www.econbiz.de/10012776812
Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...
Persistent link: https://www.econbiz.de/10012759200
We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other countries over the period 1986 through 2015. Our methodology relies upon a two-step approach. We focus on five possible linkages between the center economies (CEs) and the non-Center...
Persistent link: https://www.econbiz.de/10012981103
Despite an abundance of cross-section, panel, and event studies, there is strikingly little convincing documentation of direct positive impacts of financial opening on the economic welfare levels or growth rates of developing countries. The econometric difficulties are similar to those that...
Persistent link: https://www.econbiz.de/10012757922
Using a sample of 110 developed and developing countries for the period 1990-2004 we analyze the empirical characteristics of systemic sudden stops (3S) in capital flows --understood as large and largely unexpected capital account contractions that occur in periods of systemic turmoil -- and the...
Persistent link: https://www.econbiz.de/10013230824
lead to faster growth in countries then known as the Third World, but now categorized as emerging and developing economies …
Persistent link: https://www.econbiz.de/10013296678
It is now well documented that capital flight has been a dominant feature of capital movements between developing and industrial countries. Since 1988 reductions in the stock of flight capital more than account for private capital flows to emerging markets. This suggests that what appears to be...
Persistent link: https://www.econbiz.de/10013248413
We live in a new world economy characterized by financial globalization and historically low interest rates. This … in this world. The interest-rate and terms-of-trade spillovers produce policy externalities that make the noncooperative …
Persistent link: https://www.econbiz.de/10013028542
Despite the disappearance of formal barriers to international investment across countries, we find that the average home bias of U.S. investors towards the 46 countries with the largest equity markets did not fall from 1994 to 2004 when countries are equally weighted but fell when countries are...
Persistent link: https://www.econbiz.de/10012767281