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Germany's Economic Unification : An Assessment after Ten Years
Sinn, Hans-Werner - 2011
A political miracle occurred when Germany was reunited, and at first glance an economic miracle has followed. Real incomes in the east have now reached the western level, and investment per capita has been much higher than in the west. However, every third deutschmark spent in the east has been...
Persistent link: https://www.econbiz.de/10013132721
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Savings Promotion, Investment Promotion, and International Competitiveness
Goulder, Lawrence H.; Eichengreen, Barry - 2021
In an open economy, savings- and investment-promoting policies may have very different effects on the capital account … effects in both the short and long run. We focus on the different effects of savings- and investment-promoting U.S. tax … fundamentally depending on the degree of international capital mobility. In the absence of such mobility, savings- and investment …
Persistent link: https://www.econbiz.de/10013240332
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Exchange Controls, Devaluations and Real Exchange Rates : the Latin American Experience
Edwards, Sebastian - 2021
This paper deals with the anatomy of devaluation in Latin America. In an effort to understand the economics surrounding the causes and consequences of exchange rate crises, eighteen devaluation episodes that took place between 1962 and 1982 are investigated in detail. The paper focuses on: (1)...
Persistent link: https://www.econbiz.de/10013225415
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Exchange Controls, Capital Controls, and International Financial Markets
Stockman, Alan C.; Hernandez D, Alejandro - 2021
This paper examines the effects of restrictions on international financial markets. We analyze a general equilibrium, rational expectations model of a two-country world in which well-functioning international financial markets premit trade in all state-contingent securities except insofar as...
Persistent link: https://www.econbiz.de/10013232761
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The Exchange Value of the Renminbi and China'S Balance of Trade : An Emp Irical Study
Zhang, Zhaoyong - 2021
This paper aims at assessing the relationship between the exchange value of the Chinese Renminbi (RMG) and China's trade balance by means of some recent econometric techniques designed to evaluate the existence and the direction of causality. We find strong evidence suggesting that changes in...
Persistent link: https://www.econbiz.de/10013234033
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Preemptive Policies and Risk-Off Shocks in Emerging Markets
Das, Mitali; Gopinath, Gita; Kalemli-Özcan, Ṣebnem - 2023
We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries' (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996-2020 at monthly frequency, we...
Persistent link: https://www.econbiz.de/10014348303
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The Unofficial Economy in Africa
La Porta, Rafael - 2011
We examine the productivity of informal firms (those that are not registered with the government) in 24 African countries using field work and World Bank firm level data. We find that productivity jumps sharply if we compare small formal firms to informal firms, and rises rapidly with the size...
Persistent link: https://www.econbiz.de/10013129131
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The Unofficial Economy and Economic Development
La Porta, Rafael - 2010
In developing countries, informal firms (those that are not registered with the government) account for about half of all economic activity. We consider three broad views of the role of such firms in economic development. According to the romantic view, these firms would become the engine of...
Persistent link: https://www.econbiz.de/10013138466
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A Model of Shadow Banking
Gennaioli, Nicola - 2011
We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and...
Persistent link: https://www.econbiz.de/10013123980
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An Alternative Framework for Empirically Measuring the Size of Counterfeit Markets
Pacula, Rosalie Liccardo - 2012
This paper develops a new method for estimating trends in the size of counterfeit markets. The method draws on principles of microeconomic theory and uses aggregated product-level data to estimate counterfeiting activities in various geographic markets. Using confidential firm unit forecasts and...
Persistent link: https://www.econbiz.de/10013104734