Showing 1 - 10 of 242
FTA bilateral and regional negotiations in Asia have developed quickly in the past decade moving Asia ever closer to an … economic union. Unlike Europe with the EU and the 1997 treaty of Rome and the 1993 NAFTA in North American, Asian economic … another. For countries in Asia there is negotiation of a China-Japan-Korea agreement, a China-India agreement, a Trans …
Persistent link: https://www.econbiz.de/10013048052
century Venetian spice markets were already well integrated with those in Iberia and northern Europe, implying that Portugal … Europe. In addition, it explores European market integration before and after 1503, the year when da Gama returned from his …
Persistent link: https://www.econbiz.de/10012767453
Covid-19 is the single largest threat to global public health since the Spanish Influenza pandemic of 1918-20. Was the world better prepared in 2020 than it was in 1918? After a century of public health and basic science research, pandemic response and mortality outcomes should be better than in...
Persistent link: https://www.econbiz.de/10012834466
This paper uses a unique dataset to study how firms managed liquidity during the financial crisis. Our analysis provides new insights on the interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies...
Persistent link: https://www.econbiz.de/10013138771
be more different. Common wisdom has it that on impact Asia endured fiscal austerity imposed by the IMF whereas the IMF … different policies to begin with, the fiscal adjustment in Asia was far more modest than is commonly known and the switch from … stimulus to austerity in Europe was quite abrupt. The difference in fiscal stance helps explain the difference in the post …
Persistent link: https://www.econbiz.de/10013060259
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10012758019
We investigate the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture quot;diversificationquot; and quot;developmentquot; finance in the language of Obstfeld and Taylor (2004). We find...
Persistent link: https://www.econbiz.de/10012759795
The Great Recession and the subsequent passage of the American Recovery and Reinvestment Act returned fiscal policy, and particularly the importance of state and local governments, to the center stage of macroeconomic policy-making. This paper addresses three questions for the design of...
Persistent link: https://www.econbiz.de/10013012702
We develop a political-economy model of economic union and compare the competion regime to the coordination regime. Key policy differences emerge between the two regimes: concerning the generosity of the welfare state and the skill composition of migration. We argue that the differences between...
Persistent link: https://www.econbiz.de/10013014302
What are the macroeconomic effects of tax adjustments in response to large public debt shocks in highly integrated economies? The answer from standard closed-economy models is deceptive, because they underestimate the elasticity of capital tax revenues and ignore cross-country spillovers of tax...
Persistent link: https://www.econbiz.de/10013046730