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We consider the operation of international capital markets in two periods of globalization, before 1914 and after 1971 … international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …
Persistent link: https://www.econbiz.de/10013231411
This paper applies an interpretation of how globalization and governance (G&G) interact with convergence given Cape … Verde and Mozambique's particular geographical and historical contexts. We hold that development success under globalization … diversification (an indicator of globalization) and income convergence (an indicator of governance) in the sub-regions of West and …
Persistent link: https://www.econbiz.de/10013135763
In a world economy that is highly integrated, most policies produce effects across the border. This is often believed … public good (GPG) and the second under “beggar-thy-neighbor” (BTN) policies. However, the world economy is not a global …
Persistent link: https://www.econbiz.de/10012863686
impact of financial globalization has been remarkably limited. I argue that country attributes are still critical to … ability of a country to take advantage of financial globalization. The twin agency problems help explain why the impact of … financial globalization has been limited and why financial globalization can lead to capital flight and financial crises. The …
Persistent link: https://www.econbiz.de/10012784989
Detailed country-by-country chronologies are an informative companion piece to our paper “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?,” which provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of...
Persistent link: https://www.econbiz.de/10012963735
The collapse of the gold standard in the 1930s sparked a debate about the merits of fixed versus floating exchange rates. Yet the debate quickly vanished: there was almost no discussion about the exchange rate regime at the Bretton Woods conference in 1944 because John Maynard Keynes and Harry...
Persistent link: https://www.econbiz.de/10012965437
changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …
Persistent link: https://www.econbiz.de/10012954933
the world consumption wealth ratio over long period of times and show that they anticipate movements of the real rate of … interest. Second, our estimates suggest that the world real rate of interest is likely to remain low or negative for an …
Persistent link: https://www.econbiz.de/10012983411
The modern notion of an international currency involves use in areas of international finance and trade that extend well beyond central banks' coffers. In addition to their important roles as foreign exchange reserves, international currencies are most frequently used to denominate corporate and...
Persistent link: https://www.econbiz.de/10012906266
two effects interact, as we demonstrate. We use a three-region world model as a framework for alternative steady …
Persistent link: https://www.econbiz.de/10013218717