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Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2008
We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...
Persistent link: https://www.econbiz.de/10005828848
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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...
Persistent link: https://www.econbiz.de/10008634683
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Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009
In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...
Persistent link: https://www.econbiz.de/10005774513
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Financial Stability, the Trilemma, and International Reserves
Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2008
The rapid growth of international reserves---a development concentrated in the emerging markets---remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital...
Persistent link: https://www.econbiz.de/10005777623
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Recent Chinese Buyout Activity and the Implications for Global Architecture
Whalley, John; Antkiewicz, Agata - National Bureau of Economic Research (NBER) - 2006
We discuss recent cases of Chinese buyout activity in the OECD (especially in the US and the EU) in resource and manufacturing sectors. While most of the buyout attempts have been unsuccessful, they can serve as a catalyst for a wider discussion on the implications for global arrangements over...
Persistent link: https://www.econbiz.de/10005034915
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What Role for Trade in a Post 2012 Global Climate Policy Regime
Whalley, John - National Bureau of Economic Research (NBER) - 2011
This paper discusses the role that trade can potentially play in both negotiating and operating a post Kyoto/post 2012 global climate policy regime. As an addition to the bargaining set for a global climate negotiation, trade in principle widens the range of jointly beneficial potential outcomes...
Persistent link: https://www.econbiz.de/10009325502
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Embodied Carbon Tariffs
Rutherford, Thomas F.; Böhringer, Christoph; Carbone, … - National Bureau of Economic Research (NBER) - 2011
In a world where the prospects of a global agreement to control greenhouse gas emissions are bleak, the idea of using trade policy as an implicit regulation of foreign emission sources has gained many supporters in countries contemplating unilateral climate policies. Embodied carbon tariffs tax...
Persistent link: https://www.econbiz.de/10009277238
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Why is Pollution from U.S. Manufacturing Declining? The Roles of Trade, Regulation, Productivity, and Preferences
Shapiro, Joseph S.; Walker, Reed - National Bureau of Economic Research (NBER) - 2015
, environmental regulation, productivity, and consumer preferences have contributed to these reductions in pollution emissions. We … estimate the model’s key parameters using administrative data on plant-level production and pollution decisions. We then … pollution changes. Finally, we compare the model-driven decomposition to a statistical decomposition. The model and data suggest …
Persistent link: https://www.econbiz.de/10011133525
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Trade and the Greenhouse Gas Emissions from International Freight Transport
Cristea, Anca D.; Hummels, David L.; Puzzello, Laura; … - National Bureau of Economic Research (NBER) - 2011
emissions. Full liberalization of tariffs and GDP growth concentrated in China and India lead to transport emissions growing …
Persistent link: https://www.econbiz.de/10009652832
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Waste of Effort? International Environmental Agreements
Levinson, Arik; Kellenberg, Derek - National Bureau of Economic Research (NBER) - 2013
Many of the world's environmental problems cross international borders, and to address those problems approximately 1,000 different International Environmental Agreements (IEAs) are in operation today. Most evidence, however suggests that those IEAs are ineffectual, merely ratifying...
Persistent link: https://www.econbiz.de/10010950867