Showing 1 - 10 of 15
major post-World War II episodes. The main cause of debt explosions is usually not the widely cited costs of bailing out and …
Persistent link: https://www.econbiz.de/10012463993
We develop a novel system of re-classifying historical exchange rate regimes. One difference between our study and previous classification efforts is that we employ an extensive data base on market-determined parallel exchange rates. Our 'natural' classification algorithm leads to a stark...
Persistent link: https://www.econbiz.de/10012469751
currencies for much of the world. Our discussion encompasses the history of anchor currency choice, methods for classifying …
Persistent link: https://www.econbiz.de/10012660025
On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We document this fact with a wide range of indicators including its role as an anchor or reference in exchange rate arrangements--which we argue is a portmanteau measure--and as a...
Persistent link: https://www.econbiz.de/10012479284
analysis is on three related hypotheses tested with both "world" aggregate levels and on an individual country basis. First …
Persistent link: https://www.econbiz.de/10012462855
We study economic growth and inflation at different levels of government and external debt. Our analysis is based on new data on forty-four countries spanning about two hundred years. The dataset incorporates over 3,700 annual observations covering a wide range of political systems,...
Persistent link: https://www.econbiz.de/10012463011
, the real price of oil has tended to be highly persistent and volatile whenever rapid industrialization in a major world …
Persistent link: https://www.econbiz.de/10012463721
There is a rich scholarly literature on sovereign default on external debt. Comparatively little is known about sovereign defaults on domestic debt. Even today, cross-country data on domestic public debt remains curiously exotic, particularly prior to the 1980s. We have filled this gap in the...
Persistent link: https://www.econbiz.de/10012464703
This paper offers a "panoramic" analysis of the history of financial crises dating from England's fourteenth-century default to the current United States sub-prime financial crisis. Our study is based on a new dataset that spans all regions. It incorporates a number of important credit episodes...
Persistent link: https://www.econbiz.de/10012464765
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...
Persistent link: https://www.econbiz.de/10012466181