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monetary system from 1928-1971 and simulate its implications for the determination of the world price level and the durability … implications for economic growth and resource allocation of allowing 1920s-style international capital mobility after World War II …
Persistent link: https://www.econbiz.de/10012472945
This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of...
Persistent link: https://www.econbiz.de/10012473161
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10012474799
The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool could be used for emergency lending in response...
Persistent link: https://www.econbiz.de/10012466213
We assemble data on the structure of bank supervision, distinguishing supervision by the central bank from supervision … countries from 1998 through 2010, we find that supervisory responsibility tends to be assigned to the central bank in low …. Countries with independent supervisors other than the central bank have fewer nonperforming loans as a share of GDP even after …
Persistent link: https://www.econbiz.de/10012461257
for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …
Persistent link: https://www.econbiz.de/10012471593
This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan … interpretation of bank finance as dominating that segment of international financial markets characterized by the most pronounced …
Persistent link: https://www.econbiz.de/10012471681
who participates in this shift. We exploit a dataset combining Gallup World Polls and Global Findex surveys for some 250 …. Epidemic exposure is associated with an increase in remote-access (online/mobile) banking and substitution from bank branch …
Persistent link: https://www.econbiz.de/10012599296
between generalized financial crises on the one hand and isolated bank failures, debt defaults and foreign-exchange market …-market disturbances and bank failures. In both the 1930s and 1980s, the institutional environment was drastically altered by rapid change …
Persistent link: https://www.econbiz.de/10012476943
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes...
Persistent link: https://www.econbiz.de/10012479450