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A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
Edwards, Sebastian - 2003
In this paper we analyze whether common currency' countries that is, dollarized and independent currency union countries have outperformed countries that have a currency of their own. The paper is empirical and estimates jointly the probability of being a common currency country and outcome'...
Persistent link: https://www.econbiz.de/10012469189
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Did the Reform Fix the London Fix Problem?
Ito, Takatoshi - 2017
This paper examines the consequences of the 2015 reform on the London fixing in the interbank forex market, which resulted from finding and imposing a penalty on banks' collusive behavior around the fixing window. The banks changed their behavior after the reform, and the volume spike in the...
Persistent link: https://www.econbiz.de/10012455354
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Economic and Political Liberalizations
Giavazzi, Francesco - 2004
liberalizations correspond to the event of becoming a democracy. Using a difference-in-difference estimation, we ask what are the …
Persistent link: https://www.econbiz.de/10012468036
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In with the Big, Out with the Small : Removing Small-Scale Reservations in India
Martin, Leslie A. - 2014
An ongoing debate in employment policy is whether promoting small and medium enterprises creates more employment. Do small enterprises generate more employment growth than larger firms? We use the elimination of small-scale industry (SSI) promotion in India to address this question. For 60...
Persistent link: https://www.econbiz.de/10012458175
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Deregulation, Misallocation, and Size : Evidence from India
Alfaro, Laura - 2012
This paper examines the impact of the deregulation of compulsory industrial licensing in India on firm-size dynamics … and the reallocation of resources within industries over time. Following deregulation, we find that the extent of resource … regressions reveal that the distributional effects of deregulation on firm size are significantly non-linear. The size …
Persistent link: https://www.econbiz.de/10012460010
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Does Competition Affect Bank Risk?
Jiang, Liangliang - 2017
Although policymakers often discuss tradeoffs between bank competition and stability, past research provides differing theoretical perspectives and empirical results on the impact of competition on risk. In this paper, we employ a new approach for identifying exogenous changes in the competitive...
Persistent link: https://www.econbiz.de/10012455601
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From the Exchange Stabilization Fund to the International Monetary Fund
Bordo, Michael - 2001
We highlight the elements of the operation of the U.S. Exchange Stabilization Fund that Harry Dexter White, who directed the Treasury's division of monetary research, transferred to his plan for the operation of the International Monetary Fund. The elements included the principle that all...
Persistent link: https://www.econbiz.de/10012470629
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Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs
Sachs, Jeffrey D. - 1987
The search for "growth-oriented adjustment programs" reflects a widespread malaise concerning IMF stabilization programs in countries suffering from external debt crises. A new orthodoxy is emerging from this search, which links recovery in the debtor countries to a shift to "outward-oriented"...
Persistent link: https://www.econbiz.de/10012476843
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External Validity in a Stochastic World
Rosenzweig, Mark - 2016
We examine the generalizability of internally valid estimates of causal effects in a fixed population over time when that population is subject to aggregate shocks. This temporal external validity is shown to depend upon the distribution of the aggregate shocks and the interaction between these...
Persistent link: https://www.econbiz.de/10012456228
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Liberalization of Capital Flows in Korea : Big-Bang or Gradualism?
Cho, Dongchul - 1996
Capital market liberalization has become an irreversible trend in Korea since 1992. With the current level of high interest rate in Korea, however, drastic full-scale liberalization would certainly attract a large amount of capital inflows and appreciate the Korean won. This would affect the...
Persistent link: https://www.econbiz.de/10012473004