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COVID-19 and SMEs : A 2021 "Time Bomb"?
Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - National Bureau of Economic Research - 2021
This paper assesses the prospects of a 2021 time bomb in SME failures triggered by the generous support policies enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 "time-bomb" for SMEs. Rather, business failures and policy costs remain...
Persistent link: https://www.econbiz.de/10012482634
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Macroeconomic Policy and Institutions During the Transition to European Union Membership
Branson, William H. - 1998
membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre …
Persistent link: https://www.econbiz.de/10012472253
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Inflation Targeting in Transition Countries : Experience and Prospects
Jonas, Jiri - 2003
This paper examines the inflation targeting experience in three transition countries: the Czech Republic, Poland and … Hungary. While the examined countries have missed inflation targets often by a large margin, they nevertheless progressed well … with disinflation. A key lesson from the experience of the inflation targeting transition countries is that economic …
Persistent link: https://www.econbiz.de/10012469031
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On the Speed of Transition Central Europe
Aghion, Philippe - 1994
Poland so far. We then develop a model and use it to think about the determinants of the speed of transition and the level of … unemployment. Finally, we return to the role of policy and the future in Poland, as well as the causes of cross-Central European …
Persistent link: https://www.econbiz.de/10012474189
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Exchange Rate Regimes and Financial-Market Imperfections
Aizenman, Joshua - 2000
This paper investigates the design of an exchange rate policy for an economy where the domestic capital market is segmented from the global financial market, producers rely on credit to finance working capital needs, and the labor market is characterized by nominal contracts. We show that the...
Persistent link: https://www.econbiz.de/10012471012
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Exchange Rates and Financial Fragility
Eichengreen, Barry - 1999
In this paper we analyze three views of the relationship between the exchange rate and financial fragility: (1) the moral hazard hypothesis, according to which pegged exchange rates offer implicit insurance against exchange risk and thereby encourage reckless borrowing and lending; (2) the...
Persistent link: https://www.econbiz.de/10012471363
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Rethinking Exchange Rate Regimes
Ilzetzki, Ethan; Reinhart, Carmen M.; Rogoff, Kenneth S. - National Bureau of Economic Research - 2021
This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of the global exchange rate system, including parallel rates, capital controls and reserves. In line with a large recent literature, we find that the dollar has...
Persistent link: https://www.econbiz.de/10012660025
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Comparing the Performance of Alternative Exchange Arrangements
McKibbin, Warwick J. - 1986
The volatility of the world economy since the breakdown of the Bretton Woods par value system of exchange rates has led many policymakers and economists to call for reform of the international monetary system. Many critics of the current "non-system" call for tighter international rules of the...
Persistent link: https://www.econbiz.de/10012477046
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The Limited Viability of Dual Exchange-Rate Regimes
Frenkel, Jacob A. - 1986
This paper examines the viability of dual exchange-rate regimes. Typically, under such a regime the exchange rates applicable to current-account(commercial) transactions and to capital-account (financial) transactions differ from each other. This difference may be determined in the free market...
Persistent link: https://www.econbiz.de/10012477173
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Real Aspects of Exchange Rate Regime Choice with Collapsing Fixed Rates
Flood, Robert P. - 1985
Typical evaluations of the choice of exchange rate regime employ a criterion function that depends on the real performance of the economy, and they focus on regimes that are expected to last indefinitely. This latter feature is strongly contradicted by the transitory nature of actual...
Persistent link: https://www.econbiz.de/10012477479