Showing 1 - 10 of 15
A new perspective is provided on a puzzle that has emerged from the empirical lit- erature suggesting that government-independent central banks provide a `free lunch': lower in°ation is apparently achieved at no cost in terms of greater output variance. We assess the various explanations...
Persistent link: https://www.econbiz.de/10005748060
Latin American countries have been in the eye of economic and ¯nancial storms several times in recent years. Advice from the International Monetary Fund has consistently highlighted the need for sound fiscal policies and lower debt levels. But is public debt relevant? Following a brief...
Persistent link: https://www.econbiz.de/10005748052
Persistent link: https://www.econbiz.de/10005748058
For many years analysis of IMF conditionality overlooked the extent to which it was implemented. However, more recently increasing attention has been paid to implementation. Theoretical contributions have focused on the importance of special interest groups, but empirical evidence has failed to...
Persistent link: https://www.econbiz.de/10005748073
The paper examines the capital flows of seven Southeast Asian emerging economies over the last decade and a half. It first evaluates the role of economic conditions within a country itself, including the country's domestic financial conditions and the openness of its financial markets to...
Persistent link: https://www.econbiz.de/10005748089
Issues surrounding exchange rates continue to fascinate both economists and political scientists. Although a relatively large literature has grown around attempting to explain the choice of exchange rate regime, empirical estimation has failed to find a generally satisfactory explanation of it....
Persistent link: https://www.econbiz.de/10010575666
The eurozone crisis has focused attention on what caused it, how it can be handled and what can be done to avoid future crises. Against this background all but two member states of the European Union have signed a draft treaty, the 'fiscal compact', that seeks to eliminate structural fiscal...
Persistent link: https://www.econbiz.de/10010578464
In this paper, we examine the stability of international macroeconomic policies of developing countries in the post-Bretton Woods period. We use the simple geometry of the classic, open-economy trilemma to construct a new, univariate measure of inter- national macroeconomic policy stability, and...
Persistent link: https://www.econbiz.de/10008926455
Traditional models have encountered problems in explaining the ac- cumulation of international reserves, particularly in Asia, in the period since the late 1990s. One suggestion has been that countries have sought to self insure against future crises, either because of a perceived increase in...
Persistent link: https://www.econbiz.de/10008568204
Some commentators have claimed that there is a growing Beijing Consensus among emerging and developing economies concerning the merits of ChinaÕs economic policies. Within an analytical framework provided by the well known international trilemma, this paper investigates the empirical evidence...
Persistent link: https://www.econbiz.de/10009147188