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Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less...
Persistent link: https://www.econbiz.de/10009430127
We focus on the management of highly persistent shocks to aid flows, including HIPC or MDG-related increases in net flows, in the presence of currency substitution by the domestic private sector. Such shocks have beneficent long-run effects, but when currency substitution is high they can...
Persistent link: https://www.econbiz.de/10009441501
The high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross...
Persistent link: https://www.econbiz.de/10009445695
This article considers a transition toward European monetary union that combines increased substitution of currencies and greater monetary, financial, and fiscal policy coordination. It explores how such a transition would affect national inflation and interest rates and required reserve ratios...
Persistent link: https://www.econbiz.de/10009484470
, the interest rate parity, the purchasing power parity, the asset market model and the reflectivity theory. Also the …
Persistent link: https://www.econbiz.de/10009479209
relations. It does this by augmenting a theory of international financial intermediation — understood as a socially determined …
Persistent link: https://www.econbiz.de/10009480029
The extraordinary height of the U.S. current account deficits in the 90s gave rise to concern, a variety of papers and political recommendationsrevealing the very contrary opinions of economists on the subject.From this alarming evolution, the question of sustainability of such a...
Persistent link: https://www.econbiz.de/10009471805
"The common-property literature has often focused on the question of efficiency. Here we consider distributional issues instead. How should the benefits of the commons (say, a fishery) be distributed? We approach the question from the viewpoint of ownership rather than income redistribution. "A...
Persistent link: https://www.econbiz.de/10009468330
"Institutional approaches to social dilemmas have so far focused on how to create incentive structures that channel individuals' behavior into socially desirable outcomes assuming that everyone is selfish. However, the presumption of universal selfishness is not only empirically invalid but may...
Persistent link: https://www.econbiz.de/10009468335
of the commons.' This dissertation combines the tools of game theory and experimental methods to gain a broader …
Persistent link: https://www.econbiz.de/10009468337