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By focusing on the episodes of substantial capital account liberalisation and adopting a new methodology, this paper provides new evidence on the dilemma and global financial cycle theory. I first identify the capital account liberalisation episodes for 95 countries from 1970 to 2016, and then...
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The globalization of capital and product markets has many implications for economic welfare. Countries can specialize …, one potentially adverse effect of globalization is the possibility that business cycle volatility might increase. Rapid …
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