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This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...
Persistent link: https://www.econbiz.de/10005767351
markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long …
Persistent link: https://www.econbiz.de/10011242406
This paper analyzes the capital markets and financial intermediation in the Baltic States. It provides a comprehensive overview of the structure and level of development of the financial system, discussing some of the unique characteristics of the Baltics, such as leasing; and comparing the...
Persistent link: https://www.econbiz.de/10005591529
This paper proposes a framework for comovements of asset prices with seemingly unrelated fundamentals, as an outcome of optimal portfolio strategies by fund managers. In emerging markets, dedicated managers outperforming a benchmark index and global managers maximizing absolute returns lead to...
Persistent link: https://www.econbiz.de/10005769103
Growth-indexed bonds have been suggested as a way of reducing the procyclicality of emerging-market countries' fiscal policies and the likelihood of costly debt crises. Investor attitude surveys suggest that pricing difficulties are seen as a considerable obstacle. In an effort to reduce such...
Persistent link: https://www.econbiz.de/10005599424
In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the...
Persistent link: https://www.econbiz.de/10005248055
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be …
Persistent link: https://www.econbiz.de/10008520206
This work describes the legal structuring of a mortgage covered bond in accordance with the regulations of paragraphs … rights of the bond holders according to the regulations of the German Statue Governing Common Rights of Owners of Debt … Securities (Schuldverschreibungsgesetz). Furthermore, the work describes how the bond creditors shall have preferences of the …
Persistent link: https://www.econbiz.de/10005026984
Persistent link: https://www.econbiz.de/10005545778
. This may be interpreted as indirect evidence that the indexation system adopted in Brazil during the high-inflation years … explain these changes. I find that inflation is strongly associated with inequality mainly due to its unanticipated component … may be a mechanism through which inflation affected wage inequality. …
Persistent link: https://www.econbiz.de/10005459282