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The welfare state was created after 1950 with counterproductive mechanisms and this caused high inflation and high unemployment and stagnating growth by 1970, called stagflation. Since 1970 governments redressed the welfare state but did not succeed in finding workable mechanisms. They rather...
Persistent link: https://www.econbiz.de/10011108214
This paper stresses three factors that amplified the 1990s financial crisis in Ecuador, namely institutional weaknesses, rigidities in public finances, and high financial dollarization. Institutional factors restricted the government's ability to respond in a timely manner and efficiently enough...
Persistent link: https://www.econbiz.de/10005769178
This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and...
Persistent link: https://www.econbiz.de/10005599378
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...
Persistent link: https://www.econbiz.de/10005824823
In this paper, we present euro area money demand functions estimated for the sample period ranging from January 1994 to …
Persistent link: https://www.econbiz.de/10010816794
Quaisser die Tagung "Zehn Jahre Euro - Bewährung in der Finanzkrise" statt. Einige der dort vorgestellten Referate sind hier … aktuellen Finanz- und Wirtschaftskrise - eine baldige Übernahme des Euro in den restlichen EU-Ländern sei. Theo Waigel …, Europäische Zentralbank, haben der Euro und die gemeinsame europäische Geldpolitik in den letzten zehn Jahren eine Entwicklung …
Persistent link: https://www.econbiz.de/10005055652
Kann der Euro auf Dauer nur überleben, wenn in einer Übergangsphase flexible Kurse zwischen den Euroländern eingeführt … Griechenlands aus den Euro. Die Rückkehr zu einer früheren Währung könnte den kaum erwünschten Eindruck erwecken, das Rad der … Geschichte werde zurückgedreht. Dies würde psychologisch die Position von Griechenland kaum verbessern. Wenn der griechische Euro …
Persistent link: https://www.econbiz.de/10011213981
This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.
Persistent link: https://www.econbiz.de/10011245891
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10011245897
We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to nonconcessional IMF financing in excess of 100 percent of quota. By means of logit and binary recursive...
Persistent link: https://www.econbiz.de/10005248202