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This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial distress. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a...
Persistent link: https://www.econbiz.de/10005360618
This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find...
Persistent link: https://www.econbiz.de/10005352840
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matter of course that economics should become a natural science. Such a characterization misses an essential aspect of a …
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Economics. We discuss the main difficulties an independent journal faces in maintaining the policy of open access and … integrated approach between the fields of political science and economics. …
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