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Countries with intermediate levels of institutional quality suffer larger output contractions following sudden stops of capital inflows than less developed nations. However, countries with strong institutions seldom experience significant falls in output after capital flow reversals. We...
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Why do sudden and massive social, economic, and political changes occur when and where they do? Are there institutional preconditions that encourage such changes when present and discourage such changes when absent? In this paper, I employ a general model which suggests that massive equilibrium...
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This paper studies how international capital flows are transmitted from the banking sector to the real sector in a bank-based open economy. The analysis centers on the role of institutions and domestic policies in reducing moral hazard problems and on determining the net benefit of international...
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