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In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same...
Persistent link: https://www.econbiz.de/10012009141
brought renewed attention to the role and benefits of financial globalization. A number of notable distinctions between the …
Persistent link: https://www.econbiz.de/10013142096
This paper will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a … effective, regaining traction and preventing contagion. A central instrument to this end is the creation of the World Financial … surrendered to the WFA by member countries. The WFA is being thought as a device to support the financial globalization, as well …
Persistent link: https://www.econbiz.de/10013095450
This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also...
Persistent link: https://www.econbiz.de/10012999758
Persistent link: https://www.econbiz.de/10001503935
benefits of economic specialisation and trade. In many countries around the world, the benefits of modern finance are taken for …
Persistent link: https://www.econbiz.de/10013131383
burdens on foreign direct investment, strict product market regulation, or tax systems which favour debt over equity finance …
Persistent link: https://www.econbiz.de/10013102361
Persistent link: https://www.econbiz.de/10010420001
The financial crisis of 2008-09 has cast palpable doubt on the relevance of the current legal framework governing trade in services for financial crisis prevention and management. The crisis revealed the limited utility and effectiveness of services trade law in dealing adequately with the...
Persistent link: https://www.econbiz.de/10013138680
The weak global GDP growth since the financial crisis in 2007-2009 has coincided with unusually weak growth in global trade. Organisations that monitor international macro-economic development have identified growing protectionism – not least the increase in non-tariff barriers to trade, such...
Persistent link: https://www.econbiz.de/10013224809