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Traditional infrastructure regulation—the law of regulated industries—rests atop three pillars: rate regulation, entry … distinctive function of banks. Bank regulation can therefore be understood as a subfield of infrastructure regulation. With few …
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. Assuming convex maintenance costs guarantees well-defined equilibriums, and we show that under some conditions a Ramsey issuer …
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Investment growth in emerging market and developing economies has slowed sharply since 2010. This paper presents a comprehensive analysis of the causes and implications of this slowdown and presents a menu of policy responses to improve investment growth. It reports four main results. First, the...
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We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit … (SOEs) over non-SOEs in credit access. Infrastructure investment driven by nonmonetary factors, however, enhanced the … monetary transmission to bank credit allocated to local government financing vehicles in infrastructure and at the same time …
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We study how determinacy and expectational stability (E-stability) of rational expectations equilibrium may be affected by monetary policy when the cost channel of monetary policy matters. We focus on both instrumental Taylor-type rules and optimal target rules. We show that standard instrument...
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