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Based on a dynamic open-economy macroeconomic model, this paper analyzes the motive for foreign reserve accumulation in fast-growing emerging economies. The demand for foreign reserves stems from the interaction between productivity growth and underdevelopment of the domestic financial market....
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Europe experienced substantial cross-country variation in domestic credit growth and cross border capital flows during the pre-crisis period. We investigate the inter-relations between domestic credit growth and international capital flows over 1993-2008, with a special focus on the 2003-2008...
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A crucial issue in the era of globalisation and internationalization, is whether the relationship between investment …
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investment. In "new" growth theory regressions, which include the investment ratio, all other included variables pick up why the … productivity of investment differs between countries. This paper converts a "new" growth theory regression equation into … neoclassical growth theory, and to identify the major determinants of differences in the productivity of investment using the …
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