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We show that capital controls have large adverse effects on misallocation, exports and welfare using a dynamic Melitz-OLG model with heterogeneous firms, monopolistic competition, endogenous trade participation and collateral constraints. Static effects increase misallocation by reducing...
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This paper explores cross-country differences in the design of insolvency regimes, based on quantitative indicators … for 2010 and 2016 – aim to better capture the key design features of insolvency which impact the timely initiation and … resolution of personal and corporate insolvency proceedings. According to these metrics, the design of insolvency regimes varies …
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This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary...
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