Spanish Abstract: La experiencia de Japón muestra que la deflación es un fenómeno que requiere unas circunstancias especialmente negativas, en las que no parece encontrarse actualmente la economía norteamericana. En cualquier caso, el estudio del proceso de deflación en Japón puede ser...

We test the risk taking channel of exchange rate appreciations using firm-level data from private and public firms in ten Asian emerging market economies during 2002-2015. Since foreign currency (FX) debt at the firm level is not observed for the Asian economies, we approximate the FX debt of a...

The main laws of thermodynamics are explained with respect to economics. Expressions like entropy, exergy, anergy, inner energy and free energy are defined qualitatively as well as quantitatively for the economy. The first and the second law are quantitatively deductes for their application on...

This paper reviews analytical work carried out by central banks that participated in the Autumn Meeting of Central Bank Economists on The evolving inflation process which the BIS hosted on 28-29 October 2005. The paper first discusses efforts to document the univariate statistical properties of...

The global production as a system of creating values is eventually forming a vast web of value chains. It explains the transitional structures of world trade and development of the world economy. It is truly a new wave of globalisation, and we term it as the global value chains (GVCs), creating...

This paper shows that the cross-sectional and time series momentum in currencies, which cannot be explained by carry and dollar factors, summarize the autocorrelation of these factors. These momentum strategies long currency factors following positive factor returns and short them following...

We propose a text-based method for measuring and analyzing the international propagation of uncertainty shocks at the firm level. We apply this method to estimate the impact of Brexit-related uncertainty and find widespread reverberations on listed firms in 81 countries. International firms most...

This article recapitulates some of the trade theories reputed to be of the twentieth century. Here, the Heckscher-Ohlin theory (with some of its variants), endogenous growth theory, product cycle theory, and new trade theory were considered. This review thereof, amidst others, highlight some of...

This study investigates the determinants, textual properties, and consequences of the newly disclosed U.S. critical audit matters (CAMs). We find that complexity, financial reporting issues, and the magnitude of accounts that require high degrees of judgment significantly determine the quantity...

Small businesses are increasingly becoming the drivers of the holistic growth of a nation and also contributing to global development across sectors and some regions. Despite these considerations, overall the participation of MSMEs in international trade has remained insignificant and sparse....