After the introduction of Liberalization, Privatization and Globalization by the name of economic reforms Indian economy has been integrated with the global economy. This integration enabled India to move on high growth path but that integration exposed Indian economy to adverse impacts from the...

This two-part working paper series represents a distillation of practical approaches with regard to the successful management of so-called “legacy assets” which include both impaired as well as non-performing loans, particularly in those in the real estate and property sectors. This two-part...

This two-part working paper series represents a distillation of practical approaches with regard to the successful management of so-called “legacy assets” which include both impaired as well as non-performing loans, particularly in those in the real estate and property sectors. This two-part...

The NBER International Seminar on Macroeconomics brings together leading American and European economists to discuss a broad range of current issues in global macroeconomics. An international companion to the more American-focused NBER Macroeconomics Annual, the 2005 volume first explores...

Imports are modeled as a fixed proportion of spending rather than as a function of total or disposable income. With this formulation, the import component of spending shifts must be netted out in order to predict the initial autonomous change in domestic spending. In addition, the formulation...

We explore the implications of current account adjustment for monetary policy within a simple two-country DSGE model. Our framework nests Obstfeld and Rogoff's (2005) static model of exchange rate responsiveness to current account reversals. It extends this approach by endogenizing the dynamic...

The Feldstein-Horioka study of 1980 found that OECD countries with high saving rates had high investment rates and vice versa, contrary to the traditional theory of global capital market integration. This capital market segmentation view, which has been verified in various studies over the past...

We characterize how firms structure supply chains under climate risk. Using new data on the universe of firm-to-firm transactions from an Indian state, we show that firms diversify sourcing locations, and suppliers exposed to climate risk charge lower prices. Our event-study analysis finds that...

We assess the pattern of Euro Area financial integration adjusting for the role of "onshore offshore financial centers" (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers of securities...

Despite the fact that receipts from the provision of shipping services recorded on the Greek Balance of Payments represent nearly half of the total receipts of services rendered, the factors that determine them have not been explored for the Greek economy. Therefore, the main purpose of this...