This paper explores whether different funding structures-including the source, instrument, currency, and counterparty location of funding-affected the extent of financial stress experienced in various countries and sectors during the Covid-19 spread in early 2020. We measure financial stress...

Was the East Asian crisis just a creditor panic with a mad scramble for liquidity that brought the banking system to its knees and the region's much-vaunted "economic miracle" to a standstill? Or was the miracle indeed flawed by fundamental problems in asset prices and resource allocation? After...

We study the impact of US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error correction model (GVECM). We focus on the effects of reductions in the US term and corporate spreads. The estimated effects of QE are sizeable and vary across...

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures...

The estimation of an ordered probit model for currency reforms trying to end 31hyperinflations and three big inflations of the 20th century shows that the introduction of anindependent central bank and the adoption of a credibly fixed exchange rate are crucial for the successof a currency...

This paper provides empirical evidence in favor of the hypothesis thatthe secular price increase in the 16th century is mainly caused by money supplydevelopments as the discovery of new mines in Latin America. First we reviewprice developments for several European countries over the 16th century...

This paper discusses the establishment of the minimum wage determination process in the early twentieth century Australia, following the institutionalisation of compulsory industrial arbitration between capital and labour. This process led to the 1907 Harvester judgment whereby the Common-...

We model a typical Asian-crisis-economy using dynamic general equilibrium tech-niques. Exchange rates obtain from nontrivial fiat-currencies demands. Sudden stops/bank-panics are possible, and key for evaluating the merits of alternative ex-change rate regimes. Strategic complementarities...

This book aims to study the consequences of the subprime crisis for New Caledonia, a French overseas Pacific territory. The situation of New-Caledonia is specific in many ways, since this territory is undergoing an institutional process of emancipation from France. On the first hand, New...

In recent years, many developing countries having a history of high inflation, unfavorable balance of payment situation and a high level of foreign currencies denominated debt, have switched or are in the process of switching to a more flexible exchange rate regime. Therefore, the stability of...