This study inspects if there is greater convergence with Germany amongst the eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after euroization. The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To some...

Precedent studies have designed a novel financial mechanism ensuring others access and exploit intellectual capital while protecting the right holder’s profit. By the mechanism, the national central bank would fund the generation and adoption of intellectual capital, e.g., a license fee, and...

This paper studies the public finance implications of controls on international financial capital flows, proposing a model of controls as distortionary taxation. The model formalizes a capital controls rule that conforms real-world stylized facts and is sustainable in the long-run. Capital...

Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains...

Following the latest comprehensive working paper proposal for the Intellectual Property Currency (IPC) at SSRN: http://ssrn.com/abstract=4160537, we have built a scenario showing a specific example of the IPC framework for better understanding it. The scenario describes a quantitative story...

There has been a longstanding concern about protecting intellectual capital. The legislation awards a generator of the capital with a finite period of a monopoly right to access it.Under the protection, a right holder may exclusively exploit its intellectual capital and assign or license the...

This paper gauges the causal relationship between external and budget deficits by using Blanchard's overlapping generations model. This model tests the twin deficits hypothesis (i.e., there is a positive relationship between the deficits) and the Ricardian equivalence hypothesis (i.e., there is...

In this chapter, we use a benchmark limited-commitment model to explore key issues in the economics of sovereign debt. After highlighting conceptual issues that distinguish sovereign debt as well as reviewing a number of empirical facts, we use the model to discuss debt overhang, risk-sharing,...

his essay places the first blueprint for the Intellectual Property Currency (IPC) funding that the International Central Bank for Intellectual Properties (ICB/IP) would issue to finance the implementation of intellectual capital and the generation of the next one. The blueprint formulates the...

Bolivia has achieved noteworthy success over the past 15 years in raising incomes, reducing poverty, and maintaining macroeconomic stability by deploying commodity revenues to finance transfers, public investment, and state-led development, using an exchange rate peg as a policy anchor. However,...