This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country's net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal...

We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents...

Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...

The antecedent studies have designed new funding with the intellectual capital money (IKM) upon trading the intellectual capital (IK) to ensure unimpeded access to it and spur its generation and exploitation. This piece applies some standard economic models to examine how the IKM funding might...

The antecedent studies have designed a novel financial mechanism in which, upon trading intellectual capital, the economy creates or receives money to ensure unimpeded capital access and spur its generation and exploitation. This piece summarises some mathematical aspects, allowing us to apply...

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...

There has been a longstanding concern about protecting intellectual capital, particularly patenting innovations to accelerate our scientific endeavors. Patents allow an inventor to recoup past investment, raising incentives for the following innovations and to facilitate technology transfer...

As some scholars have requested, this essay briefly reviews the precedent studies over “Intellectual Capital Money (IKM)” with a unified perspective in the form of a statement of purpose. The first component designs the IKM funding under the balance sheet approach. The second component shows...

The antecedent studies have designed new funding with the intellectual capital money (IKM) upon trading the intellectual capital (IK) to ensure unimpeded access to it and spur its generation and exploitation. This piece examines the static and dynamic behavior of IKM in an open economy. The...

Emerging economies have been subject to abrupt reversals in capital inflows, which have adverse consequences for economic activity and financial stability. An important question for policymakers is how to respond to a sudden loss of external financing and its negative effects on the domestic...