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By focusing on the episodes of substantial capital account liberalisation and adopting a new methodology, this paper provides new evidence on the dilemma and global financial cycle theory. I first identify the capital account liberalisation episodes for 95 countries from 1970 to 2016, and then...
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This paper examines how the 1990s capital account liberalization policy trend affected international capital flows, and …
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We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to real-time forecasts of domestic fundamentals,...
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liberalization, is only a necessary condition for financial globalization, however. The sufficient condition is the creation of world …This paper attempts to define financial globalization as a process whereby financial markets internationally are …-wide single currency, managed and regulated by a single international monetary authority. The system itself needs to be managed …
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Global liquidity as a new trend in international capital flows -- Destination of Global Liquidity before the Global … -- Global Financial Crisis and Demand for the US Dollar as an International Currency -- Sovereign credit default swaps and U … a broad sense, domestic and international credit activities of financial institutions in both advanced and emerging …
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