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Anchoring to the Euro (and Grouped Together)? The Case of African Countries

João Loureiro, Manuel M.F. Martins and Ana Paula Ribeiro.

in Journal of African Economies

January 2012; p ublished online August 2011 .

Journal Article. Subjects: International Trade; Prices, Business Fluctuations, and Cycles; International Finance. 11728 words.

This paper assesses the adequacy of the exchange rate regime of 16 African countries that are pegged to the euro since 1999. The evaluation is based on three key criteria borrowed from the...

Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies

Aslı Demirgüç-Kunt and Luis Servén.

in The World Bank Research Observer

February 2010; p ublished online February 2010 .

Journal Article. Subjects: Economics; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; Financial Regulation; Banking; Corporate Governance. 14710 words.

The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western...

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Balance Sheet Effects, Bailout Guarantees and Financial Crises

Martin Schneider and Aaron Tornell.

in The Review of Economic Studies

July 2004; p ublished online July 2004 .

Journal Article. Subjects: Corporate Governance; Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 16474 words.

This paper provides a model of boom-bust episodes in middle-income countries. It is based on sectoral differences in corporate finance: the nontradables sector is special in that it faces a...

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The basic paradigms of EU economic policy-making need to be changed

Kazimierz Laski and Leon Podkaminer.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: International Trade; General Aggregative Models; International Finance. 10187 words.

The anaemic growth of the European Union/euro area derives from its economic paradigms. The principle ‘one size fits all’ behind European Central Bank policy activates centrifugal forces....

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Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?

V. V Chari, Patrick J. Kehoe and Ellen R. McGrattan.

in The Review of Economic Studies

July 2002; p ublished online July 2002 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 0 words.

The central puzzle in international business cycles is that fluctuations in real exchange rates are volatile and persistent. We quantify the popular story for real exchange rate...

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Capital account openness and the labour share of income

Arjun Jayadev.

in Cambridge Journal of Economics

May 2007; p ublished online January 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Labour-Management Relations, Trade Unions, and Collective Bargaining; International Finance. 8695 words.

This paper investigates the relationship between capital account openness and the share of labour in national income. Employing a new index of financial openness and a cross-country panel...

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Capital inflows, financial repression, and macroeconomic policy in India since the reforms

Partha Sen.

in Oxford Review of Economic Policy

June 2007; p ublished online January 2007 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; International Factor Movements and International Business; International Finance; Macroeconomic Aspects of International Trade and Finance. 9763 words.

Since the early 1990s the Indian economy has seen a considerable relaxation of controls, as a consequence of which it has witnessed unprecedented growth. This is especially remarkable in...

Controls on capital inflows and the transmission of external shocks

Antonio C. David.

in Cambridge Journal of Economics

November 2008; p ublished online May 2008 .

Journal Article. Subjects: Economywide Country Studies; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Development; International Finance. 8139 words.

In this paper we attempt to analyse whether price-based controls on capital inflows are successful in insulating economies against external shocks. We present results from vector...

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Correctly analysing the balance-of-payments constraint on growth

Arslan Razmi.

in Cambridge Journal of Economics

November 2016; p ublished online November 2015 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; International Finance; General Aggregative Models. 10889 words.

The balance-of-payments-constrained growth (BPCG) model provides an interesting hypothesis regarding economic growth. The main implication is that world demand places the dominant...

Counterpart funding requirements and the foreign aid procyclicality puzzle

Stéphane Pallage and Michel A. Robe.

in Oxford Review of Economic Policy

January 2015; p ublished online December 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Economic Development; International Financial Markets; Prices, Business Fluctuations, and Cycles; International Finance. 10332 words.

Official development assistance is a key source of external finance in many developing countries. A striking feature of these aid flows is their positive correlation with business cycles in...

The crisis as opportunity? On the role of the Troika in constructing the European consolidation state

Judith Clifton, Daniel Diaz-Fuentes and Ana Lara Gómez.

in Cambridge Journal of Regions, Economy and Society

October 2018; p ublished online October 2018 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance; Public Economics. 11625 words.

Abstract

The 2008 financial crisis has been seen as providing an opportunity for core eurozone members to push neoliberal policies onto the periphery in order...

Currency Unions, Product Introductions, and the Real Exchange Rate

Alberto Cavallo, Brent Neiman and Roberto Rigobon.

in The Quarterly Journal of Economics

May 2014; p ublished online March 2014 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Aspects of International Trade and Finance; International Finance. 17466 words.

We use a novel data set of online prices of identical goods sold by four large global retailers in dozens of countries to study good-level real exchange rates and their aggregated behavior....

Demand and distribution in integrated economies

Armon Rezai.

in Cambridge Journal of Economics

September 2015; p ublished online November 2014 .

Journal Article. Subjects: International Trade; General Aggregative Models; Macroeconomic Aspects of International Trade and Finance; International Finance. 8292 words.

Aggregate demand is influenced by the functional distribution of income of an economy and that of its trading partner. The relationship between income distribution and output is analysed in...

Determinants and Macroeconomic Impact of Remittances in Sub-Saharan Africa

Raju Jan Singh, Markus Haacker, Kyung-woo Lee and Maëlan Le Goff.

in Journal of African Economies

March 2011; p ublished online October 2010 .

Journal Article. Subjects: International Factor Movements and International Business; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economic Development; Economic Growth and Aggregate Productivity; International Finance; Economywide Country Studies; Macroeconomic Aspects of International Trade and Finance. 8176 words.

This paper investigates the determinants and the macroeconomic role of remittances in sub-Saharan Africa. It assembles the most comprehensive data set available so far on remittances in the...

Dollarisation in Sub-Saharan Africa

Juan-Sebastian Corrales, Patrick A. Imam, Sebastian Weber and Etienne Yehoue.

in Journal of African Economies

January 2016; p ublished online September 2015 .

Journal Article. Subjects: International Finance; Money and Interest Rates. 9697 words.

This article introduces an extended database on dollarisation in sub-Saharan Africa (SSA). We document the pattern of dollarisation in SSA economies over the last decade and assess the...

Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis

Alexander Popov and Neeltje Van Horen.

in Review of Finance

August 2015; p ublished online November 2014 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Banking; International Finance; Money and Interest Rates. 16356 words.

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS European banks with sizeable holdings of GIIPS sovereign bonds declined relative to nonexposed...

Financial Fragility in Small Open Economies: Firm Balance Sheets and the Sectoral Structure

Yannick Kalantzis.

in The Review of Economic Studies

July 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomic Aspects of International Trade and Finance; Economic Growth and Aggregate Productivity; International Finance; Money and Interest Rates. 13631 words.

Episodes of large capital inflows in small open economies are often associated with a shift of resources from the tradable to the non-tradable sector and sometimes lead to...

Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis

Sergio Rossi.

in Cambridge Journal of Regions, Economy and Society

November 2013; p ublished online June 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance. 9196 words.

The merging of national currencies into a single-currency area is an important factor of financialisation in Europe, as it has disposed of monetary barriers within Euroland, thereby...

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Fiscal Devaluations

Emmanuel Farhi, Gita Gopinath and Oleg Itskhoki.

in The Review of Economic Studies

April 2014; p ublished online November 2013 .

Journal Article. Subjects: Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; International Finance. 18477 words.

We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange...

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Flawed Currency Areas and Viable Currency Areas: External Imbalances and Public Finance in the Time of the Euro

Aldo Barba and Giancarlo De Vivo.

in Contributions to Political Economy

June 2013; p ublished online June 2013 .

Journal Article. Subjects: Public Economics; Macroeconomic Aspects of International Trade and Finance; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance. 10217 words.

The main problem discussed in this paper is whether a balance of payments constraint exists within the Euro area. It is argued that the question of a member state's foreign position is...