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The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...
Persistent link: https://www.econbiz.de/10012460975
In their striving toward development, a number of less developed countries have espoused bilateral trade as yet another policy instrument allowing them to increase their acquisition of foreign resources. This has been particularly true of the trade of India, Pakistan, and Egypt, on which some...
Persistent link: https://www.econbiz.de/10012479072
the (less rich) Old World more equal. The evidence on the links between within-country inequality and globalization in the … the links between them. In doing so, it distinguishes between (a) the different dimensions of globalization; and (b …) between-country and within-country inequality. Theory suggests that globalization will have very different implications for …
Persistent link: https://www.econbiz.de/10012470385
actual aggregate cross-section data for 89 countries in 2011 to a hypothetical world without FDI. The gains from FDI amount … to 9\% of world's welfare and to 11% of world's trade, unevenly distributed among winners and losers. Net exports of FDI …
Persistent link: https://www.econbiz.de/10012453954
Economists devote too much attention to international flows of goods and services and not enough to international flows of ideas. Traditional trade flows are an imperfect substitute for flows of the underlying ideas. The simplest textbook trade model shows that a welfare-enhancing move toward...
Persistent link: https://www.econbiz.de/10012462900
labor regulation of partners because intraindustry trade was important. The New World exported less differentiated products …
Persistent link: https://www.econbiz.de/10012463276
known as the most distinct characteristic of Asian EMEs. Financial globalization seems to have made asset prices and …
Persistent link: https://www.econbiz.de/10012456407
exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In …
Persistent link: https://www.econbiz.de/10012481230
Do global current account imbalances still matter in a world of deep international financial markets where gross two …" view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also …
Persistent link: https://www.econbiz.de/10012460782
This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an...
Persistent link: https://www.econbiz.de/10012471525