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Informational Cascades and Decision to Migrate

Epstein, Gil S - C.E.P.R. Discussion Papers - 2002

We introduce the idea that informational cascades can explain the observed regularity that emigrants from the same locations also tend to choose the same foreign locations. Thus informational cascades generates herd behaviour. Herd behaviour is compared with the network externalities explanation...

Persistent link: https://www.econbiz.de/10005504318

Designing Institutions for International Monetary Policy Coordination

Padilla, Atilano Jorge - C.E.P.R. Discussion Papers - 1995

In this paper we study the adjustment of a N-country world economy to an unfavourable common supply shock. We show that world-wide monetary policy coordination is essential to achieve an optimal adjustment to the common shock, but that its actual implementation requires careful design to ensure...

Persistent link: https://www.econbiz.de/10005792400

Issue Linkage, Credible Delegation, and Policy Cooperation

Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2001

This Paper, a thorough revision of Spagnolo (1996), addresses the following questions: What is the optimal design for a set of self-enforcing international policy agreements? How many and which issues should each agreement regulate? Are GATT’s constraints on issue linkage (cross-retaliation)...

Persistent link: https://www.econbiz.de/10005504790

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...

Persistent link: https://www.econbiz.de/10005662197

Patching up the Pact: some Suggestions for Enhancing Fiscal Sustainability and Macroeconomic Stability in an Enlarged European Union

Buiter, Willem H.; Grafe, Clemens - C.E.P.R. Discussion Papers - 2002

The paper considers the implications for the EU accession candidates of Central and Eastern Europe of the fiscal-financial constraints imposed by the Stability and Growth Pact and the Maastricht Treaty. Our findings apply also to those current EU members whose initial conditions (e.g....

Persistent link: https://www.econbiz.de/10005792378

Designing Fiscal and Monetary Institutions for a European Monetary Union

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1995

This paper explores under what conditions a European Monetary Union (EMU) is an optimum currency area. The scope for an EMU increases with convergence of structural and fiscal policies, small money holdings, a conservative European Central Bank, and dependent national central banks. How national...

Persistent link: https://www.econbiz.de/10005792461

The Optimality of a Monetary Union Without a Fiscal Union

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 1998

The paper explores the case for monetary and fiscal unification. Monetary policy suffers from an inflation bias because the monetary authorities are not able to commit. With international risk-sharing in a fiscal union, fiscal discipline suffers from moral hazard. An inflation target alleviates...

Persistent link: https://www.econbiz.de/10005123736

FDI, the Brain Drain and Trade: Channels and Evidence

de Melo, Jaime; Ivlevs, Artjoms - C.E.P.R. Discussion Papers - 2008

This paper explores the links between the patterns of migration (high vs. low-skill), trade policy, and foreign direct …-skill intensive, emigration of high- skill labour leads to positive FDI, suggesting that migration and FDI are complements. Cross …-sectional analysis using FDI and emigration data for 103 migration-sending countries over the period 1990-2000 finds some support for …

Persistent link: https://www.econbiz.de/10005124277

Crossing the Rio Grande: Migrations, Business Cycles and the Welfare State

Canova, Fabio; Ravn, Morten O - C.E.P.R. Discussion Papers - 1998

interactions between migration and three different redistribution systems and find that these schemes change the dynamics and lead … to prolonged periods of adjustments. The aggregate welfare implications of migration are sensitive to the redistribution …

Persistent link: https://www.econbiz.de/10005791967

Legal Institutions and Economic Development

Beck, Thorsten - C.E.P.R. Discussion Papers - 2010

Legal institutions are critical for the development of market-based economies. This paper defines legal institutions and discusses different indicators to measure their quality and efficiency. It surveys a large historical and empirical literature showing the importance of legal institutions in...

Persistent link: https://www.econbiz.de/10008784706