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International Trade and Finance under the Two Hegemons: Complementarities in the United Kingdom (1870-1913) and the United States (1920-30)

Taylor, Alan M.; Wilson, Janine - C.E.P.R. Discussion Papers - 2006

Do international trade and finance flow together? In theory, trade and finance can be substitutes or complements, so the matter must be resolved empirically. We study trade and financial flows from the United Kingdom from 1870 to 1913 and the United States in the interwar years. Trade and...

Persistent link: https://www.econbiz.de/10005504376

Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective

Meissner, Christopher M; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2006

Great attention is now being paid to global imbalances, the growing U.S. current account deficit financed by growing surpluses in the rest of the world. How can the issue be understood in a more historical perspective? We seek a meaningful comparison between the two eras of globalization:...

Persistent link: https://www.econbiz.de/10005666403

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls

Kalemli-Ozcan, Sebnem; Nikolsko-Rzhevskyy, Alex - C.E.P.R. Discussion Papers - 2011

Estimating the effect of trade on capital flows is difficult given the inherent identification problem. We use fluctuations in rainfall to capture the exogenous variation in trade between Germany, France, the U.K., and the Ottoman Empire during 1859-1913. The provisionistic policy of the Ottoman...

Persistent link: https://www.econbiz.de/10009283394

The Argentina Paradox: Microexplanations and Macropuzzles

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014

The economic history of Argentina presents one of the most dramatic examples of divergence in the modern era. What happened and why? This paper reviews the wide range of competing explanations in the literature and argues that, setting aside deeper social and political determinants, the various...

Persistent link: https://www.econbiz.de/10011083510

China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System

Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011

, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the … international monetary system is already tri-polar. However, we also find that China’s currency movements are to some extent …

Persistent link: https://www.econbiz.de/10009371469

Markets in China and Europe on the Eve of the Industrial Revolution

Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2004

comparatively high levels of market efficiency. This Paper compares the actual efficiency of markets in Europe and China, two … include: first, the efficiency of markets in China and Europe was comparable in the late 18th century, except perhaps for …

Persistent link: https://www.econbiz.de/10005114184

The 2008 Financial Crisis and Taxation Policy

Hemmelgarn, Thomas; Nicodème, Gaëtan - C.E.P.R. Discussion Papers - 2010

The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....

Persistent link: https://www.econbiz.de/10008468635

Lost Decades: Lessons from Post-Independence Latin America for Today's Africa

Bates, Robert H; Coatsworth, John H; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2006

Africa and Latin America secured their independence from European colonial rule a century and half apart: most of Latin America after 1820 and most of Africa after 1960. Despite the distance in time and space, they share important similarities. In each case independence was followed by political...

Persistent link: https://www.econbiz.de/10005136542

The Clan and the City: Sustaining Cooperation in China and Europe

Greif, Avner; Tabellini, Guido - C.E.P.R. Discussion Papers - 2012

Over the last millennium, the clan and the city have been the locus of cooperation in China and Europe respectively …

Persistent link: https://www.econbiz.de/10011084470

Exchange Rate Regimes: Some Lessons from Postwar Europe

Wyplosz, Charles - C.E.P.R. Discussion Papers - 2001

Can Europe's post-war experience with fixed exchange rates be useful for today's emerging market countries? A new conventional wisdom suggests that the answer is negative, that in today's world of huge capital flows the only choice is between freely floating exchange rates and hard pegs. The...

Persistent link: https://www.econbiz.de/10005661704