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Theoretical and empirical research has shown that a sound and effective financial system is critical for economic development and growth. The financial system, however, is also subject to boom and bust cycles and fragility, with negative repercussions for the real economy. Further, the political...
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central bank governor that has a combination of cognitive ability, social capital and technical competence in economics. The … economics while the financial system of developing and transition countries is less stable during the tenure of a central bank … governor that has high cognitive ability, social capital and technical competence in economics. Also, there is evidence that …
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In studies concluding that public debt may hamper GDP, the debt tipping effects are estimated as if there were a single world currency. This means that such studies ignore the likely biggest cause of changes in growth rates, namely damage from exchange rate liquidity shocks because we do not...
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