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resilience as indicated by its high-risk exposure and vulnerability. The objective of this paper is to point to policymakers the … importance of resilience thinking and the formulation of appropriate policy interventions to build economic resilience … shocks. This is to say that such policies should be underpinned by policy analysis and research on resilience systems. There …
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The recurring oil-price shocks that hit all economies in the world provide an opportunity to empirically test Friedman's hypothesis that flexible exchange regimes better absorb real external shocks. Using a sample of nine of the OECD's major oil-importing countries and Reinhart and Rogoff's de...
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This study examines the intertemporal nature of countries’ external adjustment by using two types of oil income shocks with different timings, namely, giant oil discovery news shocks and contemporaneous oil windfalls arising from the possible exogenous changes in the international oil spot...
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We constructed a new index of global uncertainty using the first principal component of the stock market volatility for the largest 15 economies. We evaluate the impact of global uncertainty on the global economy using the new global database from Global Economic Indicators (DGEI), Federal...
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