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to a product’s tradability. For individual products, LOP deviations are affected by their own inflation rates and, to a … deviation series are found to display considerable persistence and there is limited evidence that tradability enhances price … lesser extent, by aggregate inflation, output variations, and monetary variability. Interestingly, the trend behavior remains …
prefectures. Furthermore, the intra-Japan Penn effect is driven essentially by prices of nontradables. The effect is also found … within Japan, we find that the measures of sectoral productivity do not behave in the way suggested by the Balassa …
prefectures. Furthermore, the intra-Japan Penn effect is driven essentially by prices of nontradables. The effect is also found … within Japan, we find that the measures of sectoral productivity do not behave in the way suggested by the Balassa …
Within the last decade sizeable capital inflows from mature economies were accompanied by rapid financial deepening in the Western Balkans, Turkey and the CIS. Notwithstanding their considerably different initial positions most countries sustained financial stability in the first period of the...
The pronounced increase in external imbalances in the European Economic and Monetary Union (EMU) during the years running up to 2008 is traditionally explained by financial integration through the common currency. This paper examines in a one-good, two-country overlapping generations' model,...
On October 24, 2003, SUERF celebrated its 40th anniversary in the Galerie Dorée of the Banque de France with an especially high level and rich seminar. The memorable occasion was further elevated by Jean Claude Trichet giving the tenth SUERF Annual Lecture in his last public speech as Governor...
This paper evaluates the challenges facing developing countries when there is uncertainty about the policy maker type. We consider a country characterized by volatile output, inelastic demand for fiscal outlays, high tax collection costs, and sovereign risk, where future output depends on the...
This paper reviews and assesses financial stability challenges in countries preparing for EU membership, i.e. Albania, Bosnia and Herzegovina, Kosovo1, the former Yugoslav Republic of Macedonia, Montenegro, Serbia and Turkey. The paper focuses on the period since 2014 and on the banking sectors...