2024-03-29T09:31:39Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:195
2019-09-27T21:14:34Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/195/
Vulnerability to purely contagious balance of payment crises in emerging economies: An application to the cases of Russia, Turkey, and Brazil
Akçay, Cevdet
Zenginobuz, Unal
F42 - International Policy Coordination and Transmission
F41 - Open Economy Macroeconomics
We explore the possible role of interdependence of expectations in emerging market economies and analyze the crisis transmission mechanism within the ”pure”contagion framework. We consider the cases of Russia, Turkey, and Brazil, and assess whether the fundamentals of these countries allowed for the possibility of ”pure”contagion e¤ects from each other. In particular, we look at Russia - Turkey and Brazil - Russia pairs in year 1997 to see whether Brazilian and the Turkish economies exhibited vulnarability to pure contagion before the 1998 Russian crisis We also repeat the same exercise with the most recent 1999 data. The rationale for choosing these pairings is the huge volume of (luggage) trade between geographical neighbors Russia and Turkey, and the similar export structures of Russia and Brazil (predominantly raw materials) which are continents apart. Our results clearly indicate vulnerability of Brazilian and Turkish economies to high probability of crisis in Russia even in the face of improving fundamentals. In isolation, Brazilian and Turkish fundamentals were not weak enough to place them in a sure-crisis situation. With the incorporation of the Russian link, the multiple equilibria setting disappeared for both countries, rendering sure-crisis as the single equilibrium solution.
2000-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/195/1/MPRA_paper_195.pdf
Akçay, Cevdet and Zenginobuz, Unal (2000): Vulnerability to purely contagious balance of payment crises in emerging economies: An application to the cases of Russia, Turkey, and Brazil. Published in: Russian and East European Finance and Trade , Vol. 37, No. 5 (September 2001): pp. 5-21.
en
oai:mpra.ub.uni-muenchen.de:879
2019-10-02T09:55:02Z
7374617475733D756E707562
7375626A656374733D45:4535:453538
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463333
7375626A656374733D45:4535:453532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/879/
Monetary Policy before Euro Adoption: Challenges for EU New Members
Filacek, Jan
Horvath, Roman
Skorepa, Michal
E58 - Central Banks and Their Policies
F42 - International Policy Coordination and Transmission
F33 - International Monetary Arrangements and Institutions
E52 - Monetary Policy
This article analyzes the main issues for monetary policy in new EU member states before their euro adoption. These are typically rooted in the challenge of fulfilling concurrently of the Maastricht inflation and exchange rate criterion, as these countries are experiencing equilibrium real exchange rate appreciation. In this article we first distinguish between the wording, written interpretation and “revealed” interpretation of the inflation and exchange rate criteria. Then we discuss the options for monetary policy in the period of fulfilment of these criteria in terms of its transparency, its continuity with the previous monetary policy regime, the choice of central parity for the ERM II, the setting of the fluctuation bandwidth, the probability of fulfilment of both criteria and the impact on economic stability.
2006-09-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/879/1/MPRA_paper_879.pdf
Filacek, Jan and Horvath, Roman and Skorepa, Michal (2006): Monetary Policy before Euro Adoption: Challenges for EU New Members.
en
oai:mpra.ub.uni-muenchen.de:1064
2019-09-27T00:22:30Z
7374617475733D756E707562
7375626A656374733D4F:4F32
7375626A656374733D4E:4E33:4E3337
7375626A656374733D46:4632:463232
7375626A656374733D46:4633:463335
7375626A656374733D46:4635:463533
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F35:4F3535
7375626A656374733D4E:4E31:4E3137
7375626A656374733D4F:4F35:4F3532
7375626A656374733D52:5232:523233
7375626A656374733D4F:4F31:4F3135
7375626A656374733D4E:4E34:4E3434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1064/
Vom Nutzen afrikanischer Zuwanderer für Europa. Wende in der EU-Einwanderungspolitik?
Kohnert, Dirk
O2 - Development Planning and Policy
N37 - Africa ; Oceania
F22 - International Migration
F35 - Foreign Aid
F53 - International Agreements and Observance ; International Organizations
F42 - International Policy Coordination and Transmission
O55 - Africa
N17 - Africa ; Oceania
O52 - Europe
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
O15 - Human Resources ; Human Development ; Income Distribution ; Migration
N44 - Europe: 1913-
A growing number of Africans flees from their desolate economic situation or violent conflicts and political persecution at home to Europe. The European Union shares responsibil-ity for this growing economic misery, in view of its egoistic external trade policy. Neverthe-less, it intensifies the foreclosure of its external borders. Thereby, the escape routes become even more dangerous, thousands die every year. The European-African migration summits in Rabat and Tripoli in June and November 2006 even strengthened this policy of exclusion. Yet, well adapted immigration regulations would serve the interest of all parties involved. Last, but not least, it could contribute to protect the over-aged population of European mem-ber states in the long run against threatening economic decline. Even Germany and France meanwhile hesitantly accept the fact that they are an immigration country. The EU commis-sion endorses a limited and temporarily restricted immigration of Africans. However, two fundamental problems remain unsolved. Cost and benefit of immigration are distributed asymmetrically between the social classes. In addition, the EU favours the admission of high skilled labour, which tends to strengthen the 'brain drain' from Africa even more, while mil-lions of unskilled irregular migrants compete with the growing army of unemployed in the host countries. Both will aggravate the imminent danger of violent conflicts and of right-wing extremism in the immigration regions.
2006-12-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1064/1/MPRA_paper_1064.pdf
Kohnert, Dirk (2006): Vom Nutzen afrikanischer Zuwanderer für Europa. Wende in der EU-Einwanderungspolitik?
de
oai:mpra.ub.uni-muenchen.de:1435
2019-09-27T04:58:03Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4536:453631
7375626A656374733D45:4536:453633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1435/
Coordination des Politiques Budgétaires dans une Union Monétaires Hétérogène: Modélisation et Application à l'UEM Coordination of Budgetary Policies in a Heterogeneous Monetary Union: Modelisation and Application
Schalck, Christophe
F42 - International Policy Coordination and Transmission
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
This paper studies coordination of Fiscal policies in a monetary union in terms of sta-
bilization performance. We use a static model of closed monetary union and numerical
simulations in which macroeconomic heterogeneities are introduced. Results show that
the coordination is an e¢ cient tool to increase EMU stabilization, even though coordin-
ation gains greatly varies according to macroeconomic heterogeneities. We then identify
coalitions and free riding behaviours.
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1435/1/MPRA_paper_1435.pdf
Schalck, Christophe (2006): Coordination des Politiques Budgétaires dans une Union Monétaires Hétérogène: Modélisation et Application à l'UEM Coordination of Budgetary Policies in a Heterogeneous Monetary Union: Modelisation and Application.
fr
oai:mpra.ub.uni-muenchen.de:2234
2019-10-05T16:38:51Z
7374617475733D756E707562
7375626A656374733D45:4536:453631
7375626A656374733D46:4634:463432
7375626A656374733D45:4536:453633
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2234/
Coordination des Politiques Budgétaires dans une Union Monétaires Hétérogène: Modélisation et Application à l'UEM
Schalck, Christophe
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
F42 - International Policy Coordination and Transmission
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
This paper studies coordination of Fiscal policies in a monetary union in terms of sta-
bilization performance. We use a static model of closed monetary union and numerical
simulations in which macroeconomic heterogeneities are introduced. Results show that
the coordination is an e¢ cient tool to increase EMU stabilization, even though coordin-
ation gains greatly varies according to macroeconomic heterogeneities. We then identify
coalitions and free riding behaviours.
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2234/1/MPRA_paper_2234.pdf
Schalck, Christophe (2006): Coordination des Politiques Budgétaires dans une Union Monétaires Hétérogène: Modélisation et Application à l'UEM.
fr
oai:mpra.ub.uni-muenchen.de:2258
2019-10-28T18:18:00Z
oai:mpra.ub.uni-muenchen.de:3360
2019-09-27T00:24:19Z
7374617475733D756E707562
7375626A656374733D4F:4F35:4F3532
7375626A656374733D4F:4F31:4F3135
7375626A656374733D4E:4E34:4E3434
7375626A656374733D46:4632:463232
7375626A656374733D4E:4E33:4E3337
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F35:4F3535
7375626A656374733D52:5232:523233
7375626A656374733D46:4635:463533
7375626A656374733D4E:4E31:4E3137
7375626A656374733D46:4633:463335
7375626A656374733D4F:4F32
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3360/
African Migration to Europe:Obscured Responsibilities and Common Misconceptions
Kohnert, Dirk
O52 - Europe
O15 - Human Resources ; Human Development ; Income Distribution ; Migration
N44 - Europe: 1913-
F22 - International Migration
N37 - Africa ; Oceania
F42 - International Policy Coordination and Transmission
O55 - Africa
R23 - Regional Migration ; Regional Labor Markets ; Population ; Neighborhood Characteristics
F53 - International Agreements and Observance ; International Organizations
N17 - Africa ; Oceania
F35 - Foreign Aid
O2 - Development Planning and Policy
The number of migrants from conflict regions in Africa has been increasing dramatically. The European Union shares dual responsibility for the continuing migration pressure: First, because they fostered over decades corrupt and autocratic regimes with dire disregard to principles of ‘good governance’. The aftermath of these regimes is still to be felt today, and constitutes one of the underlying factors for politically motivated migration. Secondly, the EU contributed to Africa’s economic misery, due to the damaging effects of European selfish external trade policy. Nevertheless, the prevailing perspective of the EU and of its member countries concerning African immigration remains to be focused on security, the foreclosure of its external borders and prevention. Current EU programs and concepts to combat African migration are questionable. Even development orientated approaches are bound to fail, if not backed by sustainable immigration policies.
2007-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3360/1/MPRA_paper_3360.pdf
Kohnert, Dirk (2007): African Migration to Europe:Obscured Responsibilities and Common Misconceptions.
en
oai:mpra.ub.uni-muenchen.de:3908
2019-09-30T23:27:51Z
7374617475733D756E707562
7375626A656374733D46:4633:463332
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3908/
US Current Account Deficit and Exchange Rate Tax
De Lima, Gabrielle
Moura, Guilherme
Meurer, Roberto
Da Silva, Sergio
F32 - Current Account Adjustment ; Short-Term Capital Movements
F42 - International Policy Coordination and Transmission
We examine the relationship between the US current account deficit, the international value of the dollar, and the dollar reserves of foreign central banks. We find that the international value of the dollar impacts the US current account and also that dollar depreciations are accompanied by reductions in the inflow of foreign reserves. The inflow reductions are indicative that the US levies an exchange rate tax on foreigners because the foreign stock of reserves loses value.
2007-07-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3908/1/MPRA_paper_3908.pdf
De Lima, Gabrielle and Moura, Guilherme and Meurer, Roberto and Da Silva, Sergio (2007): US Current Account Deficit and Exchange Rate Tax.
en
oai:mpra.ub.uni-muenchen.de:4186
2019-09-26T21:43:50Z
7374617475733D756E707562
7375626A656374733D46:4633:463336
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4186/
Currency Preferences in a Tri-Polar Model of Foreign Exchange
Melecky, M
F36 - Financial Aspects of Economic Integration
F42 - International Policy Coordination and Transmission
F31 - Foreign Exchange
This paper reopens the subject of currency preferences while modeling the
exchange rates among three major currencies - the US dollar, the euro and
the Japanese yen. The exchange rate model presented in this paper includes
not only traditional determinants of bilateral exchange rates but incorporates
third-currency effects in addition. The obtained estimation results are
interpreted from the perspective of possible currency substitution and
complementarity relationships. We find evidence of currency complementarity
between the yen and the euro, and currency substitution of the dollar for
both the euro and the yen. The estimated third-currency effects are consistent
with our findings on currency substitution and complementarity among the
three major currencies.
2007-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4186/1/MPRA_paper_4186.pdf
Melecky, M (2007): Currency Preferences in a Tri-Polar Model of Foreign Exchange.
en
oai:mpra.ub.uni-muenchen.de:4308
2019-09-29T00:31:01Z
7374617475733D756E707562
7375626A656374733D45:4535
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4308/
Monetary policy and economic performance of West African Monetary Zone Countries
Balogun, Emmanuel Dele
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
F42 - International Policy Coordination and Transmission
This study examined the monetary and macroeconomic stability perspective for entering into monetary union, using data available on WAMZ countries. It tests the hypothesis that independent monetary and exchange rate policies have been relatively ineffective in influencing domestic activities (especially GDP and inflation), and that when they do, they are counter productive. Usiing econometric methods, regression result show that, erstwhile domestic monetary policy, as captured by money supply and credit to government hurt real domestic output of these countries. Indeed, rather than promote growth, it was a source of stagnation. It also confirms that there appear to be a two quarters lag in monetary policy transmission effect with regard to real sector output. The results also show that although expansion in domestic output dampened aggregate consumer prices (inflation), it was however, not adequate enough to dampen the fuelling effects of past inflation. This was accentuated by money supply variable (MS2) and aggravated by exchange rate variable which are mostly positive, confirming the a priori expectations that rapid monetary expansion and devaluations fuels domestic inflation. A country by country comparison of the single and simultaneous equations model results show that expansionary monetary policy contributed more to fuelling prices than it did to growth. It also shows that interest rates policy had adverse effects on GDP by exhibiting a positive sign contrary to the theoretical expectation of an inverse relationship. The results also show that exchange rate devaluations manifest mainly in domestic inflation and have no effect at all on the growth variable, in the short term. The study concludes that these countries would be better-off to surrender its independence over these policy instruments to the planned regional body under appropriate monetary union arrangements.
2007-07-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4308/1/MPRA_paper_4308.pdf
Balogun, Emmanuel Dele (2007): Monetary policy and economic performance of West African Monetary Zone Countries.
en
oai:mpra.ub.uni-muenchen.de:4868
2019-09-30T01:06:06Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4F:4F31
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463437
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4868/
LA LEY DE THIRLWALL. UNA APROXIMACIÓN TEÓRICA Y EMPÍRICA. EL CASO DE ARGENTINA DURANTE LOS AÑOS 1970-2003.
Capraro, Santiago
O10 - General
O1 - Economic Development
F42 - International Policy Coordination and Transmission
F47 - Forecasting and Simulation: Models and Applications
F41 - Open Economy Macroeconomics
In the present paper the approach of the law of Thirlwall was used to study the relation between the economic growth and the external sector of Argentina in period 1970-2003. Thirlwall maintains that the main restriction that has an opened economy to obtain a rate of growth elevated in the long term is its balance of payments (BP). Strictly the restriction arises by the characteristics from the functions from demand by exports and imports. The law of Thirlwall indicates that if in the long term the rate of real growth of the GDP (yt) can be approximated through the rate of consistent growth with the balance of the BP (yb) and both are small in relation to third countries, then the growth of that economy this restricted by the BP.
Empirically we worked first with the equation that relates to the GDP of Argentina and the World GDP through the ratio of the elasticities entrance of the demands by exports and imports, which defines the law of Thirlwall without flows of capitals. We demonstrated to the existence of a relation of long term between the GDP of Argentina and the world-wide GDP. We formalized the relation through the model TIME II. Soon one worked with the definition of the law of Thirlwall with real flows of capitals without getting to formulate a econometric model in as much we could not prove the existence of a relation of long term between the flows of real capitals and the GDP of Argentina between years 1970-2003. We changed the strategy and we studied the equations of demand by exports and imports. Through these we managed to calculate the elasticities income of both functions, that respectively turned out to be 2.02 and 3.41 for the exports and imports. Defining the ratio of elasticities entrance of the exports and imports (ε / π) equal to 0.59, minor to the unit. With this result we could calculate the rate of growth of the consistent GDP with the balance of the BP. The annual average of the considered rate was 2%, that approximates in the long term to the rate of real growth of the GDP equal to 1,9%. Both rates are smaller to experimented by regions and the countries in the same period. For example Brazil grew 4%, South America 3.1 and the world economy expanded to 3.1% annual. With these elements we can affirm that the growth of the GDP in Argentina during period 1970-2003 was restricted by the BP.
2007-02-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4868/1/MPRA_paper_4868.pdf
Capraro, Santiago (2007): LA LEY DE THIRLWALL. UNA APROXIMACIÓN TEÓRICA Y EMPÍRICA. EL CASO DE ARGENTINA DURANTE LOS AÑOS 1970-2003.
es
oai:mpra.ub.uni-muenchen.de:6233
2019-09-26T22:27:57Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6233/
Exchange rate policy and export performance of WAMZ countries
Balogun, Emmanuel Dele
F42 - International Policy Coordination and Transmission
F1 - Trade
F31 - Foreign Exchange
This study examines the effect of independent exchange rate policy, relative to other determinants, on global export performance of WAMZ countries. The regression results show that exports originating from the Zone to the rest of the world are influenced positively by domestic output, export prices and exchange rate devaluations, but negatively by import price and economic performance of the major global trading partner, proxied by the US GDP. This result is not universal as the Gambia, Ghana and Guinea total exports functions show that exchange rate policy penalized exports contrary to the Nigerian case in which the coefficient estimate is significant and positive. The study infers that these results are consistent with theoretical expectation given the ironical divergence in export basket. Although they are all primary commodity exporters, Nigeria’s exports is mainly crude oil, and a priori expectation is that rapid economic growth or booms in the US should lead to increased demand for energy (healthy competitions). In conclusion, the study infers that since independent flexible exchange rate policy makes no difference to the Zonal export performance ex ante, but have great potential for global exports collectively, they could explore an OCA to enhance both intra- and global inter-regional export trade.
2007-12-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6233/1/MPRA_paper_6233.pdf
Balogun, Emmanuel Dele (2007): Exchange rate policy and export performance of WAMZ countries.
en
oai:mpra.ub.uni-muenchen.de:6234
2019-10-03T02:18:20Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6234/
Effects of exchange rate policy on bilateral export trade of WAMZ countries
Balogun, Emmanuel Dele
F42 - International Policy Coordination and Transmission
F1 - Trade
F31 - Foreign Exchange
This study examines the effect of exchange rate policy on the bi-lateral intra-WAMZ and global inter-WAMZ export trade, with a view to gauging its relative veracity among other determinants. The regression results show that the coefficient estimates of bilateral exchange rate (variable of interest in this study) was not significant in explaining the changes in the bilateral intra-WAMZ exports. This is not the case with the world inter-WAMZ regression results in which one of the partner’s exchange rate is significant and positively influences their collective exports to the rest of the world. This result is considered interesting as it tends to validate the assertion that exchange rates does not matter much to intra-WAMZ exports to warrant its use as an instrument of bilateral trade stimulation, but can potentially be useful as a common tool of balance of payment adjustment against the rest of the world (third parties). In conclusion, the study inferred that the maintenance of independent flexible exchange rate policy by either party to the bilateral trade makes no difference in terms of export performance, and may indeed constitute an impediment to free trade within the WAMZ region. Among the impediments identified are the microeconomic costs of foreign exchange conversion and high incident of trade diversion associated with it.
2007-12-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6234/1/MPRA_paper_6234.pdf
Balogun, Emmanuel Dele (2007): Effects of exchange rate policy on bilateral export trade of WAMZ countries.
en
oai:mpra.ub.uni-muenchen.de:7580
2019-09-30T00:21:04Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463334
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7580/
Bank Lending and Contagion: Evidence from the Asian Crisis
Reinhart, Carmen
Kaminsky, Graciela
F42 - International Policy Coordination and Transmission
F34 - International Lending and Debt Problems
F36 - Financial Aspects of Economic Integration
This paper analyzes how the crisis in Asia spread during the second half of 1997. We cast our net
wide and investigate several possible trade and financial linkages among the Asian economies. We
construct a series of “contagion vulnerability indices,” which capture the various manifestations of
exposure through trade and finance to the initial crisis country and contrast the predictions of this
index to actual outcomes during the Asian crisis. We pay attention to the reversal in bank lending
of Japanese and European banks, which were lending heavily to emerging Asia on the eve of the
crisis. Daily interest rate and exchange rate data for Indonesia, Malaysia, the Philippines, South
Korea, and Thailand are used to assess whether the patterns of causality and interdependence
changed as the crisis spread, as well as to answer question of whether interdependence among the
Asian economies has changed as the result of the crisis.
2001
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7580/1/MPRA_paper_7580.pdf
Reinhart, Carmen and Kaminsky, Graciela (2001): Bank Lending and Contagion: Evidence from the Asian Crisis. Published in: in Takatoshi Ito and Anne Krueger, eds. Regional and Global Capital Flows: Macroeconomic Causes and Consequences, (Chicago: University of Chicago Press for the NBER, 2001). (2001): pp. 73-99.
en
oai:mpra.ub.uni-muenchen.de:7845
2019-10-01T03:58:38Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463135
7375626A656374733D43:4336:433638
7375626A656374733D46:4631:463137
7375626A656374733D46:4634:463437
7375626A656374733D45:4536:453631
7375626A656374733D46:4633:463333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7845/
Interdependencia y regímenes cambiarios en Mercosur: un modelo macroeconómico de equilibrio general computado para su medición.
Carrera, Jorge Eduardo
Cicowiez, Martín
Lacunza, Hernán
Saavedra, Marcelo
F42 - International Policy Coordination and Transmission
F15 - Economic Integration
C68 - Computable General Equilibrium Models
F17 - Trade Forecasting and Simulation
F47 - Forecasting and Simulation: Models and Applications
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
F33 - International Monetary Arrangements and Institutions
Mercosur is currently going through an intermediate integration stage in which macroeconomic interdependence acquires more importance. Then, the need arises to adopt
strategic definitions with regard to the future of the process itself.
The study examines macroeconomic interdependence with a macroeconomic computable general equilibrium model. This enables an estimation of the sign and extent of transmission of shocks originating either in a Mercosur country or in the rest of the world. The results of
the model simulations show that interdependence has important effects. We discuss the possibility of implementing a process of cooperation as an alternative to play Nash in some key policies.
2005-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7845/1/MPRA_paper_7845.pdf
Carrera, Jorge Eduardo and Cicowiez, Martín and Lacunza, Hernán and Saavedra, Marcelo (2005): Interdependencia y regímenes cambiarios en Mercosur: un modelo macroeconómico de equilibrio general computado para su medición.
es
oai:mpra.ub.uni-muenchen.de:7864
2019-09-30T09:33:21Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463135
7375626A656374733D44:4433:443331
7375626A656374733D42:4235:423532
7375626A656374733D41:4131:413133
7375626A656374733D44:4437:443734
7375626A656374733D46:4635:463539
7375626A656374733D46:4633:463333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7864/
Making Globalization Work: Towards Global Economic Justice
Khan, Haider
F42 - International Policy Coordination and Transmission
F15 - Economic Integration
D31 - Personal Income, Wealth, and Their Distributions
B52 - Institutional ; Evolutionary
A13 - Relation of Economics to Social Values
D74 - Conflict ; Conflict Resolution ; Alliances ; Revolutions
F59 - Other
F33 - International Monetary Arrangements and Institutions
Globalization as a corporate-led process has come under much justifiable criticism. This paper attempts to give the term analytic content distinct from its more ideological formulations.. It then focuses on a normative analysis of globalization from the capabilities perspective. A freedom-centered perspective such as the capabilities approach emphasizes policies and institutions that can enhance freedom globally and locally. A global governance structure based on transparent principles of both economic efficiency and social justice is shown to be a desirable state of affairs; however, the present fractured process of globalization is more likely to end up in a fragmenting regionalism or even national protectionism and rivalry. Multilateral cooperation on the basis of the framework advanced here is an urgent necessity.To this end the creation of international regimes of cooperation in areas ranging from trade and finance to ecological and women's and minorities rights issues must be put on the international and national social and political agendas
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7864/1/MPRA_paper_7864.pdf
Khan, Haider (2008): Making Globalization Work: Towards Global Economic Justice.
en
oai:mpra.ub.uni-muenchen.de:8117
2019-10-01T14:56:11Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8117/
Trade and the evolving world economy
Chichilnisky, Graciela
Heal, Geoffrey
F42 - International Policy Coordination and Transmission
F13 - Trade Policy ; International Trade Organizations
Although American business leaders do not like protectionism, more and more of them are concluding that too many countries are stacking the deck against American competitors.
The severe recession of 1980-83 and its lingering effects in certain regions and business sectors; unemployment stuck at record high levels; the decline of such industries as steel and autos; all of these have brought pressure on leaders of industrial countries to protect their industries from international competition.
New technologies have great potential payoffs, but they require more sophisticated forms of social organization.There is a need for institutions that facilitate patterns of trade consistent with balanced markets, and with the smooth occurrence of any necessary structural changes.
1986
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8117/1/MPRA_paper_8117.pdf
Chichilnisky, Graciela and Heal, Geoffrey (1986): Trade and the evolving world economy. Published in: Hermes No. Winter 1986 (1986): pp. 30-38.
en
oai:mpra.ub.uni-muenchen.de:8197
2019-10-01T14:02:23Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8197/
Fiscal Policy, the Real Exchange Rate, and Commodity Prices
Reinhart, Carmen
F42 - International Policy Coordination and Transmission
F41 - Open Economy Macroeconomics
The role of the international commodity market in transmzttmg disturbances
is considered in a model that incorporates commodities as an
input in production. The analysis employs a three-country framework: a
liquidity-constrained commodity supplier and two industrial countries that
import the commodity, export differentiated manufactured goods, and
hold the outstanding debt of the commodity exporter. In this setting the
impact of changes infiscal policy, commodity supplies, and the real interest
rate are assessed. Particular attention is paid to the responses of the real
exchange rate, commodity prices, and the international distribution of debt
to the various shocks.
1991
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8197/1/MPRA_paper_8197.pdf
Reinhart, Carmen (1991): Fiscal Policy, the Real Exchange Rate, and Commodity Prices. Published in: IMF Staff Papers , Vol. 38, No. 3 (September 1991): pp. 506-524.
en
oai:mpra.ub.uni-muenchen.de:8357
2019-09-30T17:03:13Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D49:4933:493331
7375626A656374733D51:5130:513031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8357/
North-South trade and basic needs
Chichilnisky, Graciela
F42 - International Policy Coordination and Transmission
I31 - General Welfare, Well-Being
Q01 - Sustainable Development
This paper examines the role of the international market in mediating North-South relations and analyzes how the market works in distributing the gains from trade. It is argued that the international market does not always provide an adequate engine of growth for the South if that region specializes in labor-intensive products. The South's export sector must be carefully balanced with other domestic sectors to avoid harming the economy as a whole. Any excessive expansion of labor-intensive exports or raw materials, even if accompanied by an expansion in international demand, may affect domestic markets and the distribution of income in the South in ways that conflict: with sustainable development, especially when this is measured in terms of the satisfaction of basic needs for the majority of the population. The conditions under which this may occur are quite general. They are consistent with perfect market behavior but require that important features of the North-South relationship, including differential characteristics of technologies and factor markets in the two regions, be introduced into the analysis. The paper suggests alternatives to export-led policies, which balance domestic and international sectors of the South's economy and are conducive to sustained development and the satisfaction of basic needs. An appendix provides a model of North-South trade that has been econometrically tested for the trade between Sri Lanka and the UK. The appendix also includes a computer program for simulating the model and sample computer runs that reproduce, in practical terms, the model trade policies discussed in the paper.
1989
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8357/1/MPRA_paper_8357.pdf
Chichilnisky, Graciela (1989): North-South trade and basic needs. Published in: International Journal of Development Planning Literature , Vol. 4, No. No. 4 (1989): pp. 180-221.
en
oai:mpra.ub.uni-muenchen.de:8390
2019-09-26T23:06:22Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D51:5135:513531
7375626A656374733D46:4635:463533
7375626A656374733D48:4832:483233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8390/
The abatement of carbon emissions in industrial and developing countries
Chichilnisky, Graciela
F42 - International Policy Coordination and Transmission
Q51 - Valuation of Environmental Effects
F53 - International Agreements and Observance ; International Organizations
H23 - Externalities ; Redistributive Effects ; Environmental Taxes and Subsidies
"The global environment is a matter of great importance to all nations.... Yet differences of opinions prevail about the main problems, and about the institutions to manage cooperation....The problem of finding carbon abatement policies is complicated by the scientific uncertainty about the impact of carbon emissions on the climate....In order to implement global policies successfully it seems crucial to develop a clear evaluation of the facts, of the different positions, and of the economic issues at stake...The conceptual formulation of markets and the economic data provided by the OECD economic model GREEN could prove very valuable, and will be used in this paper.... A good starting point is provided by the paper "Implementing Global Environmental Policy" by J. Coppel of the OECD Resource Allocation Division.... This paper was commissioned to discuss Coppel's, and to address the same issues while formulating a cooperative approach to carbon emission abatement policy, which takes into consideration the position of developing as well as industrial countries.... I will discuss Coppel's paper, and evaluate his proposal for a carbon abatement tax using basic economics and the data offered by GREEN and other sources such as the IEA. I will propose a complementary set of economic policies, including a modified carbon tax, and other associated policies for containing environmental damage in the context of international trade, and of financial policies y the World Bank and the IMF."
1993-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8390/1/MPRA_paper_8390.pdf
Chichilnisky, Graciela (1993): The abatement of carbon emissions in industrial and developing countries.
en
oai:mpra.ub.uni-muenchen.de:8633
2019-09-28T23:27:34Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4535:453532
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8633/
The Effects of Joining a Monetary Union on Output and Inflation Variability in Accession Countries
Holtemöller, Oliver
F42 - International Policy Coordination and Transmission
E52 - Monetary Policy
F41 - Open Economy Macroeconomics
New EU member countries are supposed to adopt the Euro as soon as economic convergence is achieved. This paper analyzes the effects of joining a monetary union on output and inflation variability in small acceding countries. An asymmetric macroeconomic two-country model is specified and combined with two different monetary policy regimes: (i) national monetary policy, (ii) monetary union. The performance of the two regimes is analyzed in terms of inflation and output variability for a broad range of structural parameter specifications.
2007-12-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8633/1/MPRA_paper_8633.pdf
Holtemöller, Oliver (2007): The Effects of Joining a Monetary Union on Output and Inflation Variability in Accession Countries.
en
oai:mpra.ub.uni-muenchen.de:9218
2013-04-15T03:22:55Z
oai:mpra.ub.uni-muenchen.de:9434
2019-09-28T00:35:36Z
7374617475733D756E707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463133
7375626A656374733D50:5034:503435
7375626A656374733D46:4635:463539
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463135
7375626A656374733D4E:4E34:4E3437
7375626A656374733D52:5231:523131
7375626A656374733D46:4632:463234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9434/
EU-African Economic Relations: Continuing Dominance, Traded for Aid?
Kohnert, Dirk
F22 - International Migration
F13 - Trade Policy ; International Trade Organizations
P45 - International Trade, Finance, Investment, and Aid
F59 - Other
F42 - International Policy Coordination and Transmission
F15 - Economic Integration
N47 - Africa ; Oceania
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
F24 - Remittances
Promising growth rates, increased trade, and competition among major global players for African resources have boosted the development and bargaining power of sub-Saharan Af-rica (SSA) in relation to the EU. However, Africa's least developed countries remain vulner-able to external shocks. Academic analysis is still too heavily influenced by scholastic con-troversies. Neither the controversy over “big-push” concepts nor the blaming of African cul-ture as an impediment to growth or good government do justice to the real issues at stake. Even beyond the aftermath of (neo)colonialism, and notwithstanding continuing deficits in good government in many African countries, the EU bears responsibility for the fragile state of many African economies. The self-interested trade policies of the EU and other world powers contribute to poverty and unsatisfactory development in SSA. This threatens to per-petuate asymmetrical power relations in the new Economic Partnership Agreements (EPAs), to the detriment of regional integration and pro-poor growth. However, mounting competi-tion between China and other global players for Africa's resources is resulting in windfall profits for Africa. The latter is leading to a revival of seesaw politics, already known from the times of the Cold War, on the part of African states. This could be profitable for Africa's power elite, but not necessarily for Africa's poor.
2008-07-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9434/1/MPRA_paper_9434.pdf
Kohnert, Dirk (2008): EU-African Economic Relations: Continuing Dominance, Traded for Aid?
en
oai:mpra.ub.uni-muenchen.de:9540
2019-09-28T23:34:50Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463431
7375626A656374733D43:4332:433232
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9540/
El Riesgo País y el Tipo de Cambio Nominal entre el Perú y Estados Unidos. Una aproximación a través de un Modelo de Mercado de Activos de determinación del Tipo de Cambio. (1998:12 – 2007:12)
Salazar, Eduardo
F42 - International Policy Coordination and Transmission
F41 - Open Economy Macroeconomics
C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes
F31 - Foreign Exchange
This paper tries to explain, using a model that includes asset market risk country, the behavior of nominal exchange rate, as well as determine the impact of this risk in determining the exchange rate, also seeks to establish whether the exchange rate is below the level predicted by their bases to determine whether they have to take steps to bring its level of long-term. The econometric methodology used is that of the ordinary least squares, the results are consistent with the logic and economic theory, it shows that among the country risk and exchange rate there is a direct relationship, namely that reductions of country risk generate currency appreciations, also shows evidence that the nominal exchange rate is below its equilibrium level.
2008-04-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9540/1/MPRA_paper_9540.pdf
Salazar, Eduardo (2008): El Riesgo País y el Tipo de Cambio Nominal entre el Perú y Estados Unidos. Una aproximación a través de un Modelo de Mercado de Activos de determinación del Tipo de Cambio. (1998:12 – 2007:12).
es
oai:mpra.ub.uni-muenchen.de:10963
2019-09-30T22:11:04Z
7374617475733D756E707562
7375626A656374733D45:4534:453433
7375626A656374733D46:4634:463432
7375626A656374733D45:4533:453332
7375626A656374733D45:4533:453331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10963/
The High Cross-Country Correlations of Prices and Interest Rates
Henriksen, Espen
Kydland, Finn
Sustek, Roman
E43 - Interest Rates: Determination, Term Structure, and Effects
F42 - International Policy Coordination and Transmission
E32 - Business Fluctuations ; Cycles
E31 - Price Level ; Inflation ; Deflation
We document that, at business cycle frequencies, fluctuations in nominal variables, such as aggregate price levels and nominal interest rates, are substantially more synchronized across countries than fluctuations in real output. To the extent that domestic nominal variables are determined by domestic monetary policy, and central banks generally attempt to keep the domestic nominal environment stable, this might seem surprising. We ask if a parsimonious international business cycle model can account for this aspect of cross-country aggregate fluctuations. It can. Due to spillovers of technology shocks across countries, expected future responses of national central banks to fluctuations in domestic output and inflation generate movements in current prices and interest rates that are synchronized across countries even when output is not. Even modest spillovers produce cross-country correlations such as those in the data.
2008-09-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10963/1/MPRA_paper_10963.pdf
Henriksen, Espen and Kydland, Finn and Sustek, Roman (2008): The High Cross-Country Correlations of Prices and Interest Rates.
en
oai:mpra.ub.uni-muenchen.de:11029
2019-09-27T19:55:58Z
7374617475733D707562
7375626A656374733D4E:4E32:4E3234
7375626A656374733D4B:4B32:4B3230
7375626A656374733D46:4633:463334
7375626A656374733D4B:4B34:4B3430
7375626A656374733D46:4634:463432
7375626A656374733D52:5234:523430
7375626A656374733D46:4631:463130
7375626A656374733D4E:4E37:4E3733
7375626A656374733D47:4732:473238
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11029/
The 'New Institutional Economics' and the Changing Fortunes of Fairs in Medieval and Early Modern Europe: the Textile Trades, Warfare, and Transaction Costs
Munro, John H.
N24 - Europe: 1913-
K20 - General
F34 - International Lending and Debt Problems
K40 - General
F42 - International Policy Coordination and Transmission
R40 - General
F10 - General
N73 - Europe: Pre-1913
G28 - Government Policy and Regulation
N43 - Europe: Pre-1913
This paper revisits, modifies, and combines elements of three major ‘institutional’ international-trade models, none of which has yet fully received the attention that it deserves, to provide a new explanation for the growth, decline, and then rebirth of internationally-oriented fairs in the European economy, serving financial as well as commercial functions, from the 12th to late 16th centuries. The three distinguished models that provided the major inspiration for this paper are, in the chronological order of their publication: (1) the Van der Wee thesis (1970) on the macro-economic impact of the major shifts, first, from continental, overland-trade to maritime-based routes, and then back to continental-overland trade routes, over this same four-century era; (2) the North-Milgrom-Weingast ‘institutional’ model (1990) on the role of law-merchant courts and judges in reducing incentives to cheat or renege on contracts in fair-oriented trade amongst ‘unacquainted’ participants (i.e. in the Champagne Fairs), and thus in reducing transaction costs in international trade; and (3) the Epstein model (1994) on the various ways in which the later-medieval regional fairs further reduced transaction costs in commerce (even if his model implicitly contradicts elements of my own favoured Van der Wee model). The central theses of this paper are that: (1) the changing intensities, scope, and nature of late-medieval and early modern-warfare played the decisive role in determining the fate of international fairs: (a) in that the consequences of such warfare fatally undermined the economic viability of the earlier medieval fairs (English, French), by raising to a prohibitive level the transportation and other transaction costs involved in overland-continental trade, and more particularly in the mass-market trade in cheap, light textiles, on which these fairs had fundamentally depended; and thus conversely (b) that a restoration of relative security combined with other factors that reduced both transportation and transaction costs led (in accordance with the Van der Wee model) to a revival of continental, overland-trade, to a revival and even more dramatic growth in international trade in cheap textiles, and to a rebirth and renewed pre-eminence of international fairs in early modern European commerce; and (2) that the financial role of fairs was as important as their commercial role; and thus that another major factor in the pre-eminence of early-modern international fairs were financial innovations that led to full negotiability of both private and public forms of credit – especially the rentes, innovations developing chiefly out of fair-based law merchant courts (thus leading us back to the North-Milgrom-Weingast model). The chief criticisms of these models, or parts of them, lie in their inadequate or wrongly formulated explanations for the decline of the Champagne and English fairs, either by adducing incorrect arguments (North-Milgrom-Weingast) and/or by neglecting the very major adverse consequences of the spreading stain of chronic, debilitating, and ever so disruptive European and Mediterranean-wide warfare from the 1290s – and not from the Hundred Years’ War era, consequences that also fatally undermined the international trade in, and thus the production of, the cheap light textiles, over the next two centuries. Such analysis is extended to criticize other favoured models to explain the decline and fall of the Champagne Fairs: the De Roover ‘commercial revolution’ thesis on Italian branch–plant firms with their use of bills-of-exchange; the Bautier-Verlinden model on the ‘industrialization of 14th century Italy’; and the most favoured one of all – the establishment of the Italian galley route, the direct sea-route, to NW Europe. One merely has to point out the dramatic impact of the revival of overland, continental trade routes and of so many international, fairs from the 15th century, to see why these three latter theories lack credibility in explaining a general commercial-financial phenomenon on the supposed ‘decline of fairs’ in the international economy.
2000-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11029/1/MPRA_paper_11029.pdf
Munro, John H. (2000): The 'New Institutional Economics' and the Changing Fortunes of Fairs in Medieval and Early Modern Europe: the Textile Trades, Warfare, and Transaction Costs. Published in: Fieri e mercati nella integrazione delle economie europee, seccoli XIII - XVIII, Atti delle “Settimana di Studi” e altri convegni, no. 32, Istituto Internazionale di Storia Economica F. Datini , Vol. 32, No. 1 (2001): pp. 405-451.
en
oai:mpra.ub.uni-muenchen.de:11706
2019-09-26T18:20:26Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4535:453538
7375626A656374733D47:4731:473135
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11706/
Imbalances in China and U.S. Capital Flows
Tatom, John
F42 - International Policy Coordination and Transmission
E58 - Central Banks and Their Policies
G15 - International Financial Markets
China’s major imbalances include trade and capital account surpluses and a large annual build-up of international reserves. China has a capital account surplus reinforcing the accumulation of foreign exchange reserves, mainly U.S. dollar-denominated assets. Usually, a sustainable fixed or floating exchange rate system requires that a country with a large current account surplus run a capital account deficit. The U.S. is widely criticized for having a comparable trade deficit that mirrors, to a large extent, China’s surplus and for its dependence on large capital inflows including from China. There is political pressure for protectionism and for China to implement wasteful economic policies to reduce the surplus.
Negative consequences of China’s imbalances include the build-up of large, low-return foreign exchange, leading to rapid growth in money and credit and to a sharp acceleration in inflation. Moreover, efforts to offset money growth and inflation have deepened inefficiencies in the financial system, which China had hoped to remedy by its efforts to recapitalize and list its banks’ equities on stock exchanges. China could eliminate these imbalances by policies that would reduce growth. One solution is to lift restrictions on capital outflows, allowing households and business to diversify their wealth holdings and realize higher returns and/or less volatility in their income and wealth. This would transform future asset growth to holdings of higher return, lower risk assets abroad and also would eliminate pressures on the People’s Bank of China, allowing for more rapid deregulation of banks, slower money and credit growth and lower inflation. The U.S. is already adjusting to these imbalances as the current account deficit began to decline in 2005 and the dollar has fallen dramatically. Unfortunately, such adverse developments are coming from political pressures to raise taxes, especially on capital resources income, and from protectionist policies, both of which are slowing growth in the U.S.
2008-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11706/1/MPRA_paper_11706.pdf
Tatom, John (2008): Imbalances in China and U.S. Capital Flows.
en
oai:mpra.ub.uni-muenchen.de:12880
2019-10-16T04:27:34Z
7374617475733D756E707562
7375626A656374733D46:4634:463433
7375626A656374733D45:4536:453630
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463135
7375626A656374733D48:4831:483131
7375626A656374733D47:4733:473338
7375626A656374733D48:4837:483736
7375626A656374733D46:4634:463431
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12880/
The prospects for Romania and state of the conduct ISPA Program
Duduiala-Popescu, Lorena
F43 - Economic Growth of Open Economies
E60 - General
F42 - International Policy Coordination and Transmission
F15 - Economic Integration
H11 - Structure, Scope, and Performance of Government
G38 - Government Policy and Regulation
H76 - State and Local Government: Other Expenditure Categories
F41 - Open Economy Macroeconomics
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
European Union countries recorded growth rates differ. Therefore, the European policy of regional development aimed at ensuring heterogeneously and achieve the objective of convergence at European level must take into account the steps taken by each country, especially in if new countries joined.
The paper presents the implementation in 2000-2006 ISPA program and also conducted an analysis of how to attract European funds and how meeting the targets envisaged in the Accession Partnership between the European Union and Romania to meet national modernization of transport infrastructure and environment.
Analysis shows serious dysfunction in ISPA funds absorption compared with funds allocated although, in terms of allocation of funds by the European Commission, Romania is in second place after Poland.
2009-01-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12880/1/MPRA_paper_12880.pdf
Duduiala-Popescu, Lorena (2009): The prospects for Romania and state of the conduct ISPA Program.
en
oai:mpra.ub.uni-muenchen.de:12882
2019-09-27T16:45:45Z
7374617475733D756E707562
7375626A656374733D46:4635:463539
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463135
7375626A656374733D47:4733:473338
7375626A656374733D47:4731:473138
7375626A656374733D46:4630:463032
7375626A656374733D46:4632:463231
7375626A656374733D48:4837:483736
7375626A656374733D47:4732:473238
7375626A656374733D49:4932:493238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12882/
The structural funds management in third-Central and Eastern European
Duduiala-Popescu, Lorena
F59 - Other
F42 - International Policy Coordination and Transmission
F15 - Economic Integration
G38 - Government Policy and Regulation
G18 - Government Policy and Regulation
F02 - International Economic Order and Integration
F21 - International Investment ; Long-Term Capital Movements
H76 - State and Local Government: Other Expenditure Categories
G28 - Government Policy and Regulation
I28 - Government Policy
Based on reviewing the literature in the field, the article shows the importance accorded to issues of structural funds absorption. The subject is central to assessing how the administrative capacity to absorb EU candidate countries in terms of structural funds. It will describe the methodology on absorption capacity of the countries of central and eastern Europe. This article provides preliminary expressions of capacity to absorb in a given Member State and bring additional information on the capacity of all states in the programming period 2006-2013. Thus, the work is an ex-ante evaluation of administrative capacity to absorb very useful for the next programming period.
2009-01-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12882/1/MPRA_paper_12882.pdf
Duduiala-Popescu, Lorena (2009): The structural funds management in third-Central and Eastern European.
en
oai:mpra.ub.uni-muenchen.de:13047
2019-09-30T13:36:22Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13047/
Welfare effects of fiscal policy under alternative exchange rate regimes: the role of the scale variable of money demand
Pitterle, Ingo A.
Steffen, Dirk
F42 - International Policy Coordination and Transmission
F41 - Open Economy Macroeconomics
This paper investigates the implications of alternative scale variables of money demand for the comparison of a flexible exchange rate regime with a monetary union in a New Open Economy Macroeconomics setup. The welfare evaluation of exchange rate regimes esstentially depends on the exchange rate response under the flexible regime. When the scale variable is private consumption, a domestic fiscal expansion yields a depreciation of the domestic currency. The combined expenditure switching and terms-of-trade effects are beneficial to domestic households, who thus prefer a flexible exchange rate regime. However, when the scale variable is total absorption, the domestic currency appreciates and the welfare results are reversed.
2004-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13047/1/MPRA_paper_13047.pdf
Pitterle, Ingo A. and Steffen, Dirk (2004): Welfare effects of fiscal policy under alternative exchange rate regimes: the role of the scale variable of money demand.
en
oai:mpra.ub.uni-muenchen.de:13136
2019-09-27T13:45:57Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13136/
Welfare effects of fiscal policy under alternative exchange rate regimes: the role of the scale variable of money demand
Pitterle, Ingo A.
Steffen, Dirk
F42 - International Policy Coordination and Transmission
F41 - Open Economy Macroeconomics
This paper investigates the implications of alternative scale variables of money demand for the comparison of a flexible exchange rate regime with a monetary union in a New Open Economy Macroeconomics setup. The welfare evaluation of exchange rate regimes essentially depends on the exchange rate response under the flexible regime. When the scale variable is private consumption, a domestic fiscal expansion yields a depreciation of the domestic currency. The combined expenditure switching and terms-of-trade effects are beneficial to domestic households, who thus prefer a flexible exchange rate regime. However, when the scale variable is total absorption, the domestic currency appreciates and the welfare results are reversed.
2004-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13136/1/MPRA_paper_13136.pdf
Pitterle, Ingo A. and Steffen, Dirk (2004): Welfare effects of fiscal policy under alternative exchange rate regimes: the role of the scale variable of money demand.
en
oai:mpra.ub.uni-muenchen.de:13367
2019-10-19T16:47:19Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4536:453636
7375626A656374733D46:4630:463032
7375626A656374733D46:4635:463533
7375626A656374733D45:4536:453630
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13367/
The tendencies in defining an optimum globalization model
Popa, Catalin C.
F42 - International Policy Coordination and Transmission
E66 - General Outlook and Conditions
F02 - International Economic Order and Integration
F53 - International Agreements and Observance ; International Organizations
E60 - General
Over viewing the most recently evolutions throughout global economy, we can easily conceive that the collateral effects of economical globalization and market integration, represents the main issues debated in specialized professional or political circles. The unanimous impression underlines the fact that integration in contemporary global market development exceeded too much and to profound the conceptual frame formulated as work hypothesis for the beginning of ’80’s the realities evolving radically uncontrolled. In this case, the free capital global running is no longer a factor for market equilibrium as “market fundamentalists” predicted, financial integration as global process creating and forcing gradually the market bubbles in lack of an efficient frame of global supervision. In this context, the international effort should be oriented toward remodeling the fundamental global structures implicated in globalization process.
2008-11-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13367/1/MPRA_paper_13367.pdf
Popa, Catalin C. (2008): The tendencies in defining an optimum globalization model. Published in: Knowledge Based Organization 2008 International Conference, November 2008, Sibiu, Romania , Vol. 3, No. ISSN 1843-6722 (15 November 2008): pp. 271-277.
en
oai:mpra.ub.uni-muenchen.de:13604
2019-09-27T01:15:32Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4535
7375626A656374733D46:4634:463431
7375626A656374733D45:4536
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13604/
The first global financial crisis of the 21st century: Part II, June-December, 2008
Reinhart, Carmen
Felton, Andrew
F42 - International Policy Coordination and Transmission
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
F41 - Open Economy Macroeconomics
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
This book is a selection of VoxEU.org columns that deal with the ongoing global financial crisis. VoxEU.org is a portal for research-based policy analysis and commentary
written by leading economists. It was launched in June 2007 with the aim of enriching the economic policy debate by making it easier for serious researchers to contribute and to make their contributions more accessible to the
public.
2009-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13604/2/MPRA_paper_13604.pdf
Reinhart, Carmen and Felton, Andrew (2009): The first global financial crisis of the 21st century: Part II, June-December, 2008. Published in: VoxEU-CEPR (22 February 2009): pp. 1-374.
en
oai:mpra.ub.uni-muenchen.de:13843
2019-09-30T16:50:56Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463332
7375626A656374733D46:4634:463431
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13843/
Capital Inflows and Real Exchange Rate Appreciation in Latin America
Reinhart, Carmen
Calvo, Guillermo
Leiderman, Leonardo
F42 - International Policy Coordination and Transmission
F32 - Current Account Adjustment ; Short-Term Capital Movements
F41 - Open Economy Macroeconomics
F31 - Foreign Exchange
The characteristfcs of recent capital inflows into Latin America are discussed. It is argued that these inflows are partly explained by conditions outside the region, like recession in the United States and lower international interest rates. This suggests the possibility that a reversal of those conditions may lead to a future capital outflow,
fncreasing the macroeconomic vulnerability of Latin American economies. Policy options are argued to be lfmited.
1992
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13843/2/MPRA_paper_13843.pdf
Reinhart, Carmen and Calvo, Guillermo and Leiderman, Leonardo (1992): Capital Inflows and Real Exchange Rate Appreciation in Latin America. Published in: IMF Staff Papers , Vol. 40, No. 1 (March 1993): pp. 108-151.
en
oai:mpra.ub.uni-muenchen.de:13869
2019-09-26T23:26:34Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463330
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13869/
Financial markets in time of stress
Reinhart, Carmen
Kaminsky, Graciela
F42 - International Policy Coordination and Transmission
F30 - General
F41 - Open Economy Macroeconomics
In this paper, we examine which markets are most synchronized internationally and exhibit the greater extent of comovement. We focus on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. Our sample covers thirty-five developed and emerging market countries during 1997-1999. The extent of comovement and responsiveness to external shocks is examined in different ways. To measure the response of these markets to adverse external shocks, we date the peaks in domestic interest rates and bond spreads and the largest daily declines in equity prices and assess the extent of clustering around the same period. We also analyze which markets show evidence of greatest comovement in general, irrespective of whether there are adverse shocks or not.
2002-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13869/1/MPRA_paper_13869.pdf
Reinhart, Carmen and Kaminsky, Graciela (2002): Financial markets in time of stress. Published in: Journal of Development Economics , Vol. 69, No. 2 (December 2002): pp. 451-470.
en
oai:mpra.ub.uni-muenchen.de:13931
2019-10-02T10:04:41Z
7374617475733D756E707562
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463332
7375626A656374733D46:4631:463134
7375626A656374733D46:4633:463333
7375626A656374733D43:4333:433333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13931/
The Impact of a Common Currency on East Asian Production Networks and China’s Exports Behavior
Rahman, Mizanur
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
F32 - Current Account Adjustment ; Short-Term Capital Movements
F14 - Empirical Studies of Trade
F33 - International Monetary Arrangements and Institutions
C33 - Panel Data Models ; Spatio-temporal Models
Vertical fragmentation of product value chain across borders is the driving force of growing economic interdependency in East Asia. A common currency, not flexible exchange rates between national currencies, would reduce flexibility in relative prices within East Asia. Its impact would be far greater for exports that have stronger production network linkage. In order to test the hypothesis, the paper estimates the effect of a common currency on China’s processing and ordinary exports separately. The distinction is necessary because the processing exports, unlike the ordinary exports, are produced along the regional production networks, with final stages of assembly and exporting being increasingly concentrated in China. The short-run dynamics indicate that the effect on China’s processing exports is more than double the corresponding effect on China’s ordinary exports. The long-run effect on the processing exports of intra-regional RER flexibility, which is otherwise the lack of a regional currency, is almost nine times as large as the long-run effect of a unilateral RMB appreciation. By contrast, the corresponding long-run effect is statistically insignificant for the case of ordinary exports that are produced primarily by using local inputs. The long-run coefficient of this intra-regional RER flexibility implies that the actual volume of processing exports is 20 percent below the potential. The magnitudes of these effects are consistent with the hypothesis that a common currency would further integrate East Asian production networks and promote regional economic integration.
2008-03-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13931/1/MPRA_paper_13931.pdf
Rahman, Mizanur (2008): The Impact of a Common Currency on East Asian Production Networks and China’s Exports Behavior.
en
oai:mpra.ub.uni-muenchen.de:13934
2019-09-27T22:56:47Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463332
7375626A656374733D46:4631:463132
7375626A656374733D46:4631:463134
7375626A656374733D43:4333:433333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13934/
The effect of a collective exchange rate adjustment on East Asian exports
Rahman, Mizanur
Kalirajan, Kaliappa
F42 - International Policy Coordination and Transmission
F32 - Current Account Adjustment ; Short-Term Capital Movements
F12 - Models of Trade with Imperfect Competition and Scale Economies ; Fragmentation
F14 - Empirical Studies of Trade
C33 - Panel Data Models ; Spatio-temporal Models
This paper estimates long-run effects of a collective exchange rate adjustment on multilateral exports from China, Japan, South Korea, and Taiwan. The findings show that a 1 percent generalized appreciation of all East Asian exchange rates would reduce East Asian exports by about 3 percent.
2008-03-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13934/1/MPRA_paper_13934.pdf
Rahman, Mizanur and Kalirajan, Kaliappa (2008): The effect of a collective exchange rate adjustment on East Asian exports.
en
oai:mpra.ub.uni-muenchen.de:14097
2019-10-05T07:12:53Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463330
7375626A656374733D45:4534:453434
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14097/
Capital controls: An evaluation
Reinhart, Carmen
Magud, Nicolas
F42 - International Policy Coordination and Transmission
F30 - General
E44 - Financial Markets and the Macroeconomy
F41 - Open Economy Macroeconomics
The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is not unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a “success” and (iv) the empirical studies lack a common methodology – furthermore these are significantly “overweighted” by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by: being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to “standardize” the results of over 30 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Control Effectiveness Index (WCCE Index). The difference between them lies only in that the WCCE controls for the differentiated degree of methodological rigor applied to draw conclusions in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well known episodes than those of Chile and Malaysia.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14097/1/MPRA_paper_14097.pdf
Reinhart, Carmen and Magud, Nicolas (2007): Capital controls: An evaluation. Published in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences (2007): pp. 645-674.
en
oai:mpra.ub.uni-muenchen.de:14099
2019-09-27T04:12:33Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14099/
What does a G-3 target zone mean for emerging-market economies?
Reinhart, Carmen
Reinhart, Vincent
F42 - International Policy Coordination and Transmission
F40 - General
F41 - Open Economy Macroeconomics
This paper examines the argument for a G-3 exchange rate target zone strictly from an emerging market perspective. A commitment to damping G-3 exchange rate fluctuations, however, requires a willingness on the part of G-3 authorities to use domestic monetary policy to that end. Under a system of target zones, then, relative prices for emerging market economies may become more stable, but debt-servicing costs may become less predictable. We use a simple trade model to show that the resulting consequences for welfare are ambiguous.
2000-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14099/1/MPRA_paper_14099.pdf
Reinhart, Carmen and Reinhart, Vincent (2000): What does a G-3 target zone mean for emerging-market economies?
en
oai:mpra.ub.uni-muenchen.de:14100
2019-10-01T14:55:38Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463330
7375626A656374733D46:4634:463431
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14100/
The center and the periphery: The globalization of financial turmoil
Reinhart, Carmen
Kaminsky, Graciela
F42 - International Policy Coordination and Transmission
F30 - General
F41 - Open Economy Macroeconomics
F36 - Financial Aspects of Economic Integration
This paper studies how financial turbulence in emerging market countries can spread across borders. We construct indices of “financial globalization” and evaluate the repercussions of turmoil in three emerging markets that experienced financial crises in the late 1990s: Brazil, Russia, and Thailand. Our findings indicate that financial turbulence in these countries only spreads globally when they affect asset markets in one or more of the world’s financial centers. Otherwise, spillovers are confined to countries in the same region. Also, episodes of worldwide globalization of turmoil are mostly episodes of synchronized crashes while regional turbulence include both joint crashes and rallies.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14100/1/MPRA_paper_14100.pdf
Reinhart, Carmen and Kaminsky, Graciela (2008): The center and the periphery: The globalization of financial turmoil. Published in: Flows, Crisis, and Stabilization: Essays in Honor of Guillermo A. Calvo (2008): pp. 171-216.
en
oai:mpra.ub.uni-muenchen.de:14102
2019-09-26T18:01:06Z
7374617475733D707562
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14102/
Fiscal policy, the real exchange rate and commodity prices: A global framework
Reinhart, Carmen
F40 - General
F42 - International Policy Coordination and Transmission
F41 - Open Economy Macroeconomics
The role of the international commodity market in transmitting disturbances is considered in a model that incorporates commodities as an input in production. The analysis employs a three-country framework: a liquidity-constrained commodity supplier and two industrial countries that import the commodity, export differentiated manufactured goods and hold the outstanding debt of the commodity exporter. In this setting the impact of
changes in fiscal policy, commodity supplies, and the real interest rate are assessed. Particular attention is paid to the responses of the real exchange rate, commodity prices, and the international distribution of debt to the various shocks.
1990
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14102/1/MPRA_paper_14102.pdf
Reinhart, Carmen (1990): Fiscal policy, the real exchange rate and commodity prices: A global framework. Published in: IMF Staff Papers , Vol. 38, No. 3 (September 1991): pp. 508-524.
en
oai:mpra.ub.uni-muenchen.de:14435
2019-09-27T00:14:59Z
7374617475733D756E707562
7375626A656374733D4B:4B32
7375626A656374733D46:4634:463432
7375626A656374733D46:4635
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14435/
The political economy of international regulatory convergence in public utilities
Bonardi, Jean-Philippe
Urbiztondo, Santiago
Quelin, Bertrand
K2 - Regulation and Business Law
F42 - International Policy Coordination and Transmission
F5 - International Relations, National Security, and International Political Economy
To what extent should public utilities regulation be expected to converge across countries? When it
occurs, will regulatory convergence lead to positive outcomes for utility sectors? This paper attempts to
provide new answers to these questions. Building on the core proposition of the New Institutional
Economics (NIE) that similar regulations generate different outcomes depending on their fit with the
underlying domestic institutions, we develop a simple theoretical model and explore its implications by
examining the diffusion of local loop unbundling (LLU) regulations in the telecommunications sector. We
find support for the ideas (1) that once institutional factors are taken into account, one should expect
some convergence in public utility regulation but with still a significant degree of local experimentation,
and (2) this process will lead to very different results regarding the impact of regulation.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14435/1/MPRA_paper_14435.pdf
Bonardi, Jean-Philippe and Urbiztondo, Santiago and Quelin, Bertrand (2008): The political economy of international regulatory convergence in public utilities.
en
oai:mpra.ub.uni-muenchen.de:14750
2019-10-02T21:50:57Z
7374617475733D756E707562
7375626A656374733D45:4534:453433
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D45:4535:453532
7375626A656374733D46:4634:463431
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14750/
Does Fed Funds Target Interest Rate Lead Bank of England’s Bank Rate and European Central Bank’s Key Interest Rate?
Çelik, Sadullah
Deniz, Pınar
E43 - Interest Rates: Determination, Term Structure, and Effects
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
E52 - Monetary Policy
F41 - Open Economy Macroeconomics
E44 - Financial Markets and the Macroeconomy
It has been a long debate whether Fed Funds target interest rate (FFTR) has significant explanatory power on interest rates in other countries. In this paper, we analyze the effects of FFTR on Bank of England (BOE) bank rate and European Central Bank (ECB) key interest rate employing-the rather new and trustworthy technique of-Bounds testing developed by Pesaran (2001). Our empirical results are consistent with a priori expectations as BOE and ECB interest rates are highly dependent on FFTR. This finding can be interpreted as a clear signal of how globally tight-knit the world currencies have been. Moreover, it emphasizes the importance of US dollar as the world currency and rather serves as an argument against alternative global currency propositions.
2009-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14750/1/MPRA_paper_14750.pdf
Çelik, Sadullah and Deniz, Pınar (2009): Does Fed Funds Target Interest Rate Lead Bank of England’s Bank Rate and European Central Bank’s Key Interest Rate?
en
oai:mpra.ub.uni-muenchen.de:15026
2019-09-29T08:06:18Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463133
7375626A656374733D46:4631:463134
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15026/
L’aide pour le commerce dans le secteur manufacturier : Le cas du Cameroun.
DJEMMO FOTSO Arnaud, Arnaud
F42 - International Policy Coordination and Transmission
F13 - Trade Policy ; International Trade Organizations
F14 - Empirical Studies of Trade
Although the world markets are more and more opened following the successive waves of trade liberalization, there are numerous factors returning the competition more difficult for the most part of developing countries such as Cameroon, especially as regards of trade in the manufactured goods. It is to enable these countries to improve their international insertion and to benefit widely from results which will be obtained at the end of the Doha round that was initiated the Aid for trade initiative (AFT). The objective of this study is to analyse this initiative, such as it is implemented presently, to see if it can contribute to improve the manufacturing supply, an so facilitate the achievement by Cameroon of the status of emerging country before 2035.
From a statistical analysis of the various streams and the existing mechanisms, we note that the AFT, such implemented presently, is unable to reduce the supply's constraints in Cameroonian’s manufacturing. This is due to the fact that choices tuned a particular attention on trade capacities (elaboration of the trade policy, participation in the negotiations) and little on the productive dynamics and on the intensification of the industrial potential of the country. Now, without industry, no trade. Under the hypothesis that the increasing interest of the donors for the AFT will pull an additional increase of the AFT in Cameroon, we suggest that a particular accent must be tuned to the productive capacities during the elaboration and the implementation of any AFT program in Cameroonian manufacturing through a support for the technological apprenticeship and innovation, and through the industrial upgrading.
2009-01-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15026/1/MPRA_paper_15026.pdf
DJEMMO FOTSO Arnaud, Arnaud (2009): L’aide pour le commerce dans le secteur manufacturier : Le cas du Cameroun.
fr
oai:mpra.ub.uni-muenchen.de:15142
2019-10-02T04:31:32Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4535:453538
7375626A656374733D45:4535:453532
7375626A656374733D46:4634:463431
7375626A656374733D46:4633:463333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15142/
Independent inflation-targeting regime versus monetary union: An analysis of dynamic stability under endogenous inflation expectations
Dai, Meixing
F42 - International Policy Coordination and Transmission
E58 - Central Banks and Their Policies
E52 - Monetary Policy
F41 - Open Economy Macroeconomics
F33 - International Monetary Arrangements and Institutions
Some countries may face choice between targeting inflation independently and entering a monetary union that targets inflation. This paper shows that the choice of a country in favour of monetary union may be motivated by asymmetrical supply shocks. The demand shocks are neutralised under these regimes and don’t explain the choice of joining a monetary union. Further, before or after the construction of the union, monetary authorities must keep a minimum concern for stabilising output around its potential in order to guarantee the dynamic stability of the economy in a framework where the central bank is assumed to be unable to perfectly control, through the manipulation of the repo interest rate, the interest rate at which the private financial and non-financial agents lend and borrow. The disappearance of national currencies can render the economy of the union unstable.
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15142/1/MPRA_paper_15142.pdf
Dai, Meixing (2006): Independent inflation-targeting regime versus monetary union: An analysis of dynamic stability under endogenous inflation expectations.
en
oai:mpra.ub.uni-muenchen.de:15280
2019-09-26T15:30:05Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4532:453237
7375626A656374733D45:4535:453532
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15280/
Trickle-Down Effects of Changing Value of Euro on US Economy
Bhattacharya, Sulagna
F42 - International Policy Coordination and Transmission
E27 - Forecasting and Simulation: Models and Applications
E52 - Monetary Policy
F31 - Foreign Exchange
Historically, the US Dollar had been accepted as the strongest currency and it had no competition at the regional or global level. But inception of Euro changed this unique stature and status enjoyed by USD. With introduction of Euro as the common currency, the European Union became USA’s closest competitor in terms of economic size, performance, indicators and political and economic clout. Over time, value of euro started appreciating and accordingly, Euro/USD exchange rate which is fully floating, started rising.
A rising Euro affects the US economy in three ways: directly, indirectly and through a cascading effect caused by an interaction of these direct and indirect influences. This paper attempts to identify and explore the effects of an appreciating Euro on some select economic indicators of the US, both historically and projected. It also establishes the relationship between some of these indicators which are not directly cross-related, by analyzing the impact of the Euro on the economy’s most sensitive economic parameters. Section I briefly touches upon the scope and objective of this paper. Section II introduces the concept of exchange rate, different exchange rate regimes and determinants of exchange rates. Section III views the historical relationship between the Euro/USD exchange rate and the most important macroeconomic indictors of the US economy. Section IV explores the projected impact of potential future Euro/USD exchange rate on the same indictors and explains the linkages. Section V concludes.
2009-05-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15280/1/MPRA_paper_15280.pdf
Bhattacharya, Sulagna (2009): Trickle-Down Effects of Changing Value of Euro on US Economy.
en
oai:mpra.ub.uni-muenchen.de:18274
2019-09-26T13:31:50Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4632:463233
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3139
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18274/
Trade Collapse, Trade Relapse and Global Production Networks: Supply Chains in the Great Recession
Escaith, Hubert
F42 - International Policy Coordination and Transmission
F23 - Multinational Firms ; International Business
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O19 - International Linkages to Development ; Role of International Organizations
Global supply chains reshaped international trade since the end 1980s. Their role in explaining the trade collapse that followed the financial crisis of September 2008 was determinant. Because production is internationally diversified, adverse external shocks affect firms not only through final demand, but also through a rupture in the flow of inputs received from their suppliers. The future of supply chain will also determine the alternative exit scenarios from the Great Recession; as a result of global rebalancing, they will probably be smaller and more regional. Left unchecked, these centripetal forces may lead to a deterioration of global governance and to deglobalization. The reshaping of global effective demand is of particular importance for the labour abundant lesser advanced developing countries that where relying on the strength of the global supply chains to attract productive investments. On the other hand, because trade in goods for processing inflated artificially some bilateral trade deficit, rebalancing them will prove easier in the short term, while the technical factors that made possible the internationalization of production will still promote further "flattening of the Earth" in the longer term
2009-10-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18274/1/MPRA_paper_18274.pdf
Escaith, Hubert (2009): Trade Collapse, Trade Relapse and Global Production Networks: Supply Chains in the Great Recession.
en
oai:mpra.ub.uni-muenchen.de:18433
2019-09-26T13:34:10Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4533:453332
7375626A656374733D46:4632:463233
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3139
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18433/
Trade Collapse, Trade Relapse and Global Production Networks: Supply Chains in the Great Recession.
Escaith, Hubert
F42 - International Policy Coordination and Transmission
E32 - Business Fluctuations ; Cycles
F23 - Multinational Firms ; International Business
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O19 - International Linkages to Development ; Role of International Organizations
G01 - Financial Crises
Global supply chains reshaped international trade since the end 1980s and their role in the trade collapse that followed the financial crisis of September 2008 was determinant. Because production is now internationally diversified, adverse external shocks affect firms not only through final demand, but also through a rupture in the flow of inputs received from their suppliers. The future of supply chain determines also the alternative exit scenarios from the Great Recession; as a result of global rebalancing, they will probably be smaller and more regional. Left unchecked, these centripetal forces may lead to a deterioration of global governance and to deglobalization.
The reshaping of global effective demand is of particular importance for the labour abundant lesser advanced developing countries that where relying on the strength of the global supply chains to attract productive investments. On the other hand, because trade in goods for processing inflated artificially some bilateral trade deficit, rebalancing them will prove easier in the short term, while the technical factors that made possible the internationalization of production will still promote further "flattening of the Earth" in the longer term.
2009-10-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18433/1/MPRA_paper_18433.pdf
Escaith, Hubert (2009): Trade Collapse, Trade Relapse and Global Production Networks: Supply Chains in the Great Recession.
en
oai:mpra.ub.uni-muenchen.de:18619
2019-09-30T02:48:41Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463332
7375626A656374733D46:4630:463032
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18619/
世界経済危機とグローバル・マネーの変動 ―国際経済秩序へのインプリケーションー
Shirai, Sayuri
F42 - International Policy Coordination and Transmission
F32 - Current Account Adjustment ; Short-Term Capital Movements
F02 - International Economic Order and Integration
Prior to the occurrence of the global financial crisis, the world had faced the “global imbalance.” This refers to the growing US current account deficit and, in parallel, the growing current account surpluses in China, other Asian countries, and resource-rich nations. This status of imbalance has been often called as the "Bretton Woods II system," as it shares the features similar to those of the Bretton Woods system prevailed from the 1945 to 1971. The Bretton Woods II system has been regarded sustainable for a time being as long as China and other Asian countries continue to pursue export-oriented growth strategies and actively intervene in the foreign exchange market aimed at stabilizing their currencies mainly against the US dollar. Nonetheless, the system entailed “instability” arising from the possibility of the system falling into the “hard-landing” scenario (triggered by the sudden withdrawal of foreign capital from the US markets, which leads to sharp dollar depreciation, decline in US stock prices, and cut in US long-term bond prices). The current global financial crisis differs from the hard-landing scenario, since it has not accompanied the “triple” declines. Nonetheless, the current crisis has resulted in re-balancing the global imbalance or a cut in US current account deficit.
This paper examines the features related to the re-balancing of the global imbalance, and analyzes whether the structural features of the Brettton Woods II system as well as instability remain. The paper stresses that the imbalance between the United States and China has been strengthened further after the crisis, as evidenced from that fact that the share of China in US current account deficit has risen from about 30% in the pre-crisis period to over 70% currently. Structural features characterizing the Bretton Woods II system, as well as instability, have also been enhanced since the crisis. The paper also examines the possibility of the euro and SDR to replace the US dollar and concludes that the immediate substitution may not be possible in the near future. It also discusses the implications with respect to the framework for achieving strong, sustainable, balanced economic growth agreed in G20 financial summit in September 2009.
2009-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18619/1/MPRA_paper_18619.pdf
Shirai, Sayuri (2009): 世界経済危機とグローバル・マネーの変動 ―国際経済秩序へのインプリケーションー.
ja
oai:mpra.ub.uni-muenchen.de:18980
2019-10-02T17:27:35Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463334
7375626A656374733D46:4633:463330
7375626A656374733D47:4733
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18980/
Functional overview of financial crises development and propagation
Popa, Catalin C.
F42 - International Policy Coordination and Transmission
F34 - International Lending and Debt Problems
F30 - General
G3 - Corporate Finance and Governance
The U.S. sub-prime crise developed in the last few months as a dangerous syncope for the entire international financial system, recall for the rethinking of market functionality, revealing the international institutional weakness in financial system supervision on global scale. The mortgage volatility induced by the international dereglementation and derivates contemporary burst, correlated with a relaxed supervision framework, transformed progressively the credit market into a system “bubble”, making possible the distortion of real estates values toward those levels forced by creditors. Throughout a weakness chain, many financial institutions, determined by a savage competition on this sector, left away the prudence and borrowed money from different investors, guarantying the long terms transactions, with short time derivates from speculative short-term market, supplying the bubble. In this context, the paperwork is meant to recall for reinventing the risks models, so that the crises to be anticipated earlier than its development moment.
2009-01-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18980/1/MPRA_paper_18980.pdf
Popa, Catalin C. (2009): Functional overview of financial crises development and propagation. Published in: KBO Journal , Vol. 1, No. 1 (10 January 2009): pp. 112-118.
en
oai:mpra.ub.uni-muenchen.de:20655
2019-09-27T16:33:52Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/20655/
Globalization, Institutions, Asset Endowments and Poverty Reduction Outcomes in Africa within the Context of the Financial Crisis: Establishing a Transmission Mechanisms
Epo, Boniface Ngah
Abiala, Mireille Ambiana
Maimo, Clovis Wendji
Choub, Péguy Christophe Faha
F42 - International Policy Coordination and Transmission
This paper sets to establish a transmission mechanism linking globalization, institutional setups, asset endowments and poverty reduction outcomes in Africa within the context of the current financial crisis. Identifying different sub channel circuits as well as the complex and indirect linkage observed between globalization and poverty, we note diver’s impact of the various factors on welfare enhancement and poverty reduction. Establishing a framework that teases out these channels, policy wise we identify that: government should: consolidate macro and micro institutions that act as safe nets to forces of globalization during crisis periods, consolidate and enhance asset accumulation of the poor and rural population during the crisis period, strengthen fragile industries, empower human capital, etc in view of reducing poverty and consolidating development during crisis situations.
2010-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/20655/1/MPRA_paper_20655.pdf
Epo, Boniface Ngah and Abiala, Mireille Ambiana and Maimo, Clovis Wendji and Choub, Péguy Christophe Faha (2010): Globalization, Institutions, Asset Endowments and Poverty Reduction Outcomes in Africa within the Context of the Financial Crisis: Establishing a Transmission Mechanisms.
en
oai:mpra.ub.uni-muenchen.de:20742
2019-09-27T17:15:37Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/20742/
Globalization, Institutions, Asset Endowments and Poverty Reduction Outcomes in Africa within the Context of the Financial Crisis: Establishing a Transmission Mechanisms
Epo, Boniface Ngah
Abiala, Mireille Ambiana
Miamo, Clovis Wendji
Choub, Péguy Christophe Faha
F42 - International Policy Coordination and Transmission
This paper sets to establish a transmission mechanism linking globalization, institutional setups, asset endowments and poverty reduction outcomes in Africa within the context of the current financial crisis. Identifying different sub channel circuits as well as the complex and indirect linkage observed between globalization and poverty, we note diver’s impact of the various factors on welfare enhancement and poverty reduction. Establishing a framework that teases out these channels, policy wise we identify that: government should: consolidate macro and micro institutions that act as safe nets to forces of globalization during crisis periods, consolidate and enhance asset accumulation of the poor and rural population during the crisis period, strengthen fragile industries, empower human capital, etc in view of reducing poverty and consolidating development during crisis situations.
2010-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/20742/1/MPRA_paper_20742.pdf
Epo, Boniface Ngah and Abiala, Mireille Ambiana and Miamo, Clovis Wendji and Choub, Péguy Christophe Faha (2010): Globalization, Institutions, Asset Endowments and Poverty Reduction Outcomes in Africa within the Context of the Financial Crisis: Establishing a Transmission Mechanisms.
en
oai:mpra.ub.uni-muenchen.de:20795
2019-09-28T14:33:12Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463334
7375626A656374733D46:4634:463431
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/20795/
Contagion of Financial Crises in Sovereign Debt Markets
Lizarazo, Sandra
F42 - International Policy Coordination and Transmission
F34 - International Lending and Debt Problems
F41 - Open Economy Macroeconomics
E44 - Financial Markets and the Macroeconomy
This paper develops a quantitative model of contagion of financial crisis and sovereign default for small open economies that cannot credibly commit to honor their international debts and have common international risk averse investors. The existence of common investors with preferences that exhibit decreasing absolute risk aversion (DARA) generates financial links between the emerging economies sovereign debt markets that help to explain the endogenous determination of credit limits, capital flows, and the risk premium in sovereign bond prices as function not only of the economy's fundamentals, the investors' characteristics (wealth, and degree of risk aversion) but more importantly of the fundamentals of other emerging economies. Therefore this paper provides a theoretical formalization that is the base for and endogenous explanation of the contagion of financial crises. The model shows that whenever a country suffers a domestic shock that forces it to default in its debts, this domestic shock will affect the investor's wealth and therefore her tolerance of risk, producing a contagion of the crisis in those countries whose fundamentals are not solid enough. Also, even when the crisis in a country does not force such country to default, the domestic shock affects the overall riskiness of the investor's portfolio, forcing her to rebalance it. In this case the investor moves away from countries that are ``too'' risky towards countries that are relatively solid, exhibiting a behavior consistent with the observed phenomena denominated as ``flight to quality''. Quantitatively, the application of the model to the case of the Argentinean default of $2001$ and the posterior contagion of the crisis to the neighboring country Uruguay shows that the model with financial links is not only consistent with the business cycle behavior of emerging economies considered but it is also superior to models that do not contemplate such links in the following dimensions: i.) the model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets; ii.) the model explains endogenously the positive correlation between the economies' sovereign bonds spreads, debt flows and consumptions, and iii.) the model exhibits the behavior observed in the data of higher volatility and comovement of the series of emerging economies during periods of volatility in financial markets prompted by the crisis in some emerging country.
2009-02-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/20795/1/MPRA_paper_20795.pdf
Lizarazo, Sandra (2009): Contagion of Financial Crises in Sovereign Debt Markets.
en
oai:mpra.ub.uni-muenchen.de:21144
2019-09-26T21:24:18Z
7374617475733D707562
7375626A656374733D48:4837:483737
7375626A656374733D46:4634:463432
7375626A656374733D48:4835:483535
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21144/
A Social Europe: Political Utopia or Efficient Economics? An assessment from a public economic approach
Nijboer, Henk
H77 - Intergovernmental Relations ; Federalism ; Secession
F42 - International Policy Coordination and Transmission
H55 - Social Security and Public Pensions
Theories of fiscal federalism state that the “redistribution branch” of the government should be attributed to the central level in order to prevent social policy competition. However, when preferences are diverse and production factors are not perfectly mobile decentral redistribution provision may be optimal.
But, social security policy consists of more than redistribution. In this paper the traditional fiscal federalism literature is enriched by extending the traditional framework with five functions of social security: horizontal and vertical redistribution and insurance based on income solidarity, risk solidarity and solidarity of chance. The optimal attribution of competences within the European Union is theoretically analysed from a public economic approach. Hence, the relevant factors that determine the optimal decision level for social security are evaluated and related to the empirical economic literature.
Explicit attention is paid to co-ordination methods as a solution between a completely central or decentral provision of social security. This is an application of the proportionality requirement of European policies as laid down in the Amsterdam Treaty.
It is analysed for which social security functions and under which circumstances delayed integration, the Open Method of Co-ordination (OMC), minimum harmonisation standards, matching grants and flexible integration may be welfare enhancing.
The analysis shows that for redistribution as well as for insurances based on income solidarity, delayed integration may be a reasonable compromise between efficient allocative mobility and inefficient social security tourism. Furthermore, the OMC can provide some economies of scale by policy learning, without an inefficient transposition of power to the European level.
Paradoxically, the least “social” functions of social security seem to be the first, for which integration may increase welfare. E.g. flexible integration may be useful for supplementary pensions for mobile workers, where economies of scale could be reached. However, this contrasts sharply with several proposals put forward to achieve more positive integration. A “Social Europe” may be a political dream. From a public economic approach, it is inefficient economics.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21144/1/MPRA_paper_21144.pdf
Nijboer, Henk (2007): A Social Europe: Political Utopia or Efficient Economics? An assessment from a public economic approach. Published in: Department of Economics Research Memorandum No. 2007.01 (2007): pp. 1-113.
en
oai:mpra.ub.uni-muenchen.de:21881
2019-09-26T10:16:31Z
7374617475733D707562
7375626A656374733D42:4233:423331
7375626A656374733D4F:4F31:4F3139
7375626A656374733D46:4634:463433
7375626A656374733D46:4631:463135
7375626A656374733D4E:4E36:4E3635
7375626A656374733D46:4632:463231
7375626A656374733D42:4232:423239
7375626A656374733D4E:4E38:4E3835
7375626A656374733D4F:4F32:4F3235
7375626A656374733D46:4632:463233
7375626A656374733D50:5034:503435
7375626A656374733D46:4635:463539
7375626A656374733D46:4631:463134
7375626A656374733D4E:4E31:4E3135
7375626A656374733D4E:4E37:4E3735
7375626A656374733D4E:4E39:4E3935
7375626A656374733D4F:4F31:4F3134
7375626A656374733D46:4634:463432
7375626A656374733D4C:4C36:4C3639
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21881/
The Flying Geese Paradigm: A critical study of its application to East Asian regional development
Kasahara, Shigehisa
B31 - Individuals
O19 - International Linkages to Development ; Role of International Organizations
F43 - Economic Growth of Open Economies
F15 - Economic Integration
N65 - Asia including Middle East
F21 - International Investment ; Long-Term Capital Movements
B29 - Other
N85 - Asia including Middle East
O25 - Industrial Policy
F23 - Multinational Firms ; International Business
P45 - International Trade, Finance, Investment, and Aid
F59 - Other
F14 - Empirical Studies of Trade
N15 - Asia including Middle East
N75 - Asia including Middle East
N95 - Asia including Middle East
O14 - Industrialization ; Manufacturing and Service Industries ; Choice of Technology
F42 - International Policy Coordination and Transmission
L69 - Other
It is often claimed that what is popularly known as the "flying geese paradigm" of dynamic comparative advantage has accurately depicted the East Asian catching-up process. This paper presents a critical study of the paradigm, as well as its application to the current situation in East Asia economic hierarchy. The paper first presents the various versions of the paradigm, and discusses similarities and differences among them. It then evaluates the application of the paradigm to the East Asian regional development context by identifying major theoretical, conceptual and empirical problems that come with it. It is the author's hope that the arguments presented in this paper will contribute to the further enrichment of future discussions on the East Asian development experience.
2004-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21881/1/MPRA_paper_21881.pdf
Kasahara, Shigehisa (2004): The Flying Geese Paradigm: A critical study of its application to East Asian regional development. Published in: UNCTAD Discussion Paper No. No.169
en
oai:mpra.ub.uni-muenchen.de:23498
2019-09-29T15:50:12Z
7374617475733D756E707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23498/
Economic Reform in North Korea: A Dynamic General Equilibrium Model
Bradford, Scott C.
Kim, Dong-jin
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper examines the impact of hypothetical market reforms in North. We build a dynamic general equilibrium model and simulate multiple reform scenarios.
We first construct a baseline model which mimicks the current command economy. In this scenario the government allocates output in an inefficient way and simulated economic growth is negative. We next model a semi-market transition that allows producers choices regarding the distribution of available capital. However, total capital is still chosen by the government. Lastly, we consider two scenarios with full market reform allowing for the usual market mechanisms derived from consumer utility maximization, firm profit maximization, and market clearing prices. In one scenario we keep government investment in public infrastructure unchanged at the low baseline level. In the other we drastically increase the rate of infrastructure investment so that it matches that of South Korea. In all we maintain a closed economy assumption and a constant size for the military.
Our simulations show little hope for the North Korean economy without a significant increase in infrastructure. Although all of the reforms raise the level of output and consumption per capita, only with significant increases in infrastructure investment does output growth change from negative to positive.
2010-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23498/1/MPRA_paper_23498.pdf
Bradford, Scott C. and Kim, Dong-jin and Phillips, Kerk L. (2010): Economic Reform in North Korea: A Dynamic General Equilibrium Model.
en
oai:mpra.ub.uni-muenchen.de:23501
2019-09-28T04:35:05Z
7374617475733D756E707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23501/
A Dynamic General Equilibrium Analysis of Japanese & Korean Immigration
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper constructs a multi-sector dynamic general equilibrium model for a trading economy. We incorporate three major factors of production: capital, skilled labor & unskilled labor. We solve and calibrate the model using data from Japan and Korea. We then consider changes to immigration policy in both countries. We are able to examine the effects on output, consumption, wages, and utility. We do this for both the new steady state and for the time-path leading to that steady state. In addition, we are able, if we so wish, to impose a series of unrelated macroeconomic shock to the model. This has the advantage of allowing us to calculate confidence bands around our policy impulse response functions.
We find that allowing skilled labor to immigrate leads to greater welfare gains in the steady state. We also show that there is a great deal of uncertainty surrounding the exact time path to a new steady state in the presence of the typical fluctuations associated with business cycles. We find a great deal of inertia in the transition to a new steady state.
2010-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23501/1/MPRA_paper_23501.pdf
Phillips, Kerk L. (2010): A Dynamic General Equilibrium Analysis of Japanese & Korean Immigration.
en
oai:mpra.ub.uni-muenchen.de:23550
2019-10-01T05:15:17Z
7374617475733D756E707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23550/
The Economic Reunification of Korea: A Dynamic General Equilibrium Model
Bradford, Scott C.
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper constructs a dynamic specific factors model to examine the impact of the economic reunification of North and South Korea. The model is a compromise between the highly stylized neoclassical models of trade found in the theoretical trade literature, and the highly aggregated models used in dynamic macroeconomics. We find that the policies with the biggest effects on aggregate output are changes in government tax and spending rates, particularly spending on infrastructure. In contrast, we find that both skilled and unskilled wages are much more responsive to the particulars of trade policy, particularly openness to intra-Korea trade and intra-Korea labor mobility. The location of production in a fully integrated Korean economy is determined by the location of infrastructure.
2008-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23550/1/MPRA_paper_23550.pdf
Bradford, Scott C. and Phillips, Kerk L. (2008): The Economic Reunification of Korea: A Dynamic General Equilibrium Model.
en
oai:mpra.ub.uni-muenchen.de:23673
2019-10-03T21:37:36Z
7374617475733D756E707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23673/
The Dynamic Effects of Changes to Japanese Immigration Policy
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper constructs a multi-sector dynamic general equilibrium model for a trading economy. We incorporate three major factors of production: capital, skilled labor & unskilled labor. We solve and calibrate the model using data from Japan. We then consider changes to immigration policy. We are able to examine the effects on output, consumption, wages, and utility. We do this for both the new steady state and for the time-path leading to that steady state. In addition, we are able, if we so wish, to impose a series of unrelated macroeconomic shock to the model. This has the advantage of allowing us to calculate confidence bands around our policy impulse response functions.
We find that allowing skilled labor to immigrate leads to greater welfare gains in the steady state. However, even with exclusively unskilled immigration, existing workers are made slightly better off on average when immigration restrictions are relaxed. We also show that there is a great deal of uncertainty surrounding the exact time path to a new steady state in the presence of the typical fluctuations associated with business cycles. We find a great deal of inertia in the transition to a new steady state.
2010-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23673/1/MPRA_paper_23673.pdf
Phillips, Kerk L. (2010): The Dynamic Effects of Changes to Japanese Immigration Policy.
en
oai:mpra.ub.uni-muenchen.de:23683
2019-09-30T16:04:39Z
7374617475733D756E707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23683/
The dynamic effects of changes to Japanese immigration policy
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper constructs a multi-sector dynamic general equilibrium model for a trading economy. We incorporate three major factors of production: capital, skilled labor & unskilled labor. We solve and calibrate the model using data from Japan. We then consider changes to immigration policy. We are able to examine the effects on output, consumption, wages, and utility. We do this for both the new steady state and for the time-path leading to that steady state. In addition, we are able, if we so wish, to impose a series of unrelated macroeconomic shock to the model. This has the advantage of allowing us to calculate confidence bands around our policy impulse response functions.
We find that allowing skilled labor to immigrate leads to greater welfare gains in the steady state. However, even with exclusively unskilled immigration, existing workers are made slightly better off on average when immigration restrictions are relaxed. We also show that there is a great deal of uncertainty surrounding the exact time path to a new steady state in the presence of the typical fluctuations associated with business cycles. We find a great deal of inertia in the transition to a new steady state.
2010-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23683/1/MPRA_paper_23683.pdf
Phillips, Kerk L. (2010): The dynamic effects of changes to Japanese immigration policy.
en
oai:mpra.ub.uni-muenchen.de:23875
2019-09-27T23:09:36Z
7374617475733D696E7072657373
7375626A656374733D46:4630
7375626A656374733D45:4531:453132
7375626A656374733D46:4635:463539
7375626A656374733D46:4635:463531
7375626A656374733D46:4634:463433
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463135
7375626A656374733D45:4535:453538
7375626A656374733D46:4630:463032
7375626A656374733D46:4630:463031
7375626A656374733D46:4634:463431
7375626A656374733D45:4536:453631
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23875/
The Collapse of Global Trade: What a Tangled Web We Weave
Spehar, Ann / AOS
F0 - General
E12 - Keynes ; Keynesian ; Post-Keynesian
F59 - Other
F51 - International Conflicts ; Negotiations ; Sanctions
F43 - Economic Growth of Open Economies
F42 - International Policy Coordination and Transmission
F15 - Economic Integration
E58 - Central Banks and Their Policies
F02 - International Economic Order and Integration
F01 - Global Outlook
F41 - Open Economy Macroeconomics
E61 - Policy Objectives ; Policy Designs and Consistency ; Policy Coordination
A unique feature of the financial crisis is the unprecedented collapse in global world trade. The objective of this paper is to explain some of that collapse as a move toward protectionism triggered not by nationalistic interests but by ‘competing’ objectives among trading partners from the Mundell-Fleming Trilemma. Even with the best of intentions, efforts toward internal re-balancing necessarily implies harming your trading partner unintentionally if they should be using conflicting policy objectives of the Trilemma. National interests are at odds between two such countries and their policy prescriptions counteract, and paralyze re balancing and coordination efforts between nations. Policymakers may be forced into protectionists’ stances in an effort to counteract the internal re-balancing efforts of their neighbors.
2010-07-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23875/1/MPRA_paper_23875.pdf
Spehar, Ann / AOS (2010): The Collapse of Global Trade: What a Tangled Web We Weave. Forthcoming in: World Economics Journal , Vol. 11, No. 3
en
oai:mpra.ub.uni-muenchen.de:24259
2019-09-27T20:26:13Z
7374617475733D756E707562
7375626A656374733D46:4631:463133
7375626A656374733D46:4634:463437
7375626A656374733D44:4435:443538
7375626A656374733D46:4634:463433
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463131
7375626A656374733D46:4631:463130
7375626A656374733D46:4630:463032
7375626A656374733D46:4631:463137
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24259/
Changes in Bilateral Trade Costs between European Union Member States & Major Trading Partners: An Empirical Analysis from 1989 - 2006
Beltramo, Theresa
F13 - Trade Policy ; International Trade Organizations
F47 - Forecasting and Simulation: Models and Applications
D58 - Computable and Other Applied General Equilibrium Models
F43 - Economic Growth of Open Economies
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
F11 - Neoclassical Models of Trade
F10 - General
F02 - International Economic Order and Integration
F17 - Trade Forecasting and Simulation
Today, more than 50 years after the Rome Treaty, the EU has made great strides in its’ economic integration and
liberalization of movement of goods and people. International trade theory predicts deepening economic integration inside the European Union will increase regional trade and have large effects on agglomeration of industry patterns. In particular, the Core Periphery theory predicts the core of Western Europe and center of economic prosperity will spread economic growth to the periphery through increased integration. Thus, it is hoped that the EU Core, who benefit from their central location and a long history of integration in Western Europe, will increase growth to the periphery through deepening integration and a relative drop in trade costs. Critics cite the Spring 2010 debt crisis in Greece and subsequent shock to Euro zone stability as an indication that EU integration has not been successful. Given increased skepticism of the Euro
zone, measuring changes in trade costs between 2001 Euro adopters and the main trading partners provides one
quantitative measure to better understand the depth of EU integration in the recent period from 1989‐2006. Using the
Novy (2008) model, which measures bilateral trade costs directly from trade flows, the measure includes all trade costs incurred in getting a good to its’ final user, other than the production cost of the good itself. Results show the drop in trade costs over the more recent period 1995‐2006 to be largest for trade between countries who adopt the Euro in 2001 (‐53%). The second largest drop in bilateral trade costs is between 2001 Euro adopters and the Central Eastern European Countries who joined the EU in 2004 (‐49%). The third largest drop in bilateral trade costs is between the 2001 Euro adopters group and the large non‐continental Europe trading partners (‐45%). Large differences in trade costs appear between countries
within the 2001 Euro adopters who are considered members of the Core versus those in the Periphery. Over the 1995‐
2006 period trade costs drop by 24% more for trade within the Core versus Trade between the Core and the Periphery.
While the Core‐Periphery theory is slow to be realized in our empirical results of trade costs over the 1995‐2006 period; trade costs among EU members and Euro adopters are relatively large‐ 33‐53%‐ when compared to trade costs measured for the non‐continental European trading partners‐5%. This 7‐11 times larger drop in trade costs for trade intra‐EU and Euro adopter members‐ both original and accession‐ is an empirical testament to the EU’s success at integrating diverse economies within the union.
2010-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24259/1/MPRA_paper_24259.pdf
Beltramo, Theresa (2010): Changes in Bilateral Trade Costs between European Union Member States & Major Trading Partners: An Empirical Analysis from 1989 - 2006.
en
oai:mpra.ub.uni-muenchen.de:25996
2019-09-26T19:20:26Z
7374617475733D756E707562
7375626A656374733D43:4331:433130
7375626A656374733D46:4634:463432
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25996/
An Inquiry into Banking Portfolios and Financial Stability Surrounding "The Great Recession"
Garita, Gus
C10 - General
F42 - International Policy Coordination and Transmission
E44 - Financial Markets and the Macroeconomy
By utilizing the extreme dependence structure and the conditional probability of joint failure (CPJF) between banks, this paper characterizes a risk-stability index (RSI) that quantifies (i) common distress of banks, (ii) distress between specific banks, and (iii) distress to a portfolio related to a specific bank. The results show that financial stability is a continuum; that the Korean and U.S. banking systems seem more prone to systemic risk;
and that Asian banks experience the most persistence of distress. Furthermore, a panel VAR
indicates that "leaning against the wind" reduces the instability of a financial system.
2010-10-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25996/1/MPRA_paper_25996.pdf
Garita, Gus (2010): An Inquiry into Banking Portfolios and Financial Stability Surrounding "The Great Recession".
en
oai:mpra.ub.uni-muenchen.de:26004
2019-09-26T13:11:20Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4632:463231
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26004/
FDI Effects of ASEAN Integration
Cheong, David
Plummer, Michael
F42 - International Policy Coordination and Transmission
F21 - International Investment ; Long-Term Capital Movements
F36 - Financial Aspects of Economic Integration
For the past two decades, ASEAN Member States have pursued intra-regional market liberalization in order to provide more flexibility to multinationals and therefore promote the region as a competitive production platform. Attracting FDI has been a key objective of this regional project. This paper describes and analyzes recent trends in FDI to and among ASEAN countries, mainly comparing FDI patterns before and after the Asian Crisis, to characterize and assess the region‟s strategies to liberalize and facilitate investment. We find that FDI flows to ASEAN countries suffered after the Asian Crisis but have picked up since 2005. Moreover, ASEAN FDI is dominated by Singapore. In addition, the sectoral distribution of FDI has changed in some members of ASEAN (i.e., Malaysia, Singapore, and Thailand) but not in others. We also perform an econometric analysis of the determinants of FDI to check for ASEAN-specific changes in FDI in the post-Crisis period. Our results, after controlling for a host of factors, indicate that ASEAN countries suffered a fall in total FDI but experienced an increase in intra-regional FDI after 1998. Moreover, we do not find any significant impact of FDI in China on ASEAN FDI.
2009-03-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26004/1/MPRA_paper_26004.pdf
Cheong, David and Plummer, Michael (2009): FDI Effects of ASEAN Integration. Published in: Région et Développement , Vol. 29, (30 June 2009): pp. 50-67.
en
oai:mpra.ub.uni-muenchen.de:26087
2019-10-03T01:03:07Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4635:463539
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/26087/
The Role of the Euro-Mediterranean Relations Facing the Economic Crisis
alessandrini, sergio
F42 - International Policy Coordination and Transmission
F59 - Other
The global financial crisis is affecting the Mediterranean Countries in seveal ways: a slowdown in global economic growth, a decline in foreign direct investment inflows, a decline of worker remittances. However, their economies continued to show more sustainable growth in the face of rapidly changing external macroeconomic conditions.
In this context, the Union for the Mediterranean set up four priorities for the Southern partners: SMEs, high unemployment, increasing environmental strains and inefficient transport infrastructures.
This is a high profile initiative, but based on voluntary contributions. For this reason it is hardly difficult to identify the amount of financial resources that will be mobilised and their economic and social impact.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/26087/1/MPRA_paper_26087.pdf
alessandrini, sergio (2009): The Role of the Euro-Mediterranean Relations Facing the Economic Crisis. Published in: MED 2009. Mediterranean yearbook No. 2009 (2009): pp. 51-57.
en
oai:mpra.ub.uni-muenchen.de:27214
2019-09-27T02:25:19Z
7374617475733D707562
7375626A656374733D51:5135:513530
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27214/
European Union emission trading scheme (ETS). An analysis of its impact for Romanian economy ant its effectiveness
Drumea, Cristina
Q50 - General
F42 - International Policy Coordination and Transmission
F36 - Financial Aspects of Economic Integration
The world is allegedly warming in a detrimental way because our industrial activity is increasingly emitting the putative culprit for the warming which is the carbon dioxide. The preferred way to deal with the issue is to force an emission reduction by, among others, imposing quotas, creating a sophisticated system of allowances, cap and trade and technology transfers. The European Union, as well as several member States had, at times, pledged various reductions which became law.
These pledges come at a cost to the industrial activity. Romania duly signed and ratified all the EU decisions taken after her accession but no clear bill was presented to the taxpayer. In the light of the Copenhagen accord and in preparation of the 2010 Mexican summit on the environment there’s a need to know what are the modeled benefits of limiting the carbon dioxide emissions, and at what costs to the Romanian economy. This paper attempts to shed a light on those issues and to make it easier for the public to follow the intricate details of the trading scheme and its effects.
2010
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27214/5/MPRA_paper_27214.pdf
Drumea, Cristina (2010): European Union emission trading scheme (ETS). An analysis of its impact for Romanian economy ant its effectiveness. Published in: , Vol. XXIV., (March 2010): pp. 179-184.
en
oai:mpra.ub.uni-muenchen.de:28075
2019-09-28T00:14:13Z
7374617475733D756E707562
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D46:4635:463533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28075/
Has EU Enlargement Been, and Will It Continue to Be, a Success? An Evaluation of EU Enlargement's Effects on Policies Pursued by Candidate Countries
Hlavac, Marek
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
F53 - International Agreements and Observance ; International Organizations
In this paper, I discuss whether enlargement has been a successful external policy of the European Union (EU). In particular, I evaluate the policy’s success based on its effects on the policies candidate countries have pursued. I argue that the prospect of entering the European Union has promoted beneficial democratic, economic and social reforms in candidate countries, and therefore can be judged to have been a success.
I focus on two sets of enlargement rounds where the potential for the EU’s influence on candidate countries’ policies was greatest: the 1980s rounds, during which Spain, Portugal and Greece – three countries with then-recent histories of dictatorship – were admitted; and the 2004/2007 rounds, during which twelve new Member States acceded, mostly from the post-communist Central and Eastern Europe.
I conclude that enlargement has, indeed, been a success: The prospect of entering the European Union (EU) has prompted candidate countries to pursue political, economic and social reforms that have contributed to the consolidation of democracy, to improvements in their human rights records, as well as to the betterment of their market economies. Finally, I discuss whether the enlargement process is likely to continue to be successful in improving the candidate countries’ policies, both in the Western Balkans (the likely next focus of EU enlargement), but also in potential further expansions.
2010-12-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28075/1/MPRA_paper_28075.pdf
Hlavac, Marek (2010): Has EU Enlargement Been, and Will It Continue to Be, a Success? An Evaluation of EU Enlargement's Effects on Policies Pursued by Candidate Countries.
en
oai:mpra.ub.uni-muenchen.de:28112
2019-10-08T00:38:58Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463332
7375626A656374733D46:4634:463431
7375626A656374733D46:4633:463331
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28112/
To devalue or not to devalue? How East European countries responded to the outflow of capital in 1997-99 and in 2008-09
Popov, Vladimir
F42 - International Policy Coordination and Transmission
F32 - Current Account Adjustment ; Short-Term Capital Movements
F41 - Open Economy Macroeconomics
F31 - Foreign Exchange
F43 - Economic Growth of Open Economies
If there is a negative terms of trade or financial shock leading to the deterioration in the balance of payments, there are two basic options for a country that has limited foreign exchange reserves. First, a country can maintain a fixed exchange rate (or even a currency board) and wait until the reduction of foreign exchange reserves leads to the reduction of money supply: this will drive domestic prices down and stimulate exports, raise interest rates and stimulate the inflow of capital, and finally will correct the balance of payments. Second, the country can allow the devaluation of national currency – flexible exchange rate will automatically bring the balance of payments back into the equilibrium. Because national prices are less flexible than exchange rates, the first type of adjustment is associated with the greater reduction of output.
The empirical evidence on East European countries and other transition economies for 1998-99 period (outflow of capital after the 1997 Asian and 1998 Russian currency crises and slowdown of output growth rates) suggests that the second type of policy response (devaluation) was associated with smaller loss of output than the first type (monetary contraction). 2008-09 developments provide additional evidence for this hypothesis.
2010
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28112/1/MPRA_paper_28112.pdf
Popov, Vladimir (2010): To devalue or not to devalue? How East European countries responded to the outflow of capital in 1997-99 and in 2008-09.
en
oai:mpra.ub.uni-muenchen.de:28679
2019-09-28T19:45:35Z
7374617475733D707562
7375626A656374733D48:4837:483737
7375626A656374733D44:4436:443632
7375626A656374733D46:4632:463233
7375626A656374733D44:4434:443434
7375626A656374733D48:4832:483233
7375626A656374733D4C:4C36:4C3630
7375626A656374733D46:4634:463432
7375626A656374733D4B:4B33:4B3332
7375626A656374733D46:4631:463138
7375626A656374733D46:4635:463533
7375626A656374733D46:4632:463231
7375626A656374733D44:4437:443738
7375626A656374733D4F:4F35:4F3532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28679/
The Italian Position in the Energy and Climate Change Negotiations
Viviani, Carlo
H77 - Intergovernmental Relations ; Federalism ; Secession
D62 - Externalities
F23 - Multinational Firms ; International Business
D44 - Auctions
H23 - Externalities ; Redistributive Effects ; Environmental Taxes and Subsidies
L60 - General
F42 - International Policy Coordination and Transmission
K32 - Environmental, Health, and Safety Law
F18 - Trade and Environment
F53 - International Agreements and Observance ; International Organizations
F21 - International Investment ; Long-Term Capital Movements
D78 - Positive Analysis of Policy Formulation and Implementation
O52 - Europe
Climate change, security and cost of energy supplies, and the competitiveness of firms and economies have been focal points of the general political and economic policy debate in recent years.
This article examines the choices in this field made at global level with the Kyoto Protocol and in Europe with the more recent “20-20-20” package from the standpoints of the Italian national interests and the negotiating stance adopted by our Government in European and international forums.
The European negotiations on renewable energy sources, the reduction of emissions in the sectors with and without emissions trading schemes, automobile emissions, the auctioning of emission rights, and the identification of industries exposed to the risk of delocalization (carbon leakage) are described in detail, including background data not previously available, and the reasons for Italy’s positions set forth.
The principle guiding Italian negotiators has been to balance the various policy aims, in an effort to ensure that the necessary action against climate change does not have excessive repercussions on growth and employment. The principle is all the more valid in the global talks on the regime that will succeed the Kyoto Protocol when it expires on 1 January 2013.
Without a credible global agreement entailing an equivalent commitment, or sectoral agreements, instruments will be needed to prevent Europe’s climate commitment from producing an unfair competitive disadvantage, with potentially serious social and economic consequences but no appreciable environmental advantage.
2010-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28679/1/MPRA_paper_28679.pdf
Viviani, Carlo (2010): The Italian Position in the Energy and Climate Change Negotiations. Published in: Review of Economic Conditions in Italy , Vol. 2010, No. 2 (January 2011): pp. 231-278.
en
oai:mpra.ub.uni-muenchen.de:30218
2019-09-27T05:45:52Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4535:453532
7375626A656374733D46:4634:463431
7375626A656374733D46:4633:463331
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/30218/
Averting Currency Crises: The Pros and Cons of Financial Openness
Gus, Garita
Chen, Zhou
F42 - International Policy Coordination and Transmission
E52 - Monetary Policy
F41 - Open Economy Macroeconomics
F31 - Foreign Exchange
F36 - Financial Aspects of Economic Integration
We identify the benefits and costs of financial openness in terms of currency crises based on a novel quantification of the systemic impact of currency (financial) crises. We find that systemic currency crises mainly exist regionally, and that financial openness helps diminish the probability of a currency crisis after controlling for their systemic impact. To clarify further the effect of financial openness, we decompose it into the various types of capital inflows. We find that the reduction of the probability of a currency crisis depends on the type of capital and on the region. Finally yet importantly, we find that monetary policy geared towards price stability, through a flexible inflation target that takes into account systemic impact, reduces the probability of a currency crisis.
2011-04-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/30218/1/MPRA_paper_30218.pdf
Gus, Garita and Chen, Zhou (2011): Averting Currency Crises: The Pros and Cons of Financial Openness.
en
oai:mpra.ub.uni-muenchen.de:32247
2019-10-10T05:01:43Z
7374617475733D756E707562
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32247/
MENA aggregate cycle and world conjuncture: Episodes of volatility and symmetry, and an ADL cointegration test
Garfa, Kamel
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper studies the cyclical fluctuations of the Middle East and North Africa countries in interaction with world conjuncture. The purpose is to evaluate in which measure the volatility and the symmetry of these countries had been modified quite particularly after their external integration. We adopt what we qualify as the aggregate cycle of MENA countries in orders to exanimate his evolution towards the G7, the European and the Anglo-Saxon business cycles over 1970-2010 periods.
The filter of Hodrick-Prescott is applied in order to decompose the real GDP of the MENA and the most industrialized countries into trend and cyclical components. These last ones will be used to answer the composed questions on various temporal horizons, contemporary, the short term, and the long term. Two approaches will be used: A static one, based on properties of variability, co-variation and correlation, and a dynamic one, based on the study of the long term relations through an Autoregressive Distributed Model and the study of short term dynamics through an Error Correction Model.
2011-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32247/1/MPRA_paper_32247.pdf
Garfa, Kamel (2011): MENA aggregate cycle and world conjuncture: Episodes of volatility and symmetry, and an ADL cointegration test.
en
oai:mpra.ub.uni-muenchen.de:32388
2019-10-01T18:22:23Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463431
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32388/
Why transition economies did worse than others in 2008-09 recession?
Popov, Vladimir
F42 - International Policy Coordination and Transmission
F40 - General
F41 - Open Economy Macroeconomics
F43 - Economic Growth of Open Economies
While developing countries as a group did better than developed countries in 2008-09 recession, transition economies – former communist countries – experienced the largest reduction of output. Out of 42 countries that experienced negative growth in 2007-09, 13 were transition economies. In fact, 4 out of 5 most affected economies were former communist countries (Latvia, Estonia, Ukraine, Lithuania).
The hypothesis is that these transition countries (1) suffered more than the others from the sudden outflow of capital and (2) did not manage this outflow particularly well.
The rule of thumb was that large outflows of capital, especially coupled with negative trade shocks, suppressed economic activity. But if the shocks were relatively small (up to 3% of GDP change in trade and capital account from Q2 2008 to an average of subsequent 3 quarters), it was possible to mitigate them through devaluation (not allowing foreign exchange reserves to drop by the same amount). If the shocks were large, even devaluation did not allow to avoid output fall.
2011-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32388/1/MPRA_paper_32388.pdf
Popov, Vladimir (2011): Why transition economies did worse than others in 2008-09 recession?
en
oai:mpra.ub.uni-muenchen.de:32694
2019-09-26T22:44:31Z
7374617475733D696E7072657373
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463133
7375626A656374733D44:4438:443830
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32694/
Effects of Terms of Trade and its Volatility on Economic Growth: A Cross Country Empirical Investigation
Syed tehseen, jawaid
Abdul, waheed
F42 - International Policy Coordination and Transmission
F13 - Trade Policy ; International Trade Organizations
D80 - General
This study examines the effects of terms of trade and its volatility on economic growth for a sample of 94 developed and developing countries, using five year average annual data from 2004 to 2008. The cross country ordinary least square estimation results indicate significant positive effect of terms of trade on economic growth. Furthermore, volatility of terms of trade has significant positive effect on economic growth. To test the robustness of initial results, sensitivity analysis has been performed using different additional variables, sample size and various proxies of volatility variable. The initial results were found robust despite the inclusion of various variables in the basic model and use of various proxies for volatility of terms of trade.
2011-05-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32694/1/MPRA_paper_32694.pdf
Syed tehseen, jawaid and Abdul, waheed (2011): Effects of Terms of Trade and its Volatility on Economic Growth: A Cross Country Empirical Investigation. Forthcoming in: Transition Studies Review , Vol. 17,
en
oai:mpra.ub.uni-muenchen.de:32955
2019-09-28T16:34:48Z
7374617475733D756E707562
7375626A656374733D43:4335:433531
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/32955/
A structural modeling of exchange rate, prices and interest rates between Malaysia-China in the liberalization era
Chan, Tze-Haw
C51 - Model Construction and Estimation
F42 - International Policy Coordination and Transmission
F36 - Financial Aspects of Economic Integration
This study constructs a structural system that allows for possible interactions between the goods and capital markets for Malaysia vis-à-vis China in the liberalization era (1994: Jan to 2011: June). It encompasses the joint hypothesis of Purchasing Power (PPP) and Interest Rate Parity (IRP) conditions in the presence of I(1) exogenous variables. Advanced econometric procedures including the structural VARX, VECX*, over-identifying restrictions, bootstrapping, persistent profiles and generalized variance decomposition are utilized in the analyses. The finding upholds support for both PPP and IRP, when exchange rate regime and structural breaks of Asia crisis and subprime crisis are taken into accounts. Despite the direct imported inflation, exchange rate also plays a significant role in the price transmission mechanism. And, Malaysian maintains the relative monetary autonomy against China in short run, but the price channel will affect the extent of IRP condition. Lastly, the faster pace of adjustment towards price instead of interest rate equilibrium implies the nonappearance of sequencing problem in market integration. Putting together, our model contributes as an early warning system for Malaysia’s economic defense against global shocks.
2011-08-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/32955/1/MPRA_paper_32955.pdf
Chan, Tze-Haw (2011): A structural modeling of exchange rate, prices and interest rates between Malaysia-China in the liberalization era.
en
oai:mpra.ub.uni-muenchen.de:33408
2019-09-28T02:42:23Z
7374617475733D756E707562
7375626A656374733D46:4633:463334
7375626A656374733D45:4534:453434
7375626A656374733D47:4732:473234
7375626A656374733D47:4730:473031
7375626A656374733D46:4634:463432
7375626A656374733D45:4536:453636
7375626A656374733D43:4336:433635
7375626A656374733D45:4535:453538
7375626A656374733D47:4731:473138
7375626A656374733D47:4731:473135
7375626A656374733D45:4535:453532
7375626A656374733D47:4732:473238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33408/
All Things Considered: The Interaction of the Reasons for the Financial Crisis
Abdala Rioja, Yamile E
F34 - International Lending and Debt Problems
E44 - Financial Markets and the Macroeconomy
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
G01 - Financial Crises
F42 - International Policy Coordination and Transmission
E66 - General Outlook and Conditions
C65 - Miscellaneous Mathematical Tools
E58 - Central Banks and Their Policies
G18 - Government Policy and Regulation
G15 - International Financial Markets
E52 - Monetary Policy
G28 - Government Policy and Regulation
The present paper reviews the causes that led to the financial crisis. Unlike other interpretations, this paper does not place main significance on a single source or on a set of causes. I consider all major standpoints highlighted by research and media prior, during and after the financial market turmoil in 2007. When evidence permits, reasons are validated and their potential consequences are reviewed by means of reductio ad absurdum, specifically by proof by contradiction. This analysis proposes arguments that are in favor and against a specific source whenever applicable, so as to address each cause’s major implications and deterrents. Ultimately, this analysis reveals through graph theory the interconnections among the analyzed sources for the crisis and their forbearance as a cluster that projected the final downturn.
2011-09-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33408/1/MPRA_paper_33408.pdf
Abdala Rioja, Yamile E (2011): All Things Considered: The Interaction of the Reasons for the Financial Crisis.
en
oai:mpra.ub.uni-muenchen.de:33441
2019-09-28T19:18:50Z
7374617475733D756E707562
7375626A656374733D46:4633:463334
7375626A656374733D45:4534:453434
7375626A656374733D47:4732:473234
7375626A656374733D47:4730:473031
7375626A656374733D46:4634:463432
7375626A656374733D45:4536:453636
7375626A656374733D43:4336:433635
7375626A656374733D45:4535:453538
7375626A656374733D47:4731:473138
7375626A656374733D47:4731:473135
7375626A656374733D45:4535:453532
7375626A656374733D47:4732:473238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33441/
All things considered: the interaction of the reasons for the financial crisis
Abdala Rioja, Yamile E
F34 - International Lending and Debt Problems
E44 - Financial Markets and the Macroeconomy
G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings Agencies
G01 - Financial Crises
F42 - International Policy Coordination and Transmission
E66 - General Outlook and Conditions
C65 - Miscellaneous Mathematical Tools
E58 - Central Banks and Their Policies
G18 - Government Policy and Regulation
G15 - International Financial Markets
E52 - Monetary Policy
G28 - Government Policy and Regulation
The present paper reviews the causes that led to the financial crisis. Unlike other interpretations, this paper does not place main significance on a single source or on a set of causes. I consider all major standpoints highlighted by research and media prior, during and after the financial market turmoil in 2007. When evidence permits, reasons are validated and their potential consequences are reviewed by means of reductio ad absurdum, specifically by proof by contradiction. This analysis proposes arguments that are in favor and against a specific source whenever applicable, so as to address each cause’s major implications and deterrents. Ultimately, this analysis reveals through graph theory the interconnections among the analyzed sources for the crisis and their forbearance as a cluster that projected the final downturn.
2011-09-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33441/1/MPRA_paper_33441.pdf
Abdala Rioja, Yamile E (2011): All things considered: the interaction of the reasons for the financial crisis.
en
oai:mpra.ub.uni-muenchen.de:33585
2019-10-11T04:39:12Z
7374617475733D756E707562
7375626A656374733D43:4335:433531
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33585/
China-Malaysia’s long run trading and exchange rate: complementary or conflicting?
Chan, Tze-Haw
Hooy, Chee-Wooi
C51 - Model Construction and Estimation
F42 - International Policy Coordination and Transmission
F31 - Foreign Exchange
This paper examines the long run dynamics of exchange rate and bilateral export-import flows between China and Malaysia. Our analysis contributed in using high frequency monthly data for the recent period from January 1990 to January 2008, based on the Autoregressive Distributed Lag bound testing procedure, the fully modified OLS, dynamic OLS and rolling estimations, as well as the generalised impulse response (IRF) and variance decomposition (VDC) analyses. Our empirical findings reveal that the Marshall-Lerner condition holds in the long run but the export-import demands do not adhere to the J-curve pattern. And, expansionary effect is of greater evidence for Malaysia due to real exchange shocks but inconclusive for China. More important, the VDC results imply that China-Malaysia trade is along the sustainable path. In brief, the study supports for the complementary role of China instead of conflicting (competing) features in the China-Malaysia bilateral trading
2011-06-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33585/1/MPRA_paper_33585.pdf
Chan, Tze-Haw and Hooy, Chee-Wooi (2011): China-Malaysia’s long run trading and exchange rate: complementary or conflicting?
en
oai:mpra.ub.uni-muenchen.de:33995
2019-09-28T02:56:30Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463431
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/33995/
The economic and monetary union vs. shifts in competitiveness of member states
Kowalski, Tadeusz
Pietrzykowski, Maciej
F42 - International Policy Coordination and Transmission
F40 - General
F41 - Open Economy Macroeconomics
F43 - Economic Growth of Open Economies
The paper deals with changes in the competitiveness of 12 countries forming the euro area in 1999-2000. These changes are analyzed using various macroeconomic indicators (real exchange rate, trade ratios, labor market and economic output performance). Due to the different levels of development of the countries forming the zone, changes in competitiveness do not extend uniformly. The paper ends with conclusions.
The aim of this paper is to assess changes in the relative competitiveness of 12 countries forming the Economic and Monetary Union (EMU) between 1999-2009. Greece was the only EU country which had not yet been accepted in the Union in 1999 and later joined the Eurozone in 2001. Despite the time difference, it was assumed that by including this economy in the analyzed EMU 12 group it would allow for better comprehension of the influence of monetary solutions and general economic policy within this integration grouping on the relative competitiveness of its particular members.
Section 1 is devoted to a brief presentation of assumptions and expectations regarding the EMU. Section 2 examines real effective exchange rates (REERs). Along with the standard literature, it is assumed that REERs are important summary measures of shifts in competitiveness. Section 3 is devoted to trade developments; they are linked to the REERs. We present and analyze gross measures such as exports to the gross domestic product (GDP) ratio, external exports, export/import ratio, the share of EMU country exports in world exports and the role of high-tech trade. Section 4 deals with the shifts in labor force performance and section 5 is devoted to the most comprehensive measures which are GDP and gross national income (GNI) developments. The paper closes with conclusions.
2010
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/33995/1/MPRA_paper_33995.pdf
Kowalski, Tadeusz and Pietrzykowski, Maciej (2010): The economic and monetary union vs. shifts in competitiveness of member states. Published in: Working papers, Faculty of International Business and Economics No. WP/2010/05 (2010): pp. 1-30.
en
oai:mpra.ub.uni-muenchen.de:36051
2019-10-04T08:04:56Z
7374617475733D756E707562
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F35:4F3535
7375626A656374733D46:4633:463336
7375626A656374733D50:5035:503532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/36051/
Real and Monetary Policy Convergence: EMU Crisis to the CFA Zone
Simplice A, Asongu
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
O55 - Africa
F36 - Financial Aspects of Economic Integration
P52 - Comparative Studies of Particular Economies
A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones. In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. We also provide the speed of convergence and time required to achieve a 100% convergence. But for financial intermediary size within the CFA zone, findings for the most part support only unconditional convergence. There is no form of convergence within the CEMAC zone. The broad insignificance of conditional convergence results have substantial policy implications. Monetary and real policies which are often homogenous for member states are thwarted by heterogeneous structural and institutional characteristics which give rise to different levels and patterns of financial intermediary development. Therefore member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies.
2012-01-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/36051/1/MPRA_paper_36051.pdf
Simplice A, Asongu (2012): Real and Monetary Policy Convergence: EMU Crisis to the CFA Zone.
en
oai:mpra.ub.uni-muenchen.de:36053
2019-09-26T22:07:41Z
7374617475733D756E707562
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F35:4F3535
7375626A656374733D46:4633:463336
7375626A656374733D50:5035:503532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/36053/
African Financial Development Dynamics: Big Time Convergence
Simplice A, Asongu
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
O55 - Africa
F36 - Financial Aspects of Economic Integration
P52 - Comparative Studies of Particular Economies
In the first critical assessment of convergence in financial development dynamics in Africa, we find overwhelming support for integration. The empirical evidence is premised on 11 homogenous panels based on regions(Sub-Saharan and North Africa), income-levels(low, middle, lower-middle and upper-middle), legal-origins(English common-law and French civil-law) and religious dominations(Christianity and Islam). We examine convergence in financial intermediary dynamics of depth, efficiency, activity and size. Findings suggest that countries with small-sized financial intermediary depth, efficiency, activity and size are catching-up with countries with large-sized financial intermediary depth, efficiency, activity and size respectively. We also provide the speeds of convergence and time necessary to achieve a full(100%) convergence. As a policy implication African governments should not relent in structural and institutional reforms.
2012-01-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/36053/1/MPRA_paper_36053.pdf
Simplice A, Asongu (2012): African Financial Development Dynamics: Big Time Convergence.
en
oai:mpra.ub.uni-muenchen.de:36056
2019-09-27T14:15:55Z
7374617475733D756E707562
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F35:4F3535
7375626A656374733D46:4633:463336
7375626A656374733D50:5035:503532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/36056/
Are Proposed African Monetary Unions Optimal Currency Areas? Real and Monetary Policy Convergence Analysis
Simplice A, Asongu
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
O55 - Africa
F36 - Financial Aspects of Economic Integration
P52 - Comparative Studies of Particular Economies
A spectre is hunting embryonic African monetary zones: the EMU crisis. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Inspired by the premise of the EMU crisis, this paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. In the analysis, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth at macro and micro levels. Findings suggest overwhelming lack of convergence; an indication that candidate countries still have to work towards harmonizing cross-country differences in fundamental, structural and institutional characteristics that hamper the convergence process.
2012-01-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/36056/1/MPRA_paper_36056.pdf
Simplice A, Asongu (2012): Are Proposed African Monetary Unions Optimal Currency Areas? Real and Monetary Policy Convergence Analysis.
en
oai:mpra.ub.uni-muenchen.de:37333
2019-09-27T07:47:57Z
7374617475733D756E707562
7375626A656374733D45:4536:453632
7375626A656374733D46:4634:463432
7375626A656374733D48:4833:483330
7375626A656374733D45:4536:453633
7375626A656374733D4F:4F35:4F3532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37333/
L’euro, il patto di stabilità e di crescita e la sua riforma
Schilirò, Daniele
E62 - Fiscal Policy
F42 - International Policy Coordination and Transmission
H30 - General
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
O52 - Europe
This contribution concerns the European monetary union and single currency, the eur. It addresses the issue of the Stability and Growth Pact and its recent reform by the European Council in March 2005. The debate on the reform of the Pact has focused on the contrast between rules and discretion, and, in particular, the role of fiscal policy, but also on its effect in respect of the ECB's monetary policy. The debate revealed a substantial lack of consensus on fiscal policy. Differences on the conduct of fiscal policy focused on the objectives, instruments and institutions. However, the reform of the Stability and Growth Pact tends to give precedence to an attitude of greater discretion in the conduct of fiscal policy by Member States.
This paper highlights the significant critical point, in the new version of the Pact, to tolerate implicitly possible fiscal deficits that can be systematically higher in the euro area countrie. It also underlines the unresolved conflict between two important institutions: the Commission and the Council, and the need for independent institutions that are able to enforce tax rules.
2006-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37333/1/MPRA_paper_37333.pdf
Schilirò, Daniele (2006): L’euro, il patto di stabilità e di crescita e la sua riforma.
it
oai:mpra.ub.uni-muenchen.de:37816
2019-09-27T09:57:42Z
7374617475733D756E707562
7375626A656374733D46:4631:463136
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463138
7375626A656374733D44:4436:443632
7375626A656374733D48:4834:483431
7375626A656374733D47:4731:473135
7375626A656374733D46:4630:463031
7375626A656374733D44:4438:443832
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37816/
The choice of domestic policies in a globalized economy: Extended Version
Fischer, Justina A.V.
F16 - Trade and Labor Market Interactions
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
F18 - Trade and Environment
D62 - Externalities
H41 - Public Goods
G15 - International Financial Markets
F01 - Global Outlook
D82 - Asymmetric and Private Information ; Mechanism Design
This paper describes the socio-economic adjustment effects exerted by globalization (taking as starting points competitive pressure, sectoral shifts, and financial market contagion) and discusses their relevance for domestic policy-making. I argue that these economic pressures and the resulting transformations in the domestic economy constrain government’s policy choice set to an extent that actual policies are quite freed from any political ideological context. However, important government tasks in a globalized economy remain: remedying information asymmetries between buyers and sellers, regulating markets to combat externalities, as well as providing essential goods.
2012-04-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37816/1/MPRA_paper_37816.pdf
Fischer, Justina A.V. (2012): The choice of domestic policies in a globalized economy: Extended Version.
en
oai:mpra.ub.uni-muenchen.de:37855
2019-10-04T18:58:04Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4634:463430
7375626A656374733D43:4337:433731
7375626A656374733D46:4634:463431
7375626A656374733D4F:4F35:4F3532
7375626A656374733D43:4337:433732
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37855/
A framework of coopetitive games:applications to the Greek crisis
Schilirò, Daniele
Carfì, David
F42 - International Policy Coordination and Transmission
F40 - General
C71 - Cooperative Games
F41 - Open Economy Macroeconomics
O52 - Europe
C72 - Noncooperative Games
In the present work we propose an original analytical model of coopetitive game. We shall apply this analytical model of coopetition (based on normal form game theory) to the
Greek crisis, while conceiving this game theory model at a macro level. We construct two realizations of such model, trying to represent possible realistic macro-economic scenarios of the Germany-Greek strategic interaction. We shall suggest - after a deep and complete study of the two samples - feasible transferable utility solutions in a properly coopetitive perspective for the divergent interests which drive the economic policies in the euro area.
2012-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37855/1/MPRA_paper_37855.pdf
Schilirò, Daniele and Carfì, David (2012): A framework of coopetitive games:applications to the Greek crisis.
en
oai:mpra.ub.uni-muenchen.de:37942
2019-09-29T23:03:13Z
7374617475733D707562
7375626A656374733D46:4633:463334
7375626A656374733D46:4631:463134
7375626A656374733D46:4633:463333
7375626A656374733D46:4634:463433
7375626A656374733D46:4634:463430
7375626A656374733D46:4634:463432
7375626A656374733D45:4533:453332
7375626A656374733D46:4634:463431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37942/
The economic and monetary union countries vs. the global crisis
Kowalski, Tadeusz
F34 - International Lending and Debt Problems
F14 - Empirical Studies of Trade
F33 - International Monetary Arrangements and Institutions
F43 - Economic Growth of Open Economies
F40 - General
F42 - International Policy Coordination and Transmission
E32 - Business Fluctuations ; Cycles
F41 - Open Economy Macroeconomics
The global financial and economic crisis revealed institutional weaknesses and structural problems of particular Economic and Monetary Union (EMU) countries.
The crisis and slowdown that followed had an impact on their relative competitiveness. Financial and economic turbulences of recent years shed new light on
the scale and scope of interdependences in the world economy. They uncovered economic and institutional flaws of the very EMU itself. The paper focuses on EMU countries real sector reactions to the financial disturbances. Both comparative static and dynamic approaches are used in order to assess the scope and pace of adjustments triggered by the global crisis.
2012-02-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37942/1/MPRA_paper_37942.pdf
Kowalski, Tadeusz (2012): The economic and monetary union countries vs. the global crisis. Published in: Working papers. Faculty of international business and economics. Poznan University of Economics No. WP/2012/04
en
oai:mpra.ub.uni-muenchen.de:37947
2019-10-03T04:47:32Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D49:4933
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/37947/
Economic and Social Impact of Financial Crisis on Households: A Case Study of Bangladesh with Reference to Social Safety Net Programme (SSNPs)
Raihan, Selim
F42 - International Policy Coordination and Transmission
I3 - Welfare, Well-Being, and Poverty
This paper examines the impacts of current global economic crisis on the economy of Bangladesh and evaluates the existing social safety net programmes in Bangladesh with a view to understanding the coverage and effectiveness of the programmes, as these SSNPs could be very important in mitigating the negative effects arising from the ongoing global economic crisis on Bangladesh.
2009-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/37947/1/MPRA_paper_37947.pdf
Raihan, Selim (2009): Economic and Social Impact of Financial Crisis on Households: A Case Study of Bangladesh with Reference to Social Safety Net Programme (SSNPs).
en
oai:mpra.ub.uni-muenchen.de:38047
2019-09-26T08:56:01Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4631:463133
7375626A656374733D46:4630:463032
7375626A656374733D46:4635:463533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38047/
Free Trade under Contractual Development Area (FTCDA) - A First Examination of a Third Way Facing the Dilemma: Free-Trade vs Protectionist Policy
Buda, Rodolphe
F42 - International Policy Coordination and Transmission
F13 - Trade Policy ; International Trade Organizations
F02 - International Economic Order and Integration
F53 - International Agreements and Observance ; International Organizations
Trade under Contractual Development Area (FTCDA) to give up the dilemma Free-Trade vs Protectionist Policy which are second and third best (resp.). In such an area national economies would respect the current existing rules of the W.T.O. which would add the rule that each national economy would use a part (specified in advance) of the created wealth to develop infrastructures and social protection Some new investigations are obviously necessary to check whether such a configuration is optimal.
2012-04-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38047/1/MPRA_paper_38047.pdf
Buda, Rodolphe (2012): Free Trade under Contractual Development Area (FTCDA) - A First Examination of a Third Way Facing the Dilemma: Free-Trade vs Protectionist Policy.
en
oai:mpra.ub.uni-muenchen.de:38247
2019-10-03T17:14:35Z
7374617475733D707562
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38247/
Economic Reform in North Korea: A Dynamic General Equilibrium Model
Bradford, Scott C.
Kim, Dong-jin
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper examines the impact of hypothetical market reforms in North. We build a dynamic general equilibrium model and simulate multiple reform scenarios.
We first construct a baseline model which mimicks the current command economy. In this scenario the government allocates output in an inefficient way and simulated economic growth is negative. We next model a semi-market transition that allows producers choices regarding the distribution of available capital. However, total capital is still chosen by the government. Lastly, we consider two scenarios with full market reform allowing for the usual market mechanisms derived from consumer utility maximization, firm profit maximization, and market clearing prices. In one scenario we keep government investment in public infrastructure unchanged at the low baseline level. In the other we drastically increase the rate of infrastructure investment so that it matches that of South Korea. In all we maintain a closed economy assumption and a constant size for the military.
Our simulations show little hope for the North Korean economy without a significant increase in infrastructure. Although all of the reforms raise the level of output and consumption per capita, only with significant increases in infrastructure investment does output growth change from negative to positive.
2010-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38247/1/MPRA_paper_38247.pdf
Bradford, Scott C. and Kim, Dong-jin and Phillips, Kerk L. (2010): Economic Reform in North Korea: A Dynamic General Equilibrium Model. Published in: Journal of Economic Policy Reform , Vol. 14, No. 4 (2011): pp. 321-332.
en
oai:mpra.ub.uni-muenchen.de:38252
2019-10-04T04:45:23Z
7374617475733D696E7072657373
7375626A656374733D46:4632:463232
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38252/
A Dynamic General Equilibrium Analysis of Korean Immigration Policy
Phillips, Kerk L.
F22 - International Migration
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
This paper constructs a multi-sector dynamic general equilibrium model for a trading economy. We incorporate three major factors of production: capital, skilled labor & unskilled labor. We solve and calibrate the model using data from Korea. We then consider changes to immigration policy. We are able to examine the effects on output, consumption, wages, and utility. We do this for both the new steady state and for the time-path leading to that steady state. In addition, we are able, if we so wish, to impose a series of unrelated macroeconomic shock to the model. This has the advantage of allowing us to calculate confidence bands around our policy impulse response functions.
We find that allowing skilled labor to immigrate leads to greater welfare gains in the steady state. We also show that there is a great deal of uncertainty surrounding the exact time path to a new steady state in the presence of the typical fluctuations associated with business cycles. We find a great deal of inertia in the transition to a new steady state.
2010-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38252/1/MPRA_paper_38252.pdf
Phillips, Kerk L. (2010): A Dynamic General Equilibrium Analysis of Korean Immigration Policy. Forthcoming in: Korea and the World Economy , Vol. 13, No. 1 (2012)
en
oai:mpra.ub.uni-muenchen.de:38812
2019-09-26T14:59:54Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D45:4536:453633
7375626A656374733D45:4536:453630
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38812/
The financial crisis: impact on BRIC and policy response
Banerjee, Ritwik
Vashisht, Pankaj
F42 - International Policy Coordination and Transmission
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
E60 - General
The paper looks at the transmission channels by which the financial crisis affected the four emerging economies- Brazil, Russia, India and China, the degree and extent of the impact of the crisis, the subsequent policy interventions which enabled recovery and an assessment of how successful recovery has been in these economies. We conclude by noting that in the long term global recovery will necessitate a rebalancing of the world economy which in turn means that the hub of global consumption has to shift from the west to the global south, particularly to BRICs.
2010-06-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38812/1/MPRA_paper_38812.pdf
Banerjee, Ritwik and Vashisht, Pankaj (2010): The financial crisis: impact on BRIC and policy response. Published in: Revista Tempo Do Mundo , Vol. 2, No. 2 (2010): pp. 57-80.
en
oai:mpra.ub.uni-muenchen.de:38930
2019-09-26T14:53:32Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D43:4335:433531
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/38930/
Assessing the international parity conditions and transmission mechanism for Malaysia-China
Chan, Tze-Haw
F42 - International Policy Coordination and Transmission
C51 - Model Construction and Estimation
F36 - Financial Aspects of Economic Integration
We construct a structural system that jointly examines Purchasing Power and Interest Parity conditions for Malaysia-China during 1996Q1-2010Q4. Structural VARX, VECMX, over-identifying restrictions, bootstrapping and persistent profiles are utilized in the analyses. We find support for interaction between the goods and capital markets of Malaysia-China, when Asia crisis and subprime crisis are taken into accounts. The faster pace of adjustment towards price instead of interest equilibrium implies the non-appearance of sequencing problem in economic integration. Nevertheless, it is of concern that maintaining a rigid foreign exchange with major trading partner could be costly with potentially contagious price instability and financial risk.
2012-05-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/38930/1/MPRA_paper_38930.pdf
Chan, Tze-Haw (2012): Assessing the international parity conditions and transmission mechanism for Malaysia-China.
en
oai:mpra.ub.uni-muenchen.de:39942
2019-10-09T04:49:25Z
7374617475733D707562
7375626A656374733D43:4333:433332
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/39942/
On the Feasibility of Monetary Union: Does It Make Sense to Look for Shocks Symmetry across Countries When None of the Countries Constitutes an Optimum Currency Area?
Jean Louis, Rosmy
Brown, Ryan
Balli, Faruk
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
F42 - International Policy Coordination and Transmission
F33 - International Monetary Arrangements and Institutions
Usually, a monetary union is not considered feasible between countries if the correlations of shocks are positive but weak. This may not be so if the country with the larger output gap converges to full-employment equilibrium faster than the country with the smaller gap. We argue that common monetary policy can be destabilizing when countries’ responses to non-monetary shocks are perfectly symmetric with a correlation of 1 but exhibit differing investment sensitivities to the real interest rate. We use Canada, Mexico and the United States to test the feasibility of a monetary union by documenting whether: 1) gross investments in Canada and Mexico are equally responsive to the real fund rate, and 2) Canada’s and Mexico’s output growth and inflation respond differently to US monetary policy shocks and oil price shocks. This approach implicitly dictates whether the shocks themselves are symmetric or asymmetric. Using quarterly data and SVAR methodology, we conducted two layers of analysis. We estimated SVARs for the periods 1970–2008, 1970–1990 and 1991–2008 to find that a monetary union is feasible between Canada and the US for the first two sample periods. For Canada and Mexico, we find similar responses of output growth to US monetary policy shocks. We conducted further robustness tests by estimating two identified VARs with common US variables and oil prices for Canada and Mexico to assess commonality in responses to shocks with the US. These results affirm that a monetary union is also feasible between Canada and the US.
2011-08-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/39942/1/MPRA_paper_39942.pdf
Jean Louis, Rosmy and Brown, Ryan and Balli, Faruk (2011): On the Feasibility of Monetary Union: Does It Make Sense to Look for Shocks Symmetry across Countries When None of the Countries Constitutes an Optimum Currency Area? Published in: Economic Modelling , Vol. vol 28, No. 6 (2011): pp. 2701-2718.
en
oai:mpra.ub.uni-muenchen.de:40039
2019-09-30T03:53:30Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F33:4F3338
7375626A656374733D4F:4F33:4F3334
7375626A656374733D48:4832:483234
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40039/
A New Exploration of Optimal IPR Protection and International Policy Cooperation
Dai, Darong
Shen, Kunrong
F42 - International Policy Coordination and Transmission
O38 - Government Policy
O34 - Intellectual Property and Intellectual Capital
H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
O31 - Innovation and Invention: Processes and Incentives
In this paper, a variety-expanding growth model has been constructed in the classical
North-South framework. Optimal degree of IPR protection has been explicitly computed both for
the North and the South in the sense of welfare maximizing, in the short run and non-short run of
the economies. Endogenous innovation growth rate and the policy of innovation subsidy for the
Southern government have been introduced into our model. The relationship between IPR
protection and long-term growth rate has also been thoroughly investigated. Finally, the issue
about international policy cooperation has been explored and we show that it is possible that an
optimal degree of Southern IPR protection would also be globally efficient in some comparatively
weak conditions.
2011-09-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40039/1/MPRA_paper_40039.pdf
Dai, Darong and Shen, Kunrong (2011): A New Exploration of Optimal IPR Protection and International Policy Cooperation.
en
oai:mpra.ub.uni-muenchen.de:40360
2019-09-26T20:51:16Z
7374617475733D707562
7375626A656374733D46:4634:463432
7375626A656374733D44:4434:443439
7375626A656374733D47:4730:473031
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40360/
Responses of European competition policy to the challenges of the global economic crisis
Czékus, Ábel
F42 - International Policy Coordination and Transmission
D49 - Other
G01 - Financial Crises
European competition policy has been one of the common policies since the beginning of European integration. The European level economic policy coordination and the customs union have required a uniform framework for competition policy covering the whole Community.
Nowadays the economic integration of Europe is suffering from its biggest crisis ever, which also affects companies based and/or operating in Europe. This brings about new challenges for common competition policy as it has to assure, on one hand, a legal framework to maintain fair competition. The importance of cooperation between competition authorities, for example in the field of restrictive agreements, has been recognised by the European Commission. The Commission, on the other hand, has to deal with an increasing number of merger cases because, after the decline of the number of cases in 2008 and 2009, concentrations have started to intensify again. This is due to the recovery of companies in 2010 and the relaunch of lending activity. Also, competition policy has to stimulate markets as it is also a way to put the European economy on a growing path.
Much more emphasis should be put on state aid because it does not only spur economic growth but it could have negative effects as well. This type of excessive spending is problematic in the sense of competition policy and it could eventually even worsen the long term economic perspectives of Europe.
The crisis in Europe escalated three years ago. I summarise the legal development and guidelines relating to competition policy after 2008. I examine the block exemption schemes and the extended state aid activities. These are developments that may contribute to the recovery from the crisis. It is essentially important to shape competition policy so that it effectively guards companies’ adaptation process to the new economic circumstances, and stimulates their economic activity.
2012
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40360/1/MPRA_paper_40360.pdf
Czékus, Ábel (2012): Responses of European competition policy to the challenges of the global economic crisis. Published in: Crisis Aftermath: Economic policy changes in the EU and its Member States, Conference Proceedings, Szeged, University of Szeged , Vol. ISBN 9, (2012): pp. 324-336.
en
oai:mpra.ub.uni-muenchen.de:40623
2019-10-05T04:55:09Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D46:4633:463334
7375626A656374733D46:4634:463431
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/40623/
Contagion of financial crises in sovereign debt markets
Lizarazo, Sandra
F42 - International Policy Coordination and Transmission
F34 - International Lending and Debt Problems
F41 - Open Economy Macroeconomics
E44 - Financial Markets and the Macroeconomy
This paper develops a DSGE model of sovereign default and contagion for small open economies that have common risk averse international investors. The financial links generated by these investors explain the endogenous determination of credit limits, capital flows, and the risk premium in sovereign bond prices. In equilibrium, these variables are a function of both an economy’s own fundamentals and the fundamentals of other economies. The model is able to replicate both the Wealth and Portfolio Recomposition channels of contagion. Quantitatively, the model is consistent with the contagion of the Argentinean crisis to Uruguay and the Russian crisis to Brazil.
2009-02-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/40623/2/MPRA_paper_40623.pdf
Lizarazo, Sandra (2009): Contagion of financial crises in sovereign debt markets.
en
oai:mpra.ub.uni-muenchen.de:41552
2019-09-28T16:35:49Z
7374617475733D696E7072657373
7375626A656374733D46:4631:463135
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F35:4F3535
7375626A656374733D46:4633:463336
7375626A656374733D50:5035:503532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/41552/
Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis
Simplice A, Asongu
F15 - Economic Integration
F42 - International Policy Coordination and Transmission
O55 - Africa
F36 - Financial Aspects of Economic Integration
P52 - Comparative Studies of Particular Economies
Purpose – A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states.
Design/methodology/approach – In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100%) convergence are then computed from the estimations.
Findings – Findings suggest overwhelming lack of convergence: (1) initial conditions for financial development are different across countries; (2) fundamental characteristics as common monetary policy initiatives and IMF backed financial reform programs are implemented differently across countries; (3) there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; (4) institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; (5) absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence.
Practical implications – As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs.
Originality/value – It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.
2012-09-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/41552/1/MPRA_paper_41552.pdf
Simplice A, Asongu (2012): Are Proposed African Monetary Unions Optimal Currency Areas? Real, Monetary and Fiscal Policy Convergence Analysis. Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:42466
2019-09-28T16:48:24Z
7374617475733D696E7072657373
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F33:4F3338
7375626A656374733D4F:4F33:4F3334
7375626A656374733D4F:4F35:4F3537
7375626A656374733D4B:4B34:4B3432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/42466/
Harmonizing IPRs on Software Piracy: Empirics of Trajectories in Africa
Simplice A, Asongu
F42 - International Policy Coordination and Transmission
O38 - Government Policy
O34 - Intellectual Property and Intellectual Capital
O57 - Comparative Studies of Countries
K42 - Illegal Behavior and the Enforcement of Law
In the current efforts of harmonizing the standards and enforcement of IPRs protection worldwide, this paper explores software piracy trajectories and dynamics in Africa. Using a battery of estimation techniques that ignore as well as integrate short-run disturbances in time-dynamic fashion, we answer the big questions policy makers are most likely to ask before harmonizing IPRs regimes in the battle against software piracy. Three main findings are established. (1) African countries with low software piracy rates are catching-up their counterparts with higher rates; implying despite existing divergent IPRs systems, convergence in piracy rate could be a genuine standard-setting platform. (2) Legal origins do not play a very significant role in the convergence process. (3) A genuine timeframe for standardizing IPRs laws in the fight against piracy is most likely between a horizon of 4 to 8 years. In other words, full (100%) convergence within the specified horizon will mean the enforcements of IPRs regimes without distinction of nationality and locality.
2012-07-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/42466/1/MPRA_paper_42466.pdf
Simplice A, Asongu (2012): Harmonizing IPRs on Software Piracy: Empirics of Trajectories in Africa. Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:42766
2019-09-27T10:25:35Z
7374617475733D696E7072657373
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F33:4F3338
7375626A656374733D4F:4F33:4F3334
7375626A656374733D4F:4F35:4F3537
7375626A656374733D4B:4B34:4B3432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/42766/
Fighting software piracy in Africa: how do legal origins and IPRs protection channels matter?
Simplice A, Asongu
F42 - International Policy Coordination and Transmission
O38 - Government Policy
O34 - Intellectual Property and Intellectual Capital
O57 - Comparative Studies of Countries
K42 - Illegal Behavior and the Enforcement of Law
In the current efforts towards harmonizing IPRs regimes in the African continent, this paper provides answers to four key questions relevant in the policy decision making processes. After empirically examining the questions, the following findings are established. (1) In comparison to common law countries, civil law countries inherently have a significant autonomous rate of piracy; consistent with the ‘law and property rights’ theory. (2) But for IPRs laws, the other IP protection channels (WIPO treaties, Main IP law and Multilateral treaties) reduce the incidence of piracy. (3) In both short-run and long-term, IPRs protection channels in civil law countries appear to mitigate piracy more than in common law countries. (4) Formal institutions are instrumental in the fight against piracy through IPRs protection channels.
2012-07-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/42766/1/MPRA_paper_42766.pdf
Simplice A, Asongu (2012): Fighting software piracy in Africa: how do legal origins and IPRs protection channels matter? Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:43578
2019-09-26T11:37:28Z
7374617475733D756E707562
7375626A656374733D46:4634:463432
7375626A656374733D43:4337:433738
7375626A656374733D43:4337:433731
7375626A656374733D46:4634:463431
7375626A656374733D4F:4F35:4F3532
7375626A656374733D43:4337:433732
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43578/
Coopetitive game solutions for the Greek crisis
Schilirò, Daniele
Carfì, David
F42 - International Policy Coordination and Transmission
C78 - Bargaining Theory ; Matching Theory
C71 - Cooperative Games
F41 - Open Economy Macroeconomics
O52 - Europe
C72 - Noncooperative Games
The paper proposes a model of coopetitive-game (of normal-form type) and devote it to Greek crisis, conceiving this model at a macro level, with the aim of rebalancing the current account of Greece. The authors construct the game trying to represent feasible scenarios of the strategic interaction between Greece and Germany. They suggest - after a deep study of their sample - feasible transferable utility solutions, in a properly coopetitive perspective, for the divergent interests of Greece and Germany.
2013-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43578/1/MPRA_paper_43578.pdf
Schilirò, Daniele and Carfì, David (2013): Coopetitive game solutions for the Greek crisis.
en
oai:mpra.ub.uni-muenchen.de:43590
2019-10-08T04:39:39Z
7374617475733D696E7072657373
7375626A656374733D46:4634:463432
7375626A656374733D4F:4F33:4F3338
7375626A656374733D4F:4F33:4F3334
7375626A656374733D4F:4F35:4F3537
7375626A656374733D4B:4B34:4B3432
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/43590/
Fighting software piracy: which IPRs laws (treaties) matter in Africa?
Simplice A, Asongu
F42 - International Policy Coordination and Transmission
O38 - Government Policy
O34 - Intellectual Property and Intellectual Capital
O57 - Comparative Studies of Countries
K42 - Illegal Behavior and the Enforcement of Law
With the proliferation of technology used to prate software, this paper answers some key questions in policy decision making. Dynamic panel Generalized Methods of Moments and Two Stage Least Squares are employed. IPRs laws (treaties) are instrumented with government quality dynamics to assess their incidence on software piracy. The following findings are established. (1) Government institutions are crucial in enforcing IPRs laws (treaties) in the fight against software piracy. (2) Main IP laws enacted by the legislature and Multilateral IP laws are most effective in combating piracy. (3) IPRs laws, WIPO Treaties and Bilateral Treaties do not have significant negative incidences on software piracy. Policy implications are discussed.
2012-08-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/43590/1/MPRA_paper_43590.pdf
Simplice A, Asongu (2012): Fighting software piracy: which IPRs laws (treaties) matter in Africa? Forthcoming in:
en
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