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AA / International- internationaal --- 382.242.0 --- 333.432.0 --- 339.20 --- Balans van het kapitaalverkeer: algemeenheden. --- Monetaire akkoorden en conventies: algemeenheden. --- Verdeling van de goederen en van de inkomens: algemeenheden. --- Balans van het kapitaalverkeer: algemeenheden --- Monetaire akkoorden en conventies: algemeenheden --- Verdeling van de goederen en van de inkomens: algemeenheden
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A penetrating critique tracing how under-regulated trading between European and U.S. banks led to the 2008 financial crisis-with a prescription for preventing another meltdown There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined. Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and U.S. financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the U.S. market and financed unsustainable bubbles on both continents. U.S. banks increasingly sold sub-par loans to under-regulated European and U.S. shadow banks and, when the bubbles burst, the losses whipsawed back to the core of the European banking system. A much-needed, fresh look at the origins of the crisis, Bayoumi's analysis concludes that policy makers are ignorant of what still needs to be done both to complete the cleanup and to prevent future crises.
Banking law --- Financial crises. --- Global Financial Crisis, 2008-2009. --- History --- Private finance --- Business cycles --- Global Financial Crisis (2008-2009) --- Financiële crisissen --- Bankrecht --- Verenigde Staten --- Europa --- Geschiedenis
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A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union.
Exports and Imports --- Foreign Exchange --- Labor --- Macroeconomics --- Financial Aspects of Economic Integration --- Labor Economics: General --- Labor Demand --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- International Monetary Arrangements and Institutions --- International economics --- Labour --- income economics --- Currency --- Foreign exchange --- Monetary unions --- Exchange rates --- Labor demand --- Economic integration --- Labor economics --- Labor market --- Economic theory --- Russian Federation
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Canadian public pension plans are run on a "pay-as-you-go" basis. As the baby boom ages, contribution rates for the two main plans are projected to rise significantly, from their current level of around 5 percent of eligible earnings to over 13 percent by 2030. An alternative is to set contribution rates at their underlying long-term levels. Such a policy would imply a significant rise in current contribution rates, to 10-10½ percent of eligible earnings, but would allow the system to cope with the retirement of the baby boom generation without recourse to borrowing or significant increases in contribution rates.
Labor --- Public Finance --- Demography --- Social Security and Public Pensions --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Nonwage Labor Costs and Benefits --- Private Pensions --- Wages, Compensation, and Labor Costs: General --- Health: General --- Pensions --- Labour --- income economics --- Population & demography --- Health economics --- Wages --- Pension spending --- Aging --- Health --- Expenditure --- Population and demographics --- Population aging --- Canada
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This paper uses bilateral data on 420 merchandise trade flows between 21 industrial countries are used to estimate standard trade equations. The data set of over 11,000 observations allows the underlying elasticities to be estimated with considerable precision. Remarkably, a single specification appears to explain behavior across these countries in spite of the large number of individual flows analyzed. The results indicate a powerful long-run effect from supply on exports. Also, the real exchange rate elasticity depends upon the behavior of third country exchange rates. There is evidence of pricing to market and of a J-curve.
Exports and Imports --- Foreign Exchange --- Macroeconomics --- Neoclassical Models of Trade --- Models of Trade with Imperfect Competition and Scale Economies --- Trade: Forecasting and Simulation --- Trade: General --- Price Level --- Inflation --- Deflation --- Empirical Studies of Trade --- Currency --- Foreign exchange --- International economics --- Real exchange rates --- Exports --- Exchange rates --- Export prices --- Trade balance --- Balance of trade
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This paper uses vector autoregressions (VARs) to investigate four explanations of the extended slump in Japanese economic activity during the 1990s: the absence of bold and consistent fiscal stimulus; limited room for expansionary monetary policy because of a liquidity trap; asset price deflation reflecting the long-term problems caused by overinvestment, inadequate returns on saving, and debt overhang; and disruption of financial intermediation. The results indicate that disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending, has been the principal case of the slump.
Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Real Estate --- Business Fluctuations --- Cycles --- Financial Markets and the Macroeconomy --- Price Level --- Inflation --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Nonagricultural and Nonresidential Real Estate Markets --- Interest Rates: Determination, Term Structure, and Effects --- National Government Expenditures and Related Policies: General --- Monetary economics --- Property & real estate --- Finance --- Public finance & taxation --- Asset prices --- Bank credit --- Land prices --- Real interest rates --- Expenditure --- Prices --- Money --- Financial services --- Credit --- Housing --- Interest rates --- Expenditures, Public --- Japan
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A method of testing the relative importance for consumption of risk sharing behavior and changes in current income is proposed and estimated using data across Canadian provinces. The focus of the estimation is less on whether or not the risk sharing model can be rejected than on how much each of these hypotheses can contribute to explaining overall variation in consumption. Both types of behavior are found to be statistically significant, but the risk sharing model is found to explain considerably more of the growth in consumption than does changes in income.
Macroeconomics --- Consumer Economics: Empirical Analysis --- Macroeconomics: Consumption --- Saving --- Wealth --- Personal Income, Wealth, and Their Distributions --- Aggregate Factor Income Distribution --- Consumption --- Income --- Personal income --- Disposable income --- Government consumption --- National accounts --- Economics --- National income --- Canada
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The recent slowdown in the U.S. economy has led to state and local government tax increases and expenditure cuts that have lowered aggregate demand, in contrast to earlier downturns when the sector provided significant automatic stabilizers. Several explanations for this change are examined, including the role of federal grants, mandates, tax revolts, and compensation. The first three factors are found to be relatively unimportant. There does, however, appear to have been a large change in relative compensation over the 1980s, which can account for much of the deterioration in finances.
Macroeconomics --- Public Finance --- Fiscal Policy --- State and Local Budget and Expenditures --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Public Enterprises --- Public-Private Enterprises --- Public finance & taxation --- Civil service & public sector --- Expenditure --- Fiscal stance --- Total expenditures --- Revenue administration --- Public sector --- Fiscal policy --- Economic sectors --- Expenditures, Public --- Revenue --- Finance, Public --- United States
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Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbors appear the most likely to gain; however, our knowledge is too uncertain to say whether all, some, or no countries would reap net economic benefits. The second issue is how to avoid exchange rate instability in the transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement the parities at which different currencies would enter EMU could reduce such instability if governments were willing to accept the required limitations on domestic policies.
Foreign Exchange --- Money and Monetary Policy --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Currency --- Foreign exchange --- Monetary economics --- Exchange rates --- Currencies --- Exchange rate arrangements --- Exchange rate policy --- Conventional peg --- Money --- United States
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