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17755447; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=17755447]").text(description); $(".js-view-count-work_17755447").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_17755447").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="17755447"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">19</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="2585" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Development">International Development</a>, <script data-card-contents-for-ri="2585" type="text/json">{"id":2585,"name":"International Development","url":"https://www.academia.edu/Documents/in/International_Development?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="10220" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_policy">Economic policy</a>, <script data-card-contents-for-ri="10220" type="text/json">{"id":10220,"name":"Economic policy","url":"https://www.academia.edu/Documents/in/Economic_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="16457" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_sector">Public sector</a>, <script data-card-contents-for-ri="16457" type="text/json">{"id":16457,"name":"Public sector","url":"https://www.academia.edu/Documents/in/Public_sector?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="19408" rel="nofollow" href="https://www.academia.edu/Documents/in/Urban_Poverty">Urban Poverty</a><script data-card-contents-for-ri="19408" type="text/json">{"id":19408,"name":"Urban Poverty","url":"https://www.academia.edu/Documents/in/Urban_Poverty?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=17755447]'), work: {"id":17755447,"title":"Poverty, Inequality and Growth in Zambia during the 1990s","created_at":"2015-11-04T12:16:08.554-08:00","url":"https://www.academia.edu/17755447/Poverty_Inequality_and_Growth_in_Zambia_during_the_1990s?f_ri=1121606","dom_id":"work_17755447","summary":null,"downloadable_attachments":[{"id":39692733,"asset_id":17755447,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":37661969,"first_name":"Bob","last_name":"Baulch","domain_name":"independent","page_name":"BobBaulch","display_name":"Bob Baulch","profile_url":"https://independent.academia.edu/BobBaulch?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":2585,"name":"International Development","url":"https://www.academia.edu/Documents/in/International_Development?f_ri=1121606","nofollow":true},{"id":10220,"name":"Economic policy","url":"https://www.academia.edu/Documents/in/Economic_policy?f_ri=1121606","nofollow":true},{"id":16457,"name":"Public sector","url":"https://www.academia.edu/Documents/in/Public_sector?f_ri=1121606","nofollow":true},{"id":19408,"name":"Urban Poverty","url":"https://www.academia.edu/Documents/in/Urban_Poverty?f_ri=1121606","nofollow":true},{"id":39364,"name":"Poverty Measurement","url":"https://www.academia.edu/Documents/in/Poverty_Measurement?f_ri=1121606"},{"id":71228,"name":"Trade Liberalization","url":"https://www.academia.edu/Documents/in/Trade_Liberalization?f_ri=1121606"},{"id":82413,"name":"Trade Policy","url":"https://www.academia.edu/Documents/in/Trade_Policy?f_ri=1121606"},{"id":84384,"name":"Maize","url":"https://www.academia.edu/Documents/in/Maize?f_ri=1121606"},{"id":177942,"name":"Economic Reform","url":"https://www.academia.edu/Documents/in/Economic_Reform?f_ri=1121606"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606"},{"id":467728,"name":"Institutional Reform","url":"https://www.academia.edu/Documents/in/Institutional_Reform?f_ri=1121606"},{"id":533274,"name":"Growth rate","url":"https://www.academia.edu/Documents/in/Growth_rate?f_ri=1121606"},{"id":586327,"name":"Household Survey","url":"https://www.academia.edu/Documents/in/Household_Survey?f_ri=1121606"},{"id":647003,"name":"Rural Area","url":"https://www.academia.edu/Documents/in/Rural_Area?f_ri=1121606"},{"id":668922,"name":"Rural Livelihood","url":"https://www.academia.edu/Documents/in/Rural_Livelihood?f_ri=1121606"},{"id":954463,"name":"Trade Liberalisation","url":"https://www.academia.edu/Documents/in/Trade_Liberalisation?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1145173,"name":"Policy Reform","url":"https://www.academia.edu/Documents/in/Policy_Reform?f_ri=1121606"},{"id":1984794,"name":"Urban Area","url":"https://www.academia.edu/Documents/in/Urban_Area?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_20676449" data-work_id="20676449" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/20676449/Un_estudio_sobre_el_endeudamiento_del_consumidor_el_caso_de_los_hogares_vascos_A_Study_of_the_Consumers_Indebtedness_The_Case_of_the_Basque_Households">Un estudio sobre el endeudamiento del consumidor: el caso de los hogares vascos/A Study of the Consumers Indebtedness: The Case of the Basque Households</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Factores como la aparición en el mercado de nuevas formas de financiación, los nuevos patrones de consumo y ahorro, o la estabilidad macroeconómica de los últimos años han impulsado el incremento del endeudamiento de los hogares. Sin... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_20676449" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Factores como la aparición en el mercado de nuevas formas de financiación, los nuevos patrones de consumo y ahorro, o la estabilidad macroeconómica de los últimos años han impulsado el incremento del endeudamiento de los hogares. Sin embargo, la situación de ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/20676449" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="06bed09ffd1e9588c3f7d1b88ef9a72a" rel="nofollow" data-download="{"attachment_id":41499618,"asset_id":20676449,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/41499618/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32592327" href="https://deusto.academia.edu/AlazneAlberdi">Alazne Alberdi</a><script data-card-contents-for-user="32592327" type="text/json">{"id":32592327,"first_name":"Alazne","last_name":"Alberdi","domain_name":"deusto","page_name":"AlazneAlberdi","display_name":"Alazne Alberdi","profile_url":"https://deusto.academia.edu/AlazneAlberdi?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_20676449 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="20676449"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 20676449, container: ".js-paper-rank-work_20676449", }); 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$(".js-view-count[data-work-id=20676449]").text(description); $(".js-view-count-work_20676449").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_20676449").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="20676449"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47240" rel="nofollow" href="https://www.academia.edu/Documents/in/Estudios_de_G%C3%A9nero">Estudios de Género</a>, <script data-card-contents-for-ri="47240" type="text/json">{"id":47240,"name":"Estudios de Género","url":"https://www.academia.edu/Documents/in/Estudios_de_G%C3%A9nero?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="436755" rel="nofollow" href="https://www.academia.edu/Documents/in/Degeneration">Degeneration</a>, <script data-card-contents-for-ri="436755" type="text/json">{"id":436755,"name":"Degeneration","url":"https://www.academia.edu/Documents/in/Degeneration?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="663534" rel="nofollow" href="https://www.academia.edu/Documents/in/Interest_Rate">Interest Rate</a>, <script data-card-contents-for-ri="663534" type="text/json">{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=20676449]'), work: {"id":20676449,"title":"Un estudio sobre el endeudamiento del consumidor: el caso de los hogares vascos/A Study of the Consumers Indebtedness: The Case of the Basque Households","created_at":"2016-01-23T23:24:54.488-08:00","url":"https://www.academia.edu/20676449/Un_estudio_sobre_el_endeudamiento_del_consumidor_el_caso_de_los_hogares_vascos_A_Study_of_the_Consumers_Indebtedness_The_Case_of_the_Basque_Households?f_ri=1121606","dom_id":"work_20676449","summary":"Factores como la aparición en el mercado de nuevas formas de financiación, los nuevos patrones de consumo y ahorro, o la estabilidad macroeconómica de los últimos años han impulsado el incremento del endeudamiento de los hogares. Sin embargo, la situación de ...","downloadable_attachments":[{"id":41499618,"asset_id":20676449,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32592327,"first_name":"Alazne","last_name":"Alberdi","domain_name":"deusto","page_name":"AlazneAlberdi","display_name":"Alazne Alberdi","profile_url":"https://deusto.academia.edu/AlazneAlberdi?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47240,"name":"Estudios de Género","url":"https://www.academia.edu/Documents/in/Estudios_de_G%C3%A9nero?f_ri=1121606","nofollow":true},{"id":436755,"name":"Degeneration","url":"https://www.academia.edu/Documents/in/Degeneration?f_ri=1121606","nofollow":true},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_69881387" data-work_id="69881387" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/69881387/Macroeconomic_stability_governance_and_growth_empirical_lessons_from_the_post_communist_transition">Macroeconomic stability, governance and growth: empirical lessons from the post-communist transition</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Using panel data for the period 1989-2006 we revisit the empirics of economic growth in the context of the post-communist transition. We pay particular attention to the mechanisms of causation and to the potential endogeneity of the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_69881387" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Using panel data for the period 1989-2006 we revisit the empirics of economic growth in the context of the post-communist transition. We pay particular attention to the mechanisms of causation and to the potential endogeneity of the macroeconomic stability indicators considered to be important in the existing literature. Carefully employing a variety of econometric techniques we consistently find that macroeconomic instability is bad for economic growth. We find some evidence that institutions of governance are important for economic growth through their influence on the macroeconomic environment. That is, good institutions are conducive to macroeconomic stability which in turn positively impacts upon economic growth. We also find, in contrast with other work, that investments in education have had a strong positive impact on growth in transition while other &#39;standard&#39; economic growth determinants remain less important. These findings are shown to be robust to a variety of e...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/69881387" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="209ce076da24537399f478c2c5a9216f" rel="nofollow" data-download="{"attachment_id":79808307,"asset_id":69881387,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/79808307/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1028458" href="https://oxford.academia.edu/ChristopherGerry">Christopher J Gerry</a><script data-card-contents-for-user="1028458" type="text/json">{"id":1028458,"first_name":"Christopher","last_name":"Gerry","domain_name":"oxford","page_name":"ChristopherGerry","display_name":"Christopher J Gerry","profile_url":"https://oxford.academia.edu/ChristopherGerry?f_ri=1121606","photo":"https://0.academia-photos.com/1028458/358642/30395686/s65_christopher.gerry.jpg"}</script></span></span></li><li class="js-paper-rank-work_69881387 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="69881387"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 69881387, container: ".js-paper-rank-work_69881387", }); 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$(".js-view-count[data-work-id=69881387]").text(description); $(".js-view-count-work_69881387").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_69881387").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="69881387"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="40860" rel="nofollow" href="https://www.academia.edu/Documents/in/Panel_Data">Panel Data</a>, <script data-card-contents-for-ri="40860" type="text/json">{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="63804" rel="nofollow" href="https://www.academia.edu/Documents/in/Institutions">Institutions</a><script data-card-contents-for-ri="63804" type="text/json">{"id":63804,"name":"Institutions","url":"https://www.academia.edu/Documents/in/Institutions?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=69881387]'), work: {"id":69881387,"title":"Macroeconomic stability, governance and growth: empirical lessons from the post-communist transition","created_at":"2022-01-29T01:41:15.589-08:00","url":"https://www.academia.edu/69881387/Macroeconomic_stability_governance_and_growth_empirical_lessons_from_the_post_communist_transition?f_ri=1121606","dom_id":"work_69881387","summary":"Using panel data for the period 1989-2006 we revisit the empirics of economic growth in the context of the post-communist transition. We pay particular attention to the mechanisms of causation and to the potential endogeneity of the macroeconomic stability indicators considered to be important in the existing literature. Carefully employing a variety of econometric techniques we consistently find that macroeconomic instability is bad for economic growth. We find some evidence that institutions of governance are important for economic growth through their influence on the macroeconomic environment. That is, good institutions are conducive to macroeconomic stability which in turn positively impacts upon economic growth. We also find, in contrast with other work, that investments in education have had a strong positive impact on growth in transition while other \u0026#39;standard\u0026#39; economic growth determinants remain less important. These findings are shown to be robust to a variety of e...","downloadable_attachments":[{"id":79808307,"asset_id":69881387,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1028458,"first_name":"Christopher","last_name":"Gerry","domain_name":"oxford","page_name":"ChristopherGerry","display_name":"Christopher J Gerry","profile_url":"https://oxford.academia.edu/ChristopherGerry?f_ri=1121606","photo":"https://0.academia-photos.com/1028458/358642/30395686/s65_christopher.gerry.jpg"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=1121606","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true},{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data?f_ri=1121606","nofollow":true},{"id":63804,"name":"Institutions","url":"https://www.academia.edu/Documents/in/Institutions?f_ri=1121606","nofollow":true},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=1121606"},{"id":512177,"name":"Economic transition","url":"https://www.academia.edu/Documents/in/Economic_transition?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":2455189,"name":"Investment in Education","url":"https://www.academia.edu/Documents/in/Investment_in_Education?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_59906416" data-work_id="59906416" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/59906416/The_Argentine_Currency_Board">The Argentine Currency Board</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_59906416" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks. The paper will argue that a strict exchange rate rule like the one used in Argentina can be a strong alternative to other exchange rate regimes to ensure macroeconomic stability in a globalized world with highly integrated capital markets.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/59906416" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="33a0f82a4077734ea2d022c87c7e496a" rel="nofollow" data-download="{"attachment_id":73590804,"asset_id":59906416,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/73590804/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33336894" href="https://independent.academia.edu/MiguelKiguel">Miguel Kiguel</a><script data-card-contents-for-user="33336894" type="text/json">{"id":33336894,"first_name":"Miguel","last_name":"Kiguel","domain_name":"independent","page_name":"MiguelKiguel","display_name":"Miguel Kiguel","profile_url":"https://independent.academia.edu/MiguelKiguel?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_59906416 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="59906416"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 59906416, container: ".js-paper-rank-work_59906416", }); });</script></li><li class="js-percentile-work_59906416 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 59906416; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_59906416"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_59906416 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="59906416"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 59906416; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=59906416]").text(description); $(".js-view-count-work_59906416").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_59906416").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="59906416"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="63444" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_System">Financial System</a>, <script data-card-contents-for-ri="63444" type="text/json">{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a>, <script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="399256" rel="nofollow" href="https://www.academia.edu/Documents/in/Currency_Board">Currency Board</a>, <script data-card-contents-for-ri="399256" type="text/json">{"id":399256,"name":"Currency Board","url":"https://www.academia.edu/Documents/in/Currency_Board?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=59906416]'), work: {"id":59906416,"title":"The Argentine Currency Board","created_at":"2021-10-25T05:14:06.524-07:00","url":"https://www.academia.edu/59906416/The_Argentine_Currency_Board?f_ri=1121606","dom_id":"work_59906416","summary":"This paper evaluates the usefulness of a currency board regime based on Argentina’s experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks. The paper will argue that a strict exchange rate rule like the one used in Argentina can be a strong alternative to other exchange rate regimes to ensure macroeconomic stability in a globalized world with highly integrated capital markets.","downloadable_attachments":[{"id":73590804,"asset_id":59906416,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33336894,"first_name":"Miguel","last_name":"Kiguel","domain_name":"independent","page_name":"MiguelKiguel","display_name":"Miguel Kiguel","profile_url":"https://independent.academia.edu/MiguelKiguel?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=1121606","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true},{"id":399256,"name":"Currency Board","url":"https://www.academia.edu/Documents/in/Currency_Board?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_17707240" data-work_id="17707240" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/17707240/Economic_Integration_and_Convergence_Processes_in_the_EU_Cohesion_Countries">Economic Integration and Convergence Processes in the EU Cohesion Countries</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This article compares the economic performance of the EU cohesion countries -Greece, Spain, Portugal and Ireland -from 1960 to the present, in order to identify the processes that have promoted or inhibited real convergence prospects at... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_17707240" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This article compares the economic performance of the EU cohesion countries -Greece, Spain, Portugal and Ireland -from 1960 to the present, in order to identify the processes that have promoted or inhibited real convergence prospects at various points in time. The likely impacts of EMU in strengthening or weakening these processes are then analysed. Amongst the factors studied are labour-market performance, macroeconomic stability and the efficacy of microeconomic policy-making.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/17707240" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c54b1aa52bdd99e43aab7ecdfc9e4264" rel="nofollow" data-download="{"attachment_id":39667039,"asset_id":17707240,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/39667039/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="37286855" href="https://independent.academia.edu/FrankBarry2">Frank Barry</a><script data-card-contents-for-user="37286855" type="text/json">{"id":37286855,"first_name":"Frank","last_name":"Barry","domain_name":"independent","page_name":"FrankBarry2","display_name":"Frank Barry","profile_url":"https://independent.academia.edu/FrankBarry2?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_17707240 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="17707240"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 17707240, container: ".js-paper-rank-work_17707240", }); 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$(".js-view-count[data-work-id=17707240]").text(description); $(".js-view-count-work_17707240").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_17707240").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="17707240"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="534" rel="nofollow" href="https://www.academia.edu/Documents/in/Law">Law</a>, <script data-card-contents-for-ri="534" type="text/json">{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4486" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Science">Political Science</a>, <script data-card-contents-for-ri="4486" type="text/json">{"id":4486,"name":"Political Science","url":"https://www.academia.edu/Documents/in/Political_Science?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="16681" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_integration">Economic integration</a>, <script data-card-contents-for-ri="16681" type="text/json">{"id":16681,"name":"Economic integration","url":"https://www.academia.edu/Documents/in/Economic_integration?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="54279" rel="nofollow" href="https://www.academia.edu/Documents/in/Policy_making">Policy making</a><script data-card-contents-for-ri="54279" type="text/json">{"id":54279,"name":"Policy making","url":"https://www.academia.edu/Documents/in/Policy_making?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=17707240]'), work: {"id":17707240,"title":"Economic Integration and Convergence Processes in the EU Cohesion Countries","created_at":"2015-11-03T23:59:53.655-08:00","url":"https://www.academia.edu/17707240/Economic_Integration_and_Convergence_Processes_in_the_EU_Cohesion_Countries?f_ri=1121606","dom_id":"work_17707240","summary":"This article compares the economic performance of the EU cohesion countries -Greece, Spain, Portugal and Ireland -from 1960 to the present, in order to identify the processes that have promoted or inhibited real convergence prospects at various points in time. The likely impacts of EMU in strengthening or weakening these processes are then analysed. Amongst the factors studied are labour-market performance, macroeconomic stability and the efficacy of microeconomic policy-making.","downloadable_attachments":[{"id":39667039,"asset_id":17707240,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":37286855,"first_name":"Frank","last_name":"Barry","domain_name":"independent","page_name":"FrankBarry2","display_name":"Frank Barry","profile_url":"https://independent.academia.edu/FrankBarry2?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":534,"name":"Law","url":"https://www.academia.edu/Documents/in/Law?f_ri=1121606","nofollow":true},{"id":4486,"name":"Political Science","url":"https://www.academia.edu/Documents/in/Political_Science?f_ri=1121606","nofollow":true},{"id":16681,"name":"Economic integration","url":"https://www.academia.edu/Documents/in/Economic_integration?f_ri=1121606","nofollow":true},{"id":54279,"name":"Policy making","url":"https://www.academia.edu/Documents/in/Policy_making?f_ri=1121606","nofollow":true},{"id":91117,"name":"Labour Market","url":"https://www.academia.edu/Documents/in/Labour_Market?f_ri=1121606"},{"id":380315,"name":"Public Administration and Policy","url":"https://www.academia.edu/Documents/in/Public_Administration_and_Policy?f_ri=1121606"},{"id":479603,"name":"Economic performance","url":"https://www.academia.edu/Documents/in/Economic_performance?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_58753126" data-work_id="58753126" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/58753126/Conceptualizing_and_measuring_economic_resilience">Conceptualizing and measuring economic resilience</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper develops a conceptual and methodological framework for the analysis and measurement of economic resilience. The working definition of economic resilience adopted in this paper is the &quot;nurtured&quot; ability of an economy... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_58753126" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper develops a conceptual and methodological framework for the analysis and measurement of economic resilience. The working definition of economic resilience adopted in this paper is the &quot;nurtured&quot; ability of an economy to recover from or adjust to the effects of adverse shocks to which it may be inherently exposed. This concept is used to provide an explanation as to why a number of inherently vulnerable countries have attained relatively high levels of GDP per capita. The paper also presents a tentative approach aimed at developing an index of economic resilience covering four aspects namely macroeconomic stability, microeconomic market efficiency, governance and social development.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/58753126" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e70b9ea718f60e294114641d8bc7ec65" rel="nofollow" data-download="{"attachment_id":73012024,"asset_id":58753126,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/73012024/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32400019" href="https://malta.academia.edu/LinoBriguglio">Lino Briguglio</a><script data-card-contents-for-user="32400019" type="text/json">{"id":32400019,"first_name":"Lino","last_name":"Briguglio","domain_name":"malta","page_name":"LinoBriguglio","display_name":"Lino Briguglio","profile_url":"https://malta.academia.edu/LinoBriguglio?f_ri=1121606","photo":"https://0.academia-photos.com/32400019/13273516/14539250/s65_lino.briguglio.jpg"}</script></span></span></li><li class="js-paper-rank-work_58753126 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="58753126"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 58753126, container: ".js-paper-rank-work_58753126", }); 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$(".js-view-count[data-work-id=58753126]").text(description); $(".js-view-count-work_58753126").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_58753126").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="58753126"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="64987" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Development">Social Development</a>, <script data-card-contents-for-ri="64987" type="text/json">{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="226331" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_efficiency">Market efficiency</a>, <script data-card-contents-for-ri="226331" type="text/json">{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="491799" rel="nofollow" href="https://www.academia.edu/Documents/in/University_of_Malta">University of Malta</a>, <script data-card-contents-for-ri="491799" type="text/json">{"id":491799,"name":"University of Malta","url":"https://www.academia.edu/Documents/in/University_of_Malta?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="923152" rel="nofollow" href="https://www.academia.edu/Documents/in/GDP_Per_Capita">GDP Per Capita</a><script data-card-contents-for-ri="923152" type="text/json">{"id":923152,"name":"GDP Per Capita","url":"https://www.academia.edu/Documents/in/GDP_Per_Capita?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=58753126]'), work: {"id":58753126,"title":"Conceptualizing and measuring economic resilience","created_at":"2021-10-18T02:21:29.479-07:00","url":"https://www.academia.edu/58753126/Conceptualizing_and_measuring_economic_resilience?f_ri=1121606","dom_id":"work_58753126","summary":"This paper develops a conceptual and methodological framework for the analysis and measurement of economic resilience. The working definition of economic resilience adopted in this paper is the \u0026quot;nurtured\u0026quot; ability of an economy to recover from or adjust to the effects of adverse shocks to which it may be inherently exposed. This concept is used to provide an explanation as to why a number of inherently vulnerable countries have attained relatively high levels of GDP per capita. The paper also presents a tentative approach aimed at developing an index of economic resilience covering four aspects namely macroeconomic stability, microeconomic market efficiency, governance and social development.","downloadable_attachments":[{"id":73012024,"asset_id":58753126,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32400019,"first_name":"Lino","last_name":"Briguglio","domain_name":"malta","page_name":"LinoBriguglio","display_name":"Lino Briguglio","profile_url":"https://malta.academia.edu/LinoBriguglio?f_ri=1121606","photo":"https://0.academia-photos.com/32400019/13273516/14539250/s65_lino.briguglio.jpg"}],"research_interests":[{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=1121606","nofollow":true},{"id":491799,"name":"University of Malta","url":"https://www.academia.edu/Documents/in/University_of_Malta?f_ri=1121606","nofollow":true},{"id":923152,"name":"GDP Per Capita","url":"https://www.academia.edu/Documents/in/GDP_Per_Capita?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_10912397" data-work_id="10912397" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/10912397/FISCAL_POLICY_MACROECONOMIC_STABILITY_AND_FINITE_HORIZONS">FISCAL POLICY, MACROECONOMIC STABILITY AND FINITE HORIZONS</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_10912397" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantially affected by the operation of automatic stabilisers but we find interesting composition effects. While the presence of finitely-lived households strengthens the stabilisation performance of distortionary taxes through the reduction of the volatility of consumption, it does so at the cost of more volatile investment and real balances. These conflicting responses add up to a very small overall welfare losses associated with distortionary taxation.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/10912397" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="94708834586fc0ec29a8cb1f0bc17065" rel="nofollow" data-download="{"attachment_id":47032124,"asset_id":10912397,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/47032124/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="26474469" href="https://independent.academia.edu/JavierAndres9">Javier Andres</a><script data-card-contents-for-user="26474469" type="text/json">{"id":26474469,"first_name":"Javier","last_name":"Andres","domain_name":"independent","page_name":"JavierAndres9","display_name":"Javier Andres","profile_url":"https://independent.academia.edu/JavierAndres9?f_ri=1121606","photo":"https://0.academia-photos.com/26474469/7346715/8261129/s65_javier.andres.jpg_oh_b5a5965c7c2637133d6d5935143b6940_oe_554bc23e___gda___1434966869_1fc239e13ccc252ccad80e39655806ff"}</script></span></span></li><li class="js-paper-rank-work_10912397 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="10912397"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 10912397, container: ".js-paper-rank-work_10912397", }); 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$(".js-view-count[data-work-id=10912397]").text(description); $(".js-view-count-work_10912397").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_10912397").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="10912397"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="4486" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Science">Political Science</a>, <script data-card-contents-for-ri="4486" type="text/json">{"id":4486,"name":"Political Science","url":"https://www.academia.edu/Documents/in/Political_Science?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=10912397]'), work: {"id":10912397,"title":"FISCAL POLICY, MACROECONOMIC STABILITY AND FINITE HORIZONS","created_at":"2015-02-18T16:23:09.284-08:00","url":"https://www.academia.edu/10912397/FISCAL_POLICY_MACROECONOMIC_STABILITY_AND_FINITE_HORIZONS?f_ri=1121606","dom_id":"work_10912397","summary":"In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantially affected by the operation of automatic stabilisers but we find interesting composition effects. While the presence of finitely-lived households strengthens the stabilisation performance of distortionary taxes through the reduction of the volatility of consumption, it does so at the cost of more volatile investment and real balances. These conflicting responses add up to a very small overall welfare losses associated with distortionary taxation.","downloadable_attachments":[{"id":47032124,"asset_id":10912397,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":26474469,"first_name":"Javier","last_name":"Andres","domain_name":"independent","page_name":"JavierAndres9","display_name":"Javier Andres","profile_url":"https://independent.academia.edu/JavierAndres9?f_ri=1121606","photo":"https://0.academia-photos.com/26474469/7346715/8261129/s65_javier.andres.jpg_oh_b5a5965c7c2637133d6d5935143b6940_oe_554bc23e___gda___1434966869_1fc239e13ccc252ccad80e39655806ff"}],"research_interests":[{"id":4486,"name":"Political Science","url":"https://www.academia.edu/Documents/in/Political_Science?f_ri=1121606","nofollow":true},{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true},{"id":1381344,"name":"Scottish Political Economy","url":"https://www.academia.edu/Documents/in/Scottish_Political_Economy?f_ri=1121606"},{"id":1438584,"name":"Overlapping Generations Model","url":"https://www.academia.edu/Documents/in/Overlapping_Generations_Model?f_ri=1121606"},{"id":1702189,"name":"Government Debt","url":"https://www.academia.edu/Documents/in/Government_Debt?f_ri=1121606"},{"id":2197281,"name":"New keynesian Model","url":"https://www.academia.edu/Documents/in/New_keynesian_Model?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30680736 coauthored" data-work_id="30680736" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30680736/Fiscal_Policy_Macroeconomic_Stability_and_Finite_Horizons">Fiscal Policy, Macroeconomic Stability and Finite Horizons</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_30680736" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantially affected by the operation of automatic stabilisers but we find interesting composition effects. While the presence of finitely-lived households strengthens the stabilisation performance of distortionary taxes through the reduction of the volatility of consumption, it does so at the cost of more volatile investment and real balances. These conflicting responses add up to a very small overall welfare losses associated with distortionary taxation.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30680736" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="373dc4f0cbb1e5220124fda925ebf854" rel="nofollow" data-download="{"attachment_id":51121922,"asset_id":30680736,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51121922/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="58427913" href="https://ufps.academia.edu/JavierAndres">Javier Andres</a><script data-card-contents-for-user="58427913" type="text/json">{"id":58427913,"first_name":"Javier","last_name":"Andres","domain_name":"ufps","page_name":"JavierAndres","display_name":"Javier Andres","profile_url":"https://ufps.academia.edu/JavierAndres?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-30680736">+1</span><div class="hidden js-additional-users-30680736"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/CampbellLeith">Campbell Leith</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-30680736'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-30680736').html(); } } new HoverPopover(popoverSettings); })();</script></li><li class="js-paper-rank-work_30680736 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30680736"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30680736, container: ".js-paper-rank-work_30680736", }); });</script></li><li class="js-percentile-work_30680736 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30680736; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30680736"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30680736 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30680736"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30680736; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30680736]").text(description); $(".js-view-count-work_30680736").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30680736").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30680736"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="4486" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Science">Political Science</a>, <script data-card-contents-for-ri="4486" type="text/json">{"id":4486,"name":"Political Science","url":"https://www.academia.edu/Documents/in/Political_Science?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30680736]'), work: {"id":30680736,"title":"Fiscal Policy, Macroeconomic Stability and Finite Horizons","created_at":"2016-12-30T07:52:16.954-08:00","url":"https://www.academia.edu/30680736/Fiscal_Policy_Macroeconomic_Stability_and_Finite_Horizons?f_ri=1121606","dom_id":"work_30680736","summary":"In this paper we analyse the stabilisation properties of distortionary taxes in a New Keynesian model with overlapping generations of finitely-lived consumers. In this framework, government debt is part of net wealth and this adds a number of interesting channels through which fiscal policy could affect output and inflation. Output volatility, in presence of technology shocks, is not substantially affected by the operation of automatic stabilisers but we find interesting composition effects. While the presence of finitely-lived households strengthens the stabilisation performance of distortionary taxes through the reduction of the volatility of consumption, it does so at the cost of more volatile investment and real balances. These conflicting responses add up to a very small overall welfare losses associated with distortionary taxation.","downloadable_attachments":[{"id":51121922,"asset_id":30680736,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":58427913,"first_name":"Javier","last_name":"Andres","domain_name":"ufps","page_name":"JavierAndres","display_name":"Javier Andres","profile_url":"https://ufps.academia.edu/JavierAndres?f_ri=1121606","photo":"/images/s65_no_pic.png"},{"id":58527690,"first_name":"Campbell","last_name":"Leith","domain_name":"independent","page_name":"CampbellLeith","display_name":"Campbell Leith","profile_url":"https://independent.academia.edu/CampbellLeith?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4486,"name":"Political Science","url":"https://www.academia.edu/Documents/in/Political_Science?f_ri=1121606","nofollow":true},{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true},{"id":1381344,"name":"Scottish Political Economy","url":"https://www.academia.edu/Documents/in/Scottish_Political_Economy?f_ri=1121606"},{"id":1438584,"name":"Overlapping Generations Model","url":"https://www.academia.edu/Documents/in/Overlapping_Generations_Model?f_ri=1121606"},{"id":1702189,"name":"Government Debt","url":"https://www.academia.edu/Documents/in/Government_Debt?f_ri=1121606"},{"id":2197281,"name":"New keynesian Model","url":"https://www.academia.edu/Documents/in/New_keynesian_Model?f_ri=1121606"},{"id":2530873,"name":"Output volatility","url":"https://www.academia.edu/Documents/in/Output_volatility?f_ri=1121606"},{"id":2537831,"name":"Finite-horizon","url":"https://www.academia.edu/Documents/in/Finite-horizon?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_24065110" data-work_id="24065110" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/24065110/The_Effects_of_Budget_Deficit_Reduction_on_Exchange_Rate_Evidence_from_Turkey">The Effects of Budget Deficit Reduction on Exchange Rate: Evidence from Turkey</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study investigates the effect of budget deficit reduction on exchange rate between US dollar and Turkish lira (TL). Our article aims to illustrate that the evidence on the relationship between budget deficits and exchange rates is... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_24065110" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study investigates the effect of budget deficit reduction on exchange rate between US dollar and Turkish lira (TL). Our article aims to illustrate that the evidence on the relationship between budget deficits and exchange rates is not clear-cut and to explain why the theoretical approaches that underlie the relationship are ambiguous while there is general agreement that cutting budget</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/24065110" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ec69d791b76d3b662cc01eeebfb2835a" rel="nofollow" data-download="{"attachment_id":44436486,"asset_id":24065110,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44436486/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="46441418" href="https://independent.academia.edu/YaprakG%C3%BClcan">Yaprak Gülcan</a><script data-card-contents-for-user="46441418" type="text/json">{"id":46441418,"first_name":"Yaprak","last_name":"Gülcan","domain_name":"independent","page_name":"YaprakGülcan","display_name":"Yaprak Gülcan","profile_url":"https://independent.academia.edu/YaprakG%C3%BClcan?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_24065110 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="24065110"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 24065110, container: ".js-paper-rank-work_24065110", }); 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$(".js-view-count[data-work-id=24065110]").text(description); $(".js-view-count-work_24065110").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_24065110").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="24065110"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a>, <script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a>, <script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="243464" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Economies">Developing Economies</a>, <script data-card-contents-for-ri="243464" type="text/json">{"id":243464,"name":"Developing Economies","url":"https://www.academia.edu/Documents/in/Developing_Economies?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="518674" rel="nofollow" href="https://www.academia.edu/Documents/in/Budget_Deficit">Budget Deficit</a><script data-card-contents-for-ri="518674" type="text/json">{"id":518674,"name":"Budget Deficit","url":"https://www.academia.edu/Documents/in/Budget_Deficit?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=24065110]'), work: {"id":24065110,"title":"The Effects of Budget Deficit Reduction on Exchange Rate: Evidence from Turkey","created_at":"2016-04-05T07:05:19.218-07:00","url":"https://www.academia.edu/24065110/The_Effects_of_Budget_Deficit_Reduction_on_Exchange_Rate_Evidence_from_Turkey?f_ri=1121606","dom_id":"work_24065110","summary":"This study investigates the effect of budget deficit reduction on exchange rate between US dollar and Turkish lira (TL). Our article aims to illustrate that the evidence on the relationship between budget deficits and exchange rates is not clear-cut and to explain why the theoretical approaches that underlie the relationship are ambiguous while there is general agreement that cutting budget","downloadable_attachments":[{"id":44436486,"asset_id":24065110,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":46441418,"first_name":"Yaprak","last_name":"Gülcan","domain_name":"independent","page_name":"YaprakGülcan","display_name":"Yaprak Gülcan","profile_url":"https://independent.academia.edu/YaprakG%C3%BClcan?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true},{"id":243464,"name":"Developing 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href="https://www.academia.edu/4418057/Integration_and_transition_Vietnam_Cambodia_and_Lao_PDR">Integration and transition – Vietnam, Cambodia and Lao PDR</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">Coming out of French colonial rule and central planning, the three transitional economies of</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/4418057" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="41a19d221c31870d5468a6cb10e96e47" rel="nofollow" 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$(".js-view-count-work_4418057").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="4418057"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">19</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="799" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_Administration">Public Administration</a>, <script data-card-contents-for-ri="799" type="text/json">{"id":799,"name":"Public Administration","url":"https://www.academia.edu/Documents/in/Public_Administration?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3180" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Trade">International Trade</a>, <script data-card-contents-for-ri="3180" type="text/json">{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="8759" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Direct_Investment">Foreign Direct Investment</a>, <script data-card-contents-for-ri="8759" type="text/json">{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="13242" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_Structure">Market Structure</a><script data-card-contents-for-ri="13242" type="text/json">{"id":13242,"name":"Market Structure","url":"https://www.academia.edu/Documents/in/Market_Structure?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=4418057]'), work: {"id":4418057,"title":"Integration and transition – Vietnam, Cambodia and Lao PDR","created_at":"2013-09-05T17:08:37.305-07:00","url":"https://www.academia.edu/4418057/Integration_and_transition_Vietnam_Cambodia_and_Lao_PDR?f_ri=1121606","dom_id":"work_4418057","summary":"Coming out of French colonial rule and central planning, the three transitional economies of","downloadable_attachments":[{"id":31841427,"asset_id":4418057,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":5423534,"first_name":"Kem","last_name":"Thành","domain_name":"independent","page_name":"KemThành","display_name":"Kem Thành","profile_url":"https://independent.academia.edu/KemTh%C3%A0nh?f_ri=1121606","photo":"https://0.academia-photos.com/5423534/2383289/2775382/s65_kem.th_nh.jpg"}],"research_interests":[{"id":799,"name":"Public Administration","url":"https://www.academia.edu/Documents/in/Public_Administration?f_ri=1121606","nofollow":true},{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=1121606","nofollow":true},{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=1121606","nofollow":true},{"id":13242,"name":"Market Structure","url":"https://www.academia.edu/Documents/in/Market_Structure?f_ri=1121606","nofollow":true},{"id":13585,"name":"Market Orientation","url":"https://www.academia.edu/Documents/in/Market_Orientation?f_ri=1121606"},{"id":16110,"name":"Lao PDR","url":"https://www.academia.edu/Documents/in/Lao_PDR?f_ri=1121606"},{"id":16606,"name":"Human Resource","url":"https://www.academia.edu/Documents/in/Human_Resource?f_ri=1121606"},{"id":16655,"name":"Vietnam","url":"https://www.academia.edu/Documents/in/Vietnam?f_ri=1121606"},{"id":39495,"name":"Human Growth and Development","url":"https://www.academia.edu/Documents/in/Human_Growth_and_Development?f_ri=1121606"},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=1121606"},{"id":118593,"name":"Asian Financial Crisis","url":"https://www.academia.edu/Documents/in/Asian_Financial_Crisis?f_ri=1121606"},{"id":244811,"name":"Financial Sector","url":"https://www.academia.edu/Documents/in/Financial_Sector?f_ri=1121606"},{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=1121606"},{"id":466484,"name":"Private Sector","url":"https://www.academia.edu/Documents/in/Private_Sector?f_ri=1121606"},{"id":743999,"name":"Production System","url":"https://www.academia.edu/Documents/in/Production_System?f_ri=1121606"},{"id":873221,"name":"Transition Economy","url":"https://www.academia.edu/Documents/in/Transition_Economy?f_ri=1121606"},{"id":1034610,"name":"Service Sector","url":"https://www.academia.edu/Documents/in/Service_Sector?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1467867,"name":"State Owned Enterprise","url":"https://www.academia.edu/Documents/in/State_Owned_Enterprise?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_9499442" data-work_id="9499442" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/9499442/Economic_Vulnerability_and_Resilience_Concepts_and_Measurements">Economic Vulnerability and Resilience: Concepts and Measurements</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of its inherent characteristics, typically associated with smallness, while economic resilience is the policy-induced ability... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_9499442" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of its inherent characteristics, typically associated with smallness, while economic resilience is the policy-induced ability of an economy to withstand or recover from the effects of adverse shocks. The paper briefly reviews the work already done on economic vulnerability and extends research work carried so far towards developing a conceptual and methodological framework for the definition and measurement of economic resilience. The measurement of economic resilience is carried out through the development of an index gauging the adequacy of policy in four broad areas , namely macroeconomic stability, microeconomic market efficiency, good governance and social development. The analysis of economic resilience explains how small economies can attain a relatively high level of GDP per capita if they adopt appropriate policy stances. In other words, the relatively good economic performance of a number of small states is not because, but in spite of, their small size and inherent economic vulnerability. The results of this study can be used as a tool towards the formulation of policies aimed at overcoming the adverse consequences of economic vulnerability.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/9499442" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a39d64b76f7f79094b476bb39448a875" rel="nofollow" data-download="{"attachment_id":35728797,"asset_id":9499442,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/35728797/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="22265641" href="https://malta.academia.edu/GordonCordina">Gordon Cordina</a><script data-card-contents-for-user="22265641" type="text/json">{"id":22265641,"first_name":"Gordon","last_name":"Cordina","domain_name":"malta","page_name":"GordonCordina","display_name":"Gordon Cordina","profile_url":"https://malta.academia.edu/GordonCordina?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_9499442 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="9499442"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 9499442, container: ".js-paper-rank-work_9499442", }); 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$(".js-view-count[data-work-id=9499442]").text(description); $(".js-view-count-work_9499442").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_9499442").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="9499442"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="262" rel="nofollow" href="https://www.academia.edu/Documents/in/Human_Geography">Human Geography</a>, <script data-card-contents-for-ri="262" type="text/json">{"id":262,"name":"Human Geography","url":"https://www.academia.edu/Documents/in/Human_Geography?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="55966" rel="nofollow" href="https://www.academia.edu/Documents/in/Good_Governance">Good Governance</a>, <script data-card-contents-for-ri="55966" type="text/json">{"id":55966,"name":"Good Governance","url":"https://www.academia.edu/Documents/in/Good_Governance?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="64987" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Development">Social Development</a><script data-card-contents-for-ri="64987" type="text/json">{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=9499442]'), work: {"id":9499442,"title":"Economic Vulnerability and Resilience: Concepts and Measurements","created_at":"2014-11-25T17:20:34.824-08:00","url":"https://www.academia.edu/9499442/Economic_Vulnerability_and_Resilience_Concepts_and_Measurements?f_ri=1121606","dom_id":"work_9499442","summary":"In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of its inherent characteristics, typically associated with smallness, while economic resilience is the policy-induced ability of an economy to withstand or recover from the effects of adverse shocks. The paper briefly reviews the work already done on economic vulnerability and extends research work carried so far towards developing a conceptual and methodological framework for the definition and measurement of economic resilience. The measurement of economic resilience is carried out through the development of an index gauging the adequacy of policy in four broad areas , namely macroeconomic stability, microeconomic market efficiency, good governance and social development. The analysis of economic resilience explains how small economies can attain a relatively high level of GDP per capita if they adopt appropriate policy stances. In other words, the relatively good economic performance of a number of small states is not because, but in spite of, their small size and inherent economic vulnerability. The results of this study can be used as a tool towards the formulation of policies aimed at overcoming the adverse consequences of economic vulnerability.","downloadable_attachments":[{"id":35728797,"asset_id":9499442,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":22265641,"first_name":"Gordon","last_name":"Cordina","domain_name":"malta","page_name":"GordonCordina","display_name":"Gordon Cordina","profile_url":"https://malta.academia.edu/GordonCordina?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":262,"name":"Human Geography","url":"https://www.academia.edu/Documents/in/Human_Geography?f_ri=1121606","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true},{"id":55966,"name":"Good Governance","url":"https://www.academia.edu/Documents/in/Good_Governance?f_ri=1121606","nofollow":true},{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=1121606"},{"id":380315,"name":"Public Administration and Policy","url":"https://www.academia.edu/Documents/in/Public_Administration_and_Policy?f_ri=1121606"},{"id":479603,"name":"Economic performance","url":"https://www.academia.edu/Documents/in/Economic_performance?f_ri=1121606"},{"id":843705,"name":"Gross Domestic Product (GDP)","url":"https://www.academia.edu/Documents/in/Gross_Domestic_Product_GDP_?f_ri=1121606"},{"id":923152,"name":"GDP Per Capita","url":"https://www.academia.edu/Documents/in/GDP_Per_Capita?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31395113" data-work_id="31395113" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31395113/Explaining_the_Migration_of_Stocks_from_Exchanges_in_Emerging_Economies_to_International_Centers">Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">show that these factors also drive the degree with which determinants of the growing migration of stock market capital raising, listing, and trading have been migrating to activity to international financial centers. They use a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_31395113" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">show that these factors also drive the degree with which determinants of the growing migration of stock market capital raising, listing, and trading have been migrating to activity to international financial centers. They use a international financial centers. As fundamentals improve sample of 77 countries and document that higher and technology advances, this migration will likely economic growth and more macroeconomic stability increase and domestic stock market activity may become help stock market development. Countries with higher too little to support local markets. For many emerging income per capita, sounder macroeconomic policies, economies, the best policy is to establish sound more efficient legal systems, better shareholder fundamentals but not necessarily the trading, or even protection, and more open financial markets tend to listing of securities locally. have larger and more liquid stock markets. The authors</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31395113" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1e316010ac7ce74f6e2bf7f85df5525d" rel="nofollow" data-download="{"attachment_id":51766944,"asset_id":31395113,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51766944/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="59961251" href="https://independent.academia.edu/ClaessensStijn">Stijn Claessens</a><script data-card-contents-for-user="59961251" type="text/json">{"id":59961251,"first_name":"Stijn","last_name":"Claessens","domain_name":"independent","page_name":"ClaessensStijn","display_name":"Stijn Claessens","profile_url":"https://independent.academia.edu/ClaessensStijn?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31395113 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31395113"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31395113, container: ".js-paper-rank-work_31395113", }); 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$(".js-view-count[data-work-id=31395113]").text(description); $(".js-view-count-work_31395113").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31395113").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31395113"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">13</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="5405" rel="nofollow" href="https://www.academia.edu/Documents/in/Emerging_Economies">Emerging Economies</a>, <script data-card-contents-for-ri="5405" type="text/json">{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9659" rel="nofollow" href="https://www.academia.edu/Documents/in/Internationalization">Internationalization</a>, <script data-card-contents-for-ri="9659" type="text/json">{"id":9659,"name":"Internationalization","url":"https://www.academia.edu/Documents/in/Internationalization?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="25112" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Markets">Financial Markets</a><script data-card-contents-for-ri="25112" type="text/json">{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31395113]'), work: {"id":31395113,"title":"Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centers","created_at":"2017-02-12T17:21:25.841-08:00","url":"https://www.academia.edu/31395113/Explaining_the_Migration_of_Stocks_from_Exchanges_in_Emerging_Economies_to_International_Centers?f_ri=1121606","dom_id":"work_31395113","summary":"show that these factors also drive the degree with which determinants of the growing migration of stock market capital raising, listing, and trading have been migrating to activity to international financial centers. They use a international financial centers. As fundamentals improve sample of 77 countries and document that higher and technology advances, this migration will likely economic growth and more macroeconomic stability increase and domestic stock market activity may become help stock market development. Countries with higher too little to support local markets. For many emerging income per capita, sounder macroeconomic policies, economies, the best policy is to establish sound more efficient legal systems, better shareholder fundamentals but not necessarily the trading, or even protection, and more open financial markets tend to listing of securities locally. have larger and more liquid stock markets. The authors","downloadable_attachments":[{"id":51766944,"asset_id":31395113,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":59961251,"first_name":"Stijn","last_name":"Claessens","domain_name":"independent","page_name":"ClaessensStijn","display_name":"Stijn Claessens","profile_url":"https://independent.academia.edu/ClaessensStijn?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=1121606","nofollow":true},{"id":9659,"name":"Internationalization","url":"https://www.academia.edu/Documents/in/Internationalization?f_ri=1121606","nofollow":true},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=1121606","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=1121606"},{"id":112486,"name":"Macroeconomic Policy","url":"https://www.academia.edu/Documents/in/Macroeconomic_Policy?f_ri=1121606"},{"id":203356,"name":"Stock market development","url":"https://www.academia.edu/Documents/in/Stock_market_development?f_ri=1121606"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=1121606"},{"id":309843,"name":"Legal system","url":"https://www.academia.edu/Documents/in/Legal_system?f_ri=1121606"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=1121606"},{"id":959756,"name":"Financial Globalization","url":"https://www.academia.edu/Documents/in/Financial_Globalization?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_10332976" data-work_id="10332976" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/10332976/LES_RELATIONS_ENTRE_LES_INVESTISSEMENTS_DIRECTS_%C3%89TRANGERS_MAROCAINS_ET_TUNISIENS_CONCURRENCE_DES_TERRITOIRES_OU_EFFETS_DE_D%C3%89VERSEMENT_DATTRACTIVIT">LES RELATIONS ENTRE LES INVESTISSEMENTS DIRECTS ÉTRANGERS MAROCAINS ET TUNISIENS : CONCURRENCE DES TERRITOIRES OU EFFETS DE DÉVERSEMENT D'ATTRACTIVIT</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">La littérature empirique a identifié de nombreux déterminants des investissements directs étrangers supposés représenter les conditions d'attractivité des territoires d'accueil. Mais l'hypothèse d'une concurrence ou d'une complémentarité... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_10332976" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">La littérature empirique a identifié de nombreux déterminants des investissements directs étrangers supposés représenter les conditions d'attractivité des territoires d'accueil. Mais l'hypothèse d'une concurrence ou d'une complémentarité de l'attractivité des pays connaissant des niveaux de développement similaires au sein d'une même région n'a guère été envisagée. L'objectif de cet article est de tenter de déterminer s'il existe une relation de long terme entre les IDE tunisiens et les IDE marocains. Si les flux d'IDE entrant en Tunisie peuvent améliorer le climat des affaires dans la zone et de ce fait attirer de façon indirecte des IDE au Maroc, le Maroc peut également subir un détournement de trafic sur certains IDE en faveur de son concurrent la Tunisie. Cette hypothèse est testée dans le cadre d'une relation de cointégration puis, dans le cadre d'un modèle à correction d'erreur. Nos résultats montrent que la concurrence et les effets de déversement s'articulent en fait sur la durée.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/10332976" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="51445a5933a5f61609729803fa977b0d" rel="nofollow" data-download="{"attachment_id":36400379,"asset_id":10332976,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/36400379/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="25336376" href="https://bordeaux.academia.edu/DalilaChenafNicet">Dalila Chenaf- Nicet</a><script data-card-contents-for-user="25336376" type="text/json">{"id":25336376,"first_name":"Dalila","last_name":"Chenaf- Nicet","domain_name":"bordeaux","page_name":"DalilaChenafNicet","display_name":"Dalila Chenaf- Nicet","profile_url":"https://bordeaux.academia.edu/DalilaChenafNicet?f_ri=1121606","photo":"https://0.academia-photos.com/25336376/7832822/8777185/s65_dalila.nicet-chenaf.png"}</script></span></span></li><li class="js-paper-rank-work_10332976 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="10332976"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 10332976, container: ".js-paper-rank-work_10332976", }); 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$(".js-view-count[data-work-id=10332976]").text(description); $(".js-view-count-work_10332976").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_10332976").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="10332976"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="219474" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Study">Empirical Study</a>, <script data-card-contents-for-ri="219474" type="text/json">{"id":219474,"name":"Empirical Study","url":"https://www.academia.edu/Documents/in/Empirical_Study?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="243464" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Economies">Developing Economies</a>, <script data-card-contents-for-ri="243464" type="text/json">{"id":243464,"name":"Developing Economies","url":"https://www.academia.edu/Documents/in/Developing_Economies?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=10332976]'), work: {"id":10332976,"title":"LES RELATIONS ENTRE LES INVESTISSEMENTS DIRECTS ÉTRANGERS MAROCAINS ET TUNISIENS : CONCURRENCE DES TERRITOIRES OU EFFETS DE DÉVERSEMENT D'ATTRACTIVIT","created_at":"2015-01-26T00:12:55.969-08:00","url":"https://www.academia.edu/10332976/LES_RELATIONS_ENTRE_LES_INVESTISSEMENTS_DIRECTS_%C3%89TRANGERS_MAROCAINS_ET_TUNISIENS_CONCURRENCE_DES_TERRITOIRES_OU_EFFETS_DE_D%C3%89VERSEMENT_DATTRACTIVIT?f_ri=1121606","dom_id":"work_10332976","summary":"La littérature empirique a identifié de nombreux déterminants des investissements directs étrangers supposés représenter les conditions d'attractivité des territoires d'accueil. Mais l'hypothèse d'une concurrence ou d'une complémentarité de l'attractivité des pays connaissant des niveaux de développement similaires au sein d'une même région n'a guère été envisagée. L'objectif de cet article est de tenter de déterminer s'il existe une relation de long terme entre les IDE tunisiens et les IDE marocains. Si les flux d'IDE entrant en Tunisie peuvent améliorer le climat des affaires dans la zone et de ce fait attirer de façon indirecte des IDE au Maroc, le Maroc peut également subir un détournement de trafic sur certains IDE en faveur de son concurrent la Tunisie. Cette hypothèse est testée dans le cadre d'une relation de cointégration puis, dans le cadre d'un modèle à correction d'erreur. Nos résultats montrent que la concurrence et les effets de déversement s'articulent en fait sur la durée.","downloadable_attachments":[{"id":36400379,"asset_id":10332976,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":25336376,"first_name":"Dalila","last_name":"Chenaf- Nicet","domain_name":"bordeaux","page_name":"DalilaChenafNicet","display_name":"Dalila Chenaf- Nicet","profile_url":"https://bordeaux.academia.edu/DalilaChenafNicet?f_ri=1121606","photo":"https://0.academia-photos.com/25336376/7832822/8777185/s65_dalila.nicet-chenaf.png"}],"research_interests":[{"id":219474,"name":"Empirical Study","url":"https://www.academia.edu/Documents/in/Empirical_Study?f_ri=1121606","nofollow":true},{"id":243464,"name":"Developing Economies","url":"https://www.academia.edu/Documents/in/Developing_Economies?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_25547806 coauthored" data-work_id="25547806" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/25547806/Regla_fiscal_cuantitativa_para_consolidar_y_blindar_las_finanzas_p%C3%BAblicas_de_Colombia">Regla fiscal cuantitativa para consolidar y blindar las finanzas públicas de Colombia</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Las reglas fiscales aumentan la credibilidad en la política económica, permiten un manejo fiscal contracíclico y sostenible intertemporalmente, y contribuyen a la estabilidad y al crecimiento económico. El gobierno colombiano ha usado... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_25547806" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Las reglas fiscales aumentan la credibilidad en la política económica, permiten un manejo fiscal contracíclico y sostenible intertemporalmente, y contribuyen a la estabilidad y al crecimiento económico. El gobierno colombiano ha usado reglas fiscales para limitar el crecimiento del gasto y el endeudamiento de los entes territoriales y para propiciar la transparencia y responsabilidad fiscal del sector público. Sin embargo, el alcance de dichas reglas ha sido limitado, como lo evidencia la naturaleza estructural del desequilibrio fiscal del gobierno central y la procíclicidad de su política. En este documento se formula y evalúa una regla fiscal cuantitativa de 1% del PIB de superávit primario estructural para el gobierno central, con el fin de consolidar el proceso de ajuste de las finanzas públicas del país y blindar su manejo hacia el futuro. La aplicación contrafactual de la regla muestra que si se hubiera adoptado a comienzos de la década, el gobierno hubiera hecho ahorros anual...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/25547806" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="0a2fde943b4b30464af8e36fd69892f7" rel="nofollow" data-download="{"attachment_id":45879754,"asset_id":25547806,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/45879754/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="49139397" href="https://independent.academia.edu/SarmientoMiguel1">Sarmiento Miguel</a><script data-card-contents-for-user="49139397" type="text/json">{"id":49139397,"first_name":"Sarmiento","last_name":"Miguel","domain_name":"independent","page_name":"SarmientoMiguel1","display_name":"Sarmiento Miguel","profile_url":"https://independent.academia.edu/SarmientoMiguel1?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-25547806">+1</span><div class="hidden js-additional-users-25547806"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/IgnacioLozano5">Ignacio Lozano</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-25547806'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-25547806').html(); } } new HoverPopover(popoverSettings); })();</script></li><li class="js-paper-rank-work_25547806 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="25547806"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 25547806, container: ".js-paper-rank-work_25547806", }); });</script></li><li class="js-percentile-work_25547806 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 25547806; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_25547806"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_25547806 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="25547806"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 25547806; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=25547806]").text(description); $(".js-view-count-work_25547806").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_25547806").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="25547806"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="741" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_Finance">Public Finance</a>, <script data-card-contents-for-ri="741" type="text/json">{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="10220" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_policy">Economic policy</a>, <script data-card-contents-for-ri="10220" type="text/json">{"id":10220,"name":"Economic policy","url":"https://www.academia.edu/Documents/in/Economic_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a><script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=25547806]'), work: {"id":25547806,"title":"Regla fiscal cuantitativa para consolidar y blindar las finanzas públicas de Colombia","created_at":"2016-05-23T05:48:15.174-07:00","url":"https://www.academia.edu/25547806/Regla_fiscal_cuantitativa_para_consolidar_y_blindar_las_finanzas_p%C3%BAblicas_de_Colombia?f_ri=1121606","dom_id":"work_25547806","summary":"Las reglas fiscales aumentan la credibilidad en la política económica, permiten un manejo fiscal contracíclico y sostenible intertemporalmente, y contribuyen a la estabilidad y al crecimiento económico. El gobierno colombiano ha usado reglas fiscales para limitar el crecimiento del gasto y el endeudamiento de los entes territoriales y para propiciar la transparencia y responsabilidad fiscal del sector público. Sin embargo, el alcance de dichas reglas ha sido limitado, como lo evidencia la naturaleza estructural del desequilibrio fiscal del gobierno central y la procíclicidad de su política. En este documento se formula y evalúa una regla fiscal cuantitativa de 1% del PIB de superávit primario estructural para el gobierno central, con el fin de consolidar el proceso de ajuste de las finanzas públicas del país y blindar su manejo hacia el futuro. La aplicación contrafactual de la regla muestra que si se hubiera adoptado a comienzos de la década, el gobierno hubiera hecho ahorros anual...","downloadable_attachments":[{"id":45879754,"asset_id":25547806,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":49139397,"first_name":"Sarmiento","last_name":"Miguel","domain_name":"independent","page_name":"SarmientoMiguel1","display_name":"Sarmiento Miguel","profile_url":"https://independent.academia.edu/SarmientoMiguel1?f_ri=1121606","photo":"/images/s65_no_pic.png"},{"id":49020831,"first_name":"Ignacio","last_name":"Lozano","domain_name":"independent","page_name":"IgnacioLozano5","display_name":"Ignacio Lozano","profile_url":"https://independent.academia.edu/IgnacioLozano5?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":741,"name":"Public Finance","url":"https://www.academia.edu/Documents/in/Public_Finance?f_ri=1121606","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true},{"id":10220,"name":"Economic policy","url":"https://www.academia.edu/Documents/in/Economic_policy?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606"},{"id":80647,"name":"Public Debt","url":"https://www.academia.edu/Documents/in/Public_Debt?f_ri=1121606"},{"id":661460,"name":"Fiscal Rule","url":"https://www.academia.edu/Documents/in/Fiscal_Rule?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31414375" data-work_id="31414375" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31414375/Financial_Liberalization_and_Financial_Fragility">Financial Liberalization and Financial Fragility</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper studies the empirical relationship between banking crises and financial liberalization in a panel of 53 countries for the period 1980-95. We find that banking crises are more likely to occur in liberalized financial systems.... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_31414375" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper studies the empirical relationship between banking crises and financial liberalization in a panel of 53 countries for the period 1980-95. We find that banking crises are more likely to occur in liberalized financial systems. However, the impact of financial liberalization on banking sector fragility is weaker where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. We also examine evidence on the behavior of bank franchise values after liberalization, and on the relationship among financial liberalization, banking crises, financial development, and growth. Our results support the view that financial liberalization should be approached cautiously where the institutions necessary to ensure law and contract enforcement and effective prudential regulation and supervision are not fully developed, even if macroeconomic stabilization has been achieved.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31414375" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="cbcdcf40f89f8027e078dd14c6355f9d" rel="nofollow" data-download="{"attachment_id":51780947,"asset_id":31414375,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51780947/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="60053727" href="https://independent.academia.edu/AsliDemirguckunt">Asli Demirguc-kunt</a><script data-card-contents-for-user="60053727" type="text/json">{"id":60053727,"first_name":"Asli","last_name":"Demirguc-kunt","domain_name":"independent","page_name":"AsliDemirguckunt","display_name":"Asli Demirguc-kunt","profile_url":"https://independent.academia.edu/AsliDemirguckunt?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31414375 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31414375"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31414375, container: ".js-paper-rank-work_31414375", }); 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$(".js-view-count[data-work-id=31414375]").text(description); $(".js-view-count-work_31414375").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31414375").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31414375"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">16</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="748" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Economics">Financial Economics</a>, <script data-card-contents-for-ri="748" type="text/json">{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3838" rel="nofollow" href="https://www.academia.edu/Documents/in/Insurance_Law">Insurance Law</a>, <script data-card-contents-for-ri="3838" type="text/json">{"id":3838,"name":"Insurance Law","url":"https://www.academia.edu/Documents/in/Insurance_Law?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9944" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Liberalization">Financial Liberalization</a>, <script data-card-contents-for-ri="9944" type="text/json">{"id":9944,"name":"Financial Liberalization","url":"https://www.academia.edu/Documents/in/Financial_Liberalization?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9945" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_development">Financial development</a><script data-card-contents-for-ri="9945" type="text/json">{"id":9945,"name":"Financial development","url":"https://www.academia.edu/Documents/in/Financial_development?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31414375]'), work: {"id":31414375,"title":"Financial Liberalization and Financial Fragility","created_at":"2017-02-13T12:02:51.770-08:00","url":"https://www.academia.edu/31414375/Financial_Liberalization_and_Financial_Fragility?f_ri=1121606","dom_id":"work_31414375","summary":"The paper studies the empirical relationship between banking crises and financial liberalization in a panel of 53 countries for the period 1980-95. We find that banking crises are more likely to occur in liberalized financial systems. However, the impact of financial liberalization on banking sector fragility is weaker where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. We also examine evidence on the behavior of bank franchise values after liberalization, and on the relationship among financial liberalization, banking crises, financial development, and growth. Our results support the view that financial liberalization should be approached cautiously where the institutions necessary to ensure law and contract enforcement and effective prudential regulation and supervision are not fully developed, even if macroeconomic stabilization has been achieved.","downloadable_attachments":[{"id":51780947,"asset_id":31414375,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":60053727,"first_name":"Asli","last_name":"Demirguc-kunt","domain_name":"independent","page_name":"AsliDemirguckunt","display_name":"Asli Demirguc-kunt","profile_url":"https://independent.academia.edu/AsliDemirguckunt?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=1121606","nofollow":true},{"id":3838,"name":"Insurance 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Fragility","url":"https://www.academia.edu/Documents/in/Financial_Stability_and_Fragility?f_ri=1121606"},{"id":353101,"name":"Banking Sector","url":"https://www.academia.edu/Documents/in/Banking_Sector?f_ri=1121606"},{"id":393140,"name":"Joint production","url":"https://www.academia.edu/Documents/in/Joint_production?f_ri=1121606"},{"id":511465,"name":"Financial intermediation","url":"https://www.academia.edu/Documents/in/Financial_intermediation?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1246527,"name":"Banking Crises","url":"https://www.academia.edu/Documents/in/Banking_Crises?f_ri=1121606"},{"id":1379739,"name":"Financial Repression","url":"https://www.academia.edu/Documents/in/Financial_Repression?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_26088412" data-work_id="26088412" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/26088412/%C3%80_quelles_conditions_les_IDE_stimulent_ils_la_croissance_">À quelles conditions les IDE stimulent-ils la croissance ?</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/26088412" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a79e871227edd95826bd8c60ca02f07f" rel="nofollow" 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}); });</script></span><script>$(function() { $(".js-view-count-work_26088412").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="26088412"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="9945" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_development">Financial development</a>, <script data-card-contents-for-ri="9945" type="text/json">{"id":9945,"name":"Financial development","url":"https://www.academia.edu/Documents/in/Financial_development?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="14042" rel="nofollow" href="https://www.academia.edu/Documents/in/Human_Capital">Human Capital</a>, <script data-card-contents-for-ri="14042" type="text/json">{"id":14042,"name":"Human Capital","url":"https://www.academia.edu/Documents/in/Human_Capital?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="117635" rel="nofollow" href="https://www.academia.edu/Documents/in/Trade_Openness">Trade Openness</a>, <script data-card-contents-for-ri="117635" type="text/json">{"id":117635,"name":"Trade Openness","url":"https://www.academia.edu/Documents/in/Trade_Openness?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="340031" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Investment">Foreign Investment</a><script data-card-contents-for-ri="340031" type="text/json">{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=26088412]'), work: {"id":26088412,"title":"À quelles conditions les IDE stimulent-ils la croissance ?","created_at":"2016-06-13T08:38:52.787-07:00","url":"https://www.academia.edu/26088412/%C3%80_quelles_conditions_les_IDE_stimulent_ils_la_croissance_?f_ri=1121606","dom_id":"work_26088412","summary":null,"downloadable_attachments":[{"id":46441278,"asset_id":26088412,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":25336376,"first_name":"Dalila","last_name":"Chenaf- Nicet","domain_name":"bordeaux","page_name":"DalilaChenafNicet","display_name":"Dalila Chenaf- Nicet","profile_url":"https://bordeaux.academia.edu/DalilaChenafNicet?f_ri=1121606","photo":"https://0.academia-photos.com/25336376/7832822/8777185/s65_dalila.nicet-chenaf.png"}],"research_interests":[{"id":9945,"name":"Financial development","url":"https://www.academia.edu/Documents/in/Financial_development?f_ri=1121606","nofollow":true},{"id":14042,"name":"Human 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data-work_id="13146536" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/13146536/Conceptualizing_and_measuring_economic_resilience">Conceptualizing and measuring economic resilience</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper develops a conceptual and methodological framework for the analysis and measurement of economic resilience. The working definition of economic resilience adopted in this paper is the "nurtured" ability of an economy to recover... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_13146536" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper develops a conceptual and methodological framework for the analysis and measurement of economic resilience. The working definition of economic resilience adopted in this paper is the "nurtured" ability of an economy to recover from or adjust to the effects of adverse shocks to which it may be inherently exposed. This concept is used to provide an explanation as to why a number of inherently vulnerable countries have attained relatively high levels of GDP per capita. The paper also presents a tentative approach aimed at developing an index of economic resilience covering four aspects namely macroeconomic stability, microeconomic market efficiency, governance and social development.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/13146536" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="49deb14a996e3680d7790b536f87927f" rel="nofollow" data-download="{"attachment_id":45634778,"asset_id":13146536,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/45634778/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32400019" href="https://malta.academia.edu/LinoBriguglio">Lino Briguglio</a><script data-card-contents-for-user="32400019" type="text/json">{"id":32400019,"first_name":"Lino","last_name":"Briguglio","domain_name":"malta","page_name":"LinoBriguglio","display_name":"Lino Briguglio","profile_url":"https://malta.academia.edu/LinoBriguglio?f_ri=1121606","photo":"https://0.academia-photos.com/32400019/13273516/14539250/s65_lino.briguglio.jpg"}</script></span></span></li><li class="js-paper-rank-work_13146536 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="13146536"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 13146536, container: ".js-paper-rank-work_13146536", }); 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$(".js-view-count[data-work-id=13146536]").text(description); $(".js-view-count-work_13146536").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_13146536").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="13146536"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="64987" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Development">Social Development</a>, <script data-card-contents-for-ri="64987" type="text/json">{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="226331" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_efficiency">Market efficiency</a>, <script data-card-contents-for-ri="226331" type="text/json">{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="491799" rel="nofollow" href="https://www.academia.edu/Documents/in/University_of_Malta">University of Malta</a>, <script data-card-contents-for-ri="491799" type="text/json">{"id":491799,"name":"University of Malta","url":"https://www.academia.edu/Documents/in/University_of_Malta?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="923152" rel="nofollow" href="https://www.academia.edu/Documents/in/GDP_Per_Capita">GDP Per Capita</a><script data-card-contents-for-ri="923152" type="text/json">{"id":923152,"name":"GDP Per Capita","url":"https://www.academia.edu/Documents/in/GDP_Per_Capita?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=13146536]'), work: {"id":13146536,"title":"Conceptualizing and measuring economic resilience","created_at":"2015-06-21T07:41:13.707-07:00","url":"https://www.academia.edu/13146536/Conceptualizing_and_measuring_economic_resilience?f_ri=1121606","dom_id":"work_13146536","summary":"This paper develops a conceptual and methodological framework for the analysis and measurement of economic resilience. The working definition of economic resilience adopted in this paper is the \"nurtured\" ability of an economy to recover from or adjust to the effects of adverse shocks to which it may be inherently exposed. This concept is used to provide an explanation as to why a number of inherently vulnerable countries have attained relatively high levels of GDP per capita. The paper also presents a tentative approach aimed at developing an index of economic resilience covering four aspects namely macroeconomic stability, microeconomic market efficiency, governance and social development.","downloadable_attachments":[{"id":45634778,"asset_id":13146536,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32400019,"first_name":"Lino","last_name":"Briguglio","domain_name":"malta","page_name":"LinoBriguglio","display_name":"Lino Briguglio","profile_url":"https://malta.academia.edu/LinoBriguglio?f_ri=1121606","photo":"https://0.academia-photos.com/32400019/13273516/14539250/s65_lino.briguglio.jpg"}],"research_interests":[{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=1121606","nofollow":true},{"id":491799,"name":"University of Malta","url":"https://www.academia.edu/Documents/in/University_of_Malta?f_ri=1121606","nofollow":true},{"id":923152,"name":"GDP Per Capita","url":"https://www.academia.edu/Documents/in/GDP_Per_Capita?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_13146552" data-work_id="13146552" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/13146552/Economic_Vulnerability_and_Resilience_Concepts_and_Measurements">Economic Vulnerability and Resilience: Concepts and Measurements</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of economic openness, while economic resilience is defined as the policy-induced ability of an economy to withstand or recover... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_13146552" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of economic openness, while economic resilience is defined as the policy-induced ability of an economy to withstand or recover from the effects of such shocks. The paper briefly reviews the work already carried out on economic vulnerability and extends the research towards the development of a conceptual and methodological framework for the definition and measurement of economic resilience. Towards this end, the paper proposes an index of economic resilience gauging the adequacy of policy in four broad areas, namely macroeconomic stability, microeconomic market efficiency, good governance and social development. …/.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/13146552" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="b414931d8d4b1c6da2c0add030372173" rel="nofollow" data-download="{"attachment_id":45634811,"asset_id":13146552,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/45634811/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32400019" href="https://malta.academia.edu/LinoBriguglio">Lino Briguglio</a><script data-card-contents-for-user="32400019" type="text/json">{"id":32400019,"first_name":"Lino","last_name":"Briguglio","domain_name":"malta","page_name":"LinoBriguglio","display_name":"Lino Briguglio","profile_url":"https://malta.academia.edu/LinoBriguglio?f_ri=1121606","photo":"https://0.academia-photos.com/32400019/13273516/14539250/s65_lino.briguglio.jpg"}</script></span></span></li><li class="js-paper-rank-work_13146552 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="13146552"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 13146552, container: ".js-paper-rank-work_13146552", }); 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$(".js-view-count[data-work-id=13146552]").text(description); $(".js-view-count-work_13146552").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_13146552").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="13146552"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="262" rel="nofollow" href="https://www.academia.edu/Documents/in/Human_Geography">Human Geography</a>, <script data-card-contents-for-ri="262" type="text/json">{"id":262,"name":"Human Geography","url":"https://www.academia.edu/Documents/in/Human_Geography?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="55966" rel="nofollow" href="https://www.academia.edu/Documents/in/Good_Governance">Good Governance</a>, <script data-card-contents-for-ri="55966" type="text/json">{"id":55966,"name":"Good Governance","url":"https://www.academia.edu/Documents/in/Good_Governance?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="64987" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Development">Social Development</a><script data-card-contents-for-ri="64987" type="text/json">{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=13146552]'), work: {"id":13146552,"title":"Economic Vulnerability and Resilience: Concepts and Measurements","created_at":"2015-06-21T07:41:15.712-07:00","url":"https://www.academia.edu/13146552/Economic_Vulnerability_and_Resilience_Concepts_and_Measurements?f_ri=1121606","dom_id":"work_13146552","summary":"In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of economic openness, while economic resilience is defined as the policy-induced ability of an economy to withstand or recover from the effects of such shocks. The paper briefly reviews the work already carried out on economic vulnerability and extends the research towards the development of a conceptual and methodological framework for the definition and measurement of economic resilience. Towards this end, the paper proposes an index of economic resilience gauging the adequacy of policy in four broad areas, namely macroeconomic stability, microeconomic market efficiency, good governance and social development. …/.","downloadable_attachments":[{"id":45634811,"asset_id":13146552,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32400019,"first_name":"Lino","last_name":"Briguglio","domain_name":"malta","page_name":"LinoBriguglio","display_name":"Lino Briguglio","profile_url":"https://malta.academia.edu/LinoBriguglio?f_ri=1121606","photo":"https://0.academia-photos.com/32400019/13273516/14539250/s65_lino.briguglio.jpg"}],"research_interests":[{"id":262,"name":"Human Geography","url":"https://www.academia.edu/Documents/in/Human_Geography?f_ri=1121606","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true},{"id":55966,"name":"Good Governance","url":"https://www.academia.edu/Documents/in/Good_Governance?f_ri=1121606","nofollow":true},{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=1121606","nofollow":true},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=1121606"},{"id":380315,"name":"Public Administration and Policy","url":"https://www.academia.edu/Documents/in/Public_Administration_and_Policy?f_ri=1121606"},{"id":479603,"name":"Economic performance","url":"https://www.academia.edu/Documents/in/Economic_performance?f_ri=1121606"},{"id":843705,"name":"Gross Domestic Product (GDP)","url":"https://www.academia.edu/Documents/in/Gross_Domestic_Product_GDP_?f_ri=1121606"},{"id":923152,"name":"GDP Per Capita","url":"https://www.academia.edu/Documents/in/GDP_Per_Capita?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_895329" data-work_id="895329" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/895329/Monetary_Policy_Rules_and_Macroeconomic_Stability_Evidence_and_Some_Theory_">Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">Iluvw gudiw= Pdufk 4<<:</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/895329" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="a6f429121bf6d0c034bed5de977a9ec0" rel="nofollow" data-download="{"attachment_id":5405881,"asset_id":895329,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/5405881/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="715201" href="https://independent.academia.edu/JonathanGonzales">Jonathan Gonzales</a><script data-card-contents-for-user="715201" type="text/json">{"id":715201,"first_name":"Jonathan","last_name":"Gonzales","domain_name":"independent","page_name":"JonathanGonzales","display_name":"Jonathan Gonzales","profile_url":"https://independent.academia.edu/JonathanGonzales?f_ri=1121606","photo":"https://0.academia-photos.com/715201/243085/287415/s65_jonathan.gonzales.jpg"}</script></span></span></li><li class="js-paper-rank-work_895329 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="895329"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 895329, container: ".js-paper-rank-work_895329", }); 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Because of the daunting scale of this epidemic, funds... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_16895758" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examines how macroeconomic policies can be managed to accommodate a large inflow of foreign aid to combat the HIV/AIDS epidemic and still maintain macroeconomic stability. Because of the daunting scale of this epidemic, funds need to be disbursed urgently in order to contain its spread, yet some economists worry that rapidly scaling up foreign assistance for this purpose</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/16895758" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3b6b33cf3df4e937446c540e0cad36e9" rel="nofollow" data-download="{"attachment_id":42378581,"asset_id":16895758,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42378581/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="36380495" href="https://independent.academia.edu/ChowdhuryAnis">Anis Chowdhury</a><script data-card-contents-for-user="36380495" type="text/json">{"id":36380495,"first_name":"Anis","last_name":"Chowdhury","domain_name":"independent","page_name":"ChowdhuryAnis","display_name":"Anis Chowdhury","profile_url":"https://independent.academia.edu/ChowdhuryAnis?f_ri=1121606","photo":"https://0.academia-photos.com/36380495/20972549/20479758/s65_anis.chowdhury.jpg"}</script></span></span></li><li class="js-paper-rank-work_16895758 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="16895758"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 16895758, container: ".js-paper-rank-work_16895758", }); 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$(".js-view-count[data-work-id=16895758]").text(description); $(".js-view-count-work_16895758").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_16895758").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="16895758"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="13475" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Aid">Foreign Aid</a>, <script data-card-contents-for-ri="13475" type="text/json">{"id":13475,"name":"Foreign Aid","url":"https://www.academia.edu/Documents/in/Foreign_Aid?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="109212" rel="nofollow" href="https://www.academia.edu/Documents/in/Dutch_Disease">Dutch Disease</a>, <script data-card-contents-for-ri="109212" type="text/json">{"id":109212,"name":"Dutch Disease","url":"https://www.academia.edu/Documents/in/Dutch_Disease?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="112486" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Policy">Macroeconomic Policy</a>, <script data-card-contents-for-ri="112486" type="text/json">{"id":112486,"name":"Macroeconomic Policy","url":"https://www.academia.edu/Documents/in/Macroeconomic_Policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="161282" rel="nofollow" href="https://www.academia.edu/Documents/in/Scaling_up">Scaling up</a><script data-card-contents-for-ri="161282" type="text/json">{"id":161282,"name":"Scaling up","url":"https://www.academia.edu/Documents/in/Scaling_up?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=16895758]'), work: {"id":16895758,"title":"Gearing Macroeconomic Policies to Manage Large Inflows of ODA","created_at":"2015-10-16T21:40:11.569-07:00","url":"https://www.academia.edu/16895758/Gearing_Macroeconomic_Policies_to_Manage_Large_Inflows_of_ODA?f_ri=1121606","dom_id":"work_16895758","summary":"This paper examines how macroeconomic policies can be managed to accommodate a large inflow of foreign aid to combat the HIV/AIDS epidemic and still maintain macroeconomic stability. Because of the daunting scale of this epidemic, funds need to be disbursed urgently in order to contain its spread, yet some economists worry that rapidly scaling up foreign assistance for this purpose","downloadable_attachments":[{"id":42378581,"asset_id":16895758,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":36380495,"first_name":"Anis","last_name":"Chowdhury","domain_name":"independent","page_name":"ChowdhuryAnis","display_name":"Anis Chowdhury","profile_url":"https://independent.academia.edu/ChowdhuryAnis?f_ri=1121606","photo":"https://0.academia-photos.com/36380495/20972549/20479758/s65_anis.chowdhury.jpg"}],"research_interests":[{"id":13475,"name":"Foreign Aid","url":"https://www.academia.edu/Documents/in/Foreign_Aid?f_ri=1121606","nofollow":true},{"id":109212,"name":"Dutch Disease","url":"https://www.academia.edu/Documents/in/Dutch_Disease?f_ri=1121606","nofollow":true},{"id":112486,"name":"Macroeconomic Policy","url":"https://www.academia.edu/Documents/in/Macroeconomic_Policy?f_ri=1121606","nofollow":true},{"id":161282,"name":"Scaling up","url":"https://www.academia.edu/Documents/in/Scaling_up?f_ri=1121606","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606"},{"id":367249,"name":"International Competitiveness","url":"https://www.academia.edu/Documents/in/International_Competitiveness?f_ri=1121606"},{"id":517594,"name":"Central Bank","url":"https://www.academia.edu/Documents/in/Central_Bank?f_ri=1121606"},{"id":610057,"name":"Real Exchange Rate","url":"https://www.academia.edu/Documents/in/Real_Exchange_Rate?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1330560,"name":"Exchange Rate Policy","url":"https://www.academia.edu/Documents/in/Exchange_Rate_Policy?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28167712" data-work_id="28167712" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28167712/Optimal_Simple_Rules_for_Fiscal_Policy_in_a_Monetary_Union">Optimal Simple Rules for Fiscal Policy in a Monetary Union</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The paper discusses the stabilizing potential of fiscal policy in a dynamic general-equilibrium model of monetary union. We consider a small open economy inside the currency area. We analyze the demand and supply effects of direct... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28167712" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The paper discusses the stabilizing potential of fiscal policy in a dynamic general-equilibrium model of monetary union. We consider a small open economy inside the currency area. We analyze the demand and supply effects of direct taxation, indirect taxation and government spending and derive optimal simple rules for fiscal stabilization of a technology shock. Fiscal policy achieves substantial macroeconomic stabilization. Simple public-expenditure rules show the highest degree of both output and inflation stabilization. The implementation lag substantially weakens output stabilization, but hardly affects the stabilization of prices. Output-oriented rules imply less instrument inertia than inflation-dominated rules. The implementation lag leads to higher coefficients for inflation relative to output in the optimal rule. Compared to the single-instrument approach the simultaneous optimization of two instrument rules implies only little additional stabilization gains.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28167712" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8dbfe75645323db95b8fb64445dc672f" rel="nofollow" data-download="{"attachment_id":48483042,"asset_id":28167712,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48483042/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="52800967" href="https://independent.academia.edu/LukasVogel2">Lukas Vogel</a><script data-card-contents-for-user="52800967" type="text/json">{"id":52800967,"first_name":"Lukas","last_name":"Vogel","domain_name":"independent","page_name":"LukasVogel2","display_name":"Lukas Vogel","profile_url":"https://independent.academia.edu/LukasVogel2?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_28167712 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28167712"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28167712, container: ".js-paper-rank-work_28167712", }); });</script></li><li class="js-percentile-work_28167712 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 28167712; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_28167712"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_28167712 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="28167712"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 28167712; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28167712]").text(description); $(".js-view-count-work_28167712").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28167712").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28167712"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="42500" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_expenditure">Public expenditure</a>, <script data-card-contents-for-ri="42500" type="text/json">{"id":42500,"name":"Public expenditure","url":"https://www.academia.edu/Documents/in/Public_expenditure?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="329733" rel="nofollow" href="https://www.academia.edu/Documents/in/Demand_and_Supply">Demand and Supply</a>, <script data-card-contents-for-ri="329733" type="text/json">{"id":329733,"name":"Demand and Supply","url":"https://www.academia.edu/Documents/in/Demand_and_Supply?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="375432" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Union">Monetary Union</a><script data-card-contents-for-ri="375432" type="text/json">{"id":375432,"name":"Monetary Union","url":"https://www.academia.edu/Documents/in/Monetary_Union?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28167712]'), work: {"id":28167712,"title":"Optimal Simple Rules for Fiscal Policy in a Monetary Union","created_at":"2016-08-31T23:16:50.843-07:00","url":"https://www.academia.edu/28167712/Optimal_Simple_Rules_for_Fiscal_Policy_in_a_Monetary_Union?f_ri=1121606","dom_id":"work_28167712","summary":"The paper discusses the stabilizing potential of fiscal policy in a dynamic general-equilibrium model of monetary union. We consider a small open economy inside the currency area. We analyze the demand and supply effects of direct taxation, indirect taxation and government spending and derive optimal simple rules for fiscal stabilization of a technology shock. Fiscal policy achieves substantial macroeconomic stabilization. Simple public-expenditure rules show the highest degree of both output and inflation stabilization. The implementation lag substantially weakens output stabilization, but hardly affects the stabilization of prices. Output-oriented rules imply less instrument inertia than inflation-dominated rules. The implementation lag leads to higher coefficients for inflation relative to output in the optimal rule. Compared to the single-instrument approach the simultaneous optimization of two instrument rules implies only little additional stabilization gains.","downloadable_attachments":[{"id":48483042,"asset_id":28167712,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":52800967,"first_name":"Lukas","last_name":"Vogel","domain_name":"independent","page_name":"LukasVogel2","display_name":"Lukas Vogel","profile_url":"https://independent.academia.edu/LukasVogel2?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":42500,"name":"Public expenditure","url":"https://www.academia.edu/Documents/in/Public_expenditure?f_ri=1121606","nofollow":true},{"id":329733,"name":"Demand and Supply","url":"https://www.academia.edu/Documents/in/Demand_and_Supply?f_ri=1121606","nofollow":true},{"id":375432,"name":"Monetary Union","url":"https://www.academia.edu/Documents/in/Monetary_Union?f_ri=1121606","nofollow":true},{"id":1010177,"name":"Policy Rules","url":"https://www.academia.edu/Documents/in/Policy_Rules?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1281142,"name":"Government Spending","url":"https://www.academia.edu/Documents/in/Government_Spending?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30680798" data-work_id="30680798" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30680798/Automatic_Stabilizers_and_Monetary_Rules_in_a_Ricardian_Economy">Automatic Stabilizers and Monetary Rules in a Ricardian Economy</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We analyze the effect of the fiscal structure upon the trade-off between inflation and output stabilization in presence of technological shocks and deficit or debt objectives in a DGE model with nominal inertia. The model is calibrated to... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_30680798" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We analyze the effect of the fiscal structure upon the trade-off between inflation and output stabilization in presence of technological shocks and deficit or debt objectives in a DGE model with nominal inertia. The model is calibrated to reproduce the main long-run and business cycle features of European economies, and it integrates a rich menu of fiscal variables, including fiscal rules. These rules are necessary to obtain a unique Ricardian equilibrium, but they also exemplify targets incorporated into most modern fiscal systems. In fact they represent these institutions in a very flexible way, since they allow for fairly large and long-lasting deviations of the debt to output ratio from its target. The main finding is that, for realistic calibrations of the model, distortionary taxes linked to economic activity, which are meant to provide the economy with automatic stabilizers, worsen the output-inflation variability trade-off as compared with an economy with lump-sum taxes. Aside from the well known supply side channels that explain this result, we find that fiscal rules, designed to ensure debt consolidation, induce cyclical movements in aggregate demand that also contribute to increase the volatility of output in presence of distortionary taxes.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30680798" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1be72addecb56ee23c1cf551381645e2" rel="nofollow" data-download="{"attachment_id":51121952,"asset_id":30680798,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51121952/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="58427913" href="https://ufps.academia.edu/JavierAndres">Javier Andres</a><script data-card-contents-for-user="58427913" type="text/json">{"id":58427913,"first_name":"Javier","last_name":"Andres","domain_name":"ufps","page_name":"JavierAndres","display_name":"Javier Andres","profile_url":"https://ufps.academia.edu/JavierAndres?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_30680798 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30680798"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30680798, container: ".js-paper-rank-work_30680798", }); });</script></li><li class="js-percentile-work_30680798 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30680798; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30680798"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30680798 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30680798"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30680798; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30680798]").text(description); $(".js-view-count-work_30680798").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30680798").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30680798"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="298798" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_Cycle">Business Cycle</a>, <script data-card-contents-for-ri="298798" type="text/json">{"id":298798,"name":"Business Cycle","url":"https://www.academia.edu/Documents/in/Business_Cycle?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="661460" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_Rule">Fiscal Rule</a>, <script data-card-contents-for-ri="661460" type="text/json">{"id":661460,"name":"Fiscal Rule","url":"https://www.academia.edu/Documents/in/Fiscal_Rule?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30680798]'), work: {"id":30680798,"title":"Automatic Stabilizers and Monetary Rules in a Ricardian Economy","created_at":"2016-12-30T07:53:00.971-08:00","url":"https://www.academia.edu/30680798/Automatic_Stabilizers_and_Monetary_Rules_in_a_Ricardian_Economy?f_ri=1121606","dom_id":"work_30680798","summary":"We analyze the effect of the fiscal structure upon the trade-off between inflation and output stabilization in presence of technological shocks and deficit or debt objectives in a DGE model with nominal inertia. The model is calibrated to reproduce the main long-run and business cycle features of European economies, and it integrates a rich menu of fiscal variables, including fiscal rules. These rules are necessary to obtain a unique Ricardian equilibrium, but they also exemplify targets incorporated into most modern fiscal systems. In fact they represent these institutions in a very flexible way, since they allow for fairly large and long-lasting deviations of the debt to output ratio from its target. The main finding is that, for realistic calibrations of the model, distortionary taxes linked to economic activity, which are meant to provide the economy with automatic stabilizers, worsen the output-inflation variability trade-off as compared with an economy with lump-sum taxes. Aside from the well known supply side channels that explain this result, we find that fiscal rules, designed to ensure debt consolidation, induce cyclical movements in aggregate demand that also contribute to increase the volatility of output in presence of distortionary taxes.","downloadable_attachments":[{"id":51121952,"asset_id":30680798,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":58427913,"first_name":"Javier","last_name":"Andres","domain_name":"ufps","page_name":"JavierAndres","display_name":"Javier Andres","profile_url":"https://ufps.academia.edu/JavierAndres?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":298798,"name":"Business Cycle","url":"https://www.academia.edu/Documents/in/Business_Cycle?f_ri=1121606","nofollow":true},{"id":661460,"name":"Fiscal Rule","url":"https://www.academia.edu/Documents/in/Fiscal_Rule?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_21189014" data-work_id="21189014" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/21189014/On_the_Implementation_of_Transfers_to_Subnational_Governments">On the Implementation of Transfers to Subnational Governments</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_21189014" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper examines a typology of grants that are used across the world, and places these in the context of the overall constitutional and legal framework for a country. It looks at the options for grants, given the need to maintain overall macroeconomic stability, efficiency in the use of scarce resources as well as reduced horizontal disparities. The role of central objectives in a decentralized framework is also assessed. The paper argues for a comprehensive framework for grants, as well as a proper institutional framework to manage grants systems. JEL Classification Numbers: H77</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/21189014" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="96869fd3ee3197bd8b66336f39faaf47" rel="nofollow" data-download="{"attachment_id":41754406,"asset_id":21189014,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/41754406/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33415988" href="https://lse.academia.edu/EhtishamAhmad">Ehtisham Ahmad</a><script data-card-contents-for-user="33415988" type="text/json">{"id":33415988,"first_name":"Ehtisham","last_name":"Ahmad","domain_name":"lse","page_name":"EhtishamAhmad","display_name":"Ehtisham Ahmad","profile_url":"https://lse.academia.edu/EhtishamAhmad?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_21189014 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="21189014"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 21189014, container: ".js-paper-rank-work_21189014", }); });</script></li><li class="js-percentile-work_21189014 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 21189014; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_21189014"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_21189014 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="21189014"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 21189014; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=21189014]").text(description); $(".js-view-count-work_21189014").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_21189014").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="21189014"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=21189014]'), work: {"id":21189014,"title":"On the Implementation of Transfers to Subnational Governments","created_at":"2016-01-29T15:59:12.571-08:00","url":"https://www.academia.edu/21189014/On_the_Implementation_of_Transfers_to_Subnational_Governments?f_ri=1121606","dom_id":"work_21189014","summary":"The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper examines a typology of grants that are used across the world, and places these in the context of the overall constitutional and legal framework for a country. It looks at the options for grants, given the need to maintain overall macroeconomic stability, efficiency in the use of scarce resources as well as reduced horizontal disparities. The role of central objectives in a decentralized framework is also assessed. The paper argues for a comprehensive framework for grants, as well as a proper institutional framework to manage grants systems. JEL Classification Numbers: H77","downloadable_attachments":[{"id":41754406,"asset_id":21189014,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33415988,"first_name":"Ehtisham","last_name":"Ahmad","domain_name":"lse","page_name":"EhtishamAhmad","display_name":"Ehtisham Ahmad","profile_url":"https://lse.academia.edu/EhtishamAhmad?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_17970606 coauthored" data-work_id="17970606" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/17970606/Macro_fiscal_policy_challenges_and_public_investment_in_new_EU_member_states">Macro-fiscal policy challenges and public investment in new EU member states</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Most new EU member states (NMS) need further fiscal adjustment to support economic growth and macroeconomic stability. In this context, achieving income convergence with other EU members rests more with maintaining productivity growth,... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_17970606" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Most new EU member states (NMS) need further fiscal adjustment to support economic growth and macroeconomic stability. In this context, achieving income convergence with other EU members rests more with maintaining productivity growth, attracting foreign savings, and improving investment efficiency than with increasing government spending (including for infrastructure). Additional institutional fiscal reforms, aimed at improving expenditure efficiency and facilitating private sector investment, will be needed to support these objectives. However, further fiscal adjustment and reforms do not necessarily need to depress public investment. New financing options for public investment - including from various EU funds and through public-private partnerships - can ease existing fiscal and macroeconomic constraints, but present both new opportunities and challenges that need to be handled carefully.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/17970606" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="fd6b7deab3696ef718b693e35782712b" rel="nofollow" data-download="{"attachment_id":39806352,"asset_id":17970606,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/39806352/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="37895686" href="https://independent.academia.edu/GerdSchwartz">Gerd Schwartz</a><script data-card-contents-for-user="37895686" type="text/json">{"id":37895686,"first_name":"Gerd","last_name":"Schwartz","domain_name":"independent","page_name":"GerdSchwartz","display_name":"Gerd Schwartz","profile_url":"https://independent.academia.edu/GerdSchwartz?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-17970606">+1</span><div class="hidden js-additional-users-17970606"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/GiovanniGanelli">Giovanni Ganelli</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-17970606'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-17970606').html(); 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container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_17970606 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="17970606"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 17970606; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=17970606]").text(description); $(".js-view-count-work_17970606").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_17970606").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="17970606"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="67521" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_Private_Partnership">Public Private Partnership</a>, <script data-card-contents-for-ri="67521" type="text/json">{"id":67521,"name":"Public Private Partnership","url":"https://www.academia.edu/Documents/in/Public_Private_Partnership?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="356263" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_reform">Fiscal reform</a><script data-card-contents-for-ri="356263" type="text/json">{"id":356263,"name":"Fiscal reform","url":"https://www.academia.edu/Documents/in/Fiscal_reform?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=17970606]'), work: {"id":17970606,"title":"Macro-fiscal policy challenges and public investment in new EU member states","created_at":"2015-11-08T13:00:25.435-08:00","url":"https://www.academia.edu/17970606/Macro_fiscal_policy_challenges_and_public_investment_in_new_EU_member_states?f_ri=1121606","dom_id":"work_17970606","summary":"Most new EU member states (NMS) need further fiscal adjustment to support economic growth and macroeconomic stability. In this context, achieving income convergence with other EU members rests more with maintaining productivity growth, attracting foreign savings, and improving investment efficiency than with increasing government spending (including for infrastructure). Additional institutional fiscal reforms, aimed at improving expenditure efficiency and facilitating private sector investment, will be needed to support these objectives. However, further fiscal adjustment and reforms do not necessarily need to depress public investment. New financing options for public investment - including from various EU funds and through public-private partnerships - can ease existing fiscal and macroeconomic constraints, but present both new opportunities and challenges that need to be handled carefully.","downloadable_attachments":[{"id":39806352,"asset_id":17970606,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":37895686,"first_name":"Gerd","last_name":"Schwartz","domain_name":"independent","page_name":"GerdSchwartz","display_name":"Gerd Schwartz","profile_url":"https://independent.academia.edu/GerdSchwartz?f_ri=1121606","photo":"/images/s65_no_pic.png"},{"id":38068242,"first_name":"Giovanni","last_name":"Ganelli","domain_name":"independent","page_name":"GiovanniGanelli","display_name":"Giovanni Ganelli","profile_url":"https://independent.academia.edu/GiovanniGanelli?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":67521,"name":"Public Private Partnership","url":"https://www.academia.edu/Documents/in/Public_Private_Partnership?f_ri=1121606","nofollow":true},{"id":356263,"name":"Fiscal reform","url":"https://www.academia.edu/Documents/in/Fiscal_reform?f_ri=1121606","nofollow":true},{"id":363011,"name":"New Member States","url":"https://www.academia.edu/Documents/in/New_Member_States?f_ri=1121606"},{"id":466484,"name":"Private Sector","url":"https://www.academia.edu/Documents/in/Private_Sector?f_ri=1121606"},{"id":840673,"name":"Productivity Growth","url":"https://www.academia.edu/Documents/in/Productivity_Growth?f_ri=1121606"},{"id":889710,"name":"Public Investment","url":"https://www.academia.edu/Documents/in/Public_Investment?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1281142,"name":"Government Spending","url":"https://www.academia.edu/Documents/in/Government_Spending?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_34981205" data-work_id="34981205" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/34981205/The_Impact_of_FDIs_on_Exports_and_Export_Competitiveness_in_Central_and_Eastern_European_Countries">The Impact of FDIs on Exports, and Export Competitiveness in Central and Eastern European Countries</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">After 1990, the Central and Eastern European (CEE) countries lowered the barriers to FDIs. Of course, many other developments were taking place at the same time: increasing openness to trade, privatization of previously government-owned... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_34981205" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">After 1990, the Central and Eastern European (CEE) countries lowered the barriers to FDIs. Of course, many other developments were taking place at the same time: increasing openness to trade, privatization of previously government-owned production, and many other changes as these countries moved in various degrees from socialist to market economies and democratic governments. They privatized many state-owned enterprises, signed foreign trade agreements with other countries in the region, and have generally achieved a significant level of macroeconomic stability with improved growth rates. They also experienced a significant increase in FDI. As a consequence, the ratio of inward FDI to the CEE countries studied here in total world FDI inflows increased more than three-fold. Over the same period, these countries also achieved a substantial increase in their exports, especially towards Western Europe. We present in this paper the relation between the FDIs and exports in the CEE countries during 1990-2010 using statistic data analysis and literature review and underline the factors that determined an increase of exports in these countries. Despite other CEE countries that succeeded to attract many export-oriented FDIs, Romanian case is different because of many local specific factors such as an insufficient local production and a tight fiscal policy.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/34981205" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ceaeeb350bd263908574fbfe7fecdcb9" rel="nofollow" data-download="{"attachment_id":54844873,"asset_id":34981205,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/54844873/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="48268654" href="https://independent.academia.edu/RADULESCUMAGDALENA">MAGDALENA RADULESCU</a><script data-card-contents-for-user="48268654" type="text/json">{"id":48268654,"first_name":"MAGDALENA","last_name":"RADULESCU","domain_name":"independent","page_name":"RADULESCUMAGDALENA","display_name":"MAGDALENA RADULESCU","profile_url":"https://independent.academia.edu/RADULESCUMAGDALENA?f_ri=1121606","photo":"https://0.academia-photos.com/48268654/25633093/24336188/s65_magdalena.radulescu.jpg"}</script></span></span></li><li class="js-paper-rank-work_34981205 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="34981205"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 34981205, container: ".js-paper-rank-work_34981205", }); });</script></li><li class="js-percentile-work_34981205 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 34981205; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_34981205"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_34981205 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="34981205"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 34981205; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=34981205]").text(description); $(".js-view-count-work_34981205").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_34981205").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="34981205"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="1142" rel="nofollow" href="https://www.academia.edu/Documents/in/Western_Europe">Western Europe</a>, <script data-card-contents-for-ri="1142" type="text/json">{"id":1142,"name":"Western Europe","url":"https://www.academia.edu/Documents/in/Western_Europe?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="44293" rel="nofollow" href="https://www.academia.edu/Documents/in/Literature_Review">Literature Review</a>, <script data-card-contents-for-ri="44293" type="text/json">{"id":44293,"name":"Literature Review","url":"https://www.academia.edu/Documents/in/Literature_Review?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="147612" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_economy">Market economy</a><script data-card-contents-for-ri="147612" type="text/json">{"id":147612,"name":"Market economy","url":"https://www.academia.edu/Documents/in/Market_economy?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=34981205]'), work: {"id":34981205,"title":"The Impact of FDIs on Exports, and Export Competitiveness in Central and Eastern European Countries","created_at":"2017-10-28T02:34:38.707-07:00","url":"https://www.academia.edu/34981205/The_Impact_of_FDIs_on_Exports_and_Export_Competitiveness_in_Central_and_Eastern_European_Countries?f_ri=1121606","dom_id":"work_34981205","summary":"After 1990, the Central and Eastern European (CEE) countries lowered the barriers to FDIs. Of course, many other developments were taking place at the same time: increasing openness to trade, privatization of previously government-owned production, and many other changes as these countries moved in various degrees from socialist to market economies and democratic governments. They privatized many state-owned enterprises, signed foreign trade agreements with other countries in the region, and have generally achieved a significant level of macroeconomic stability with improved growth rates. They also experienced a significant increase in FDI. As a consequence, the ratio of inward FDI to the CEE countries studied here in total world FDI inflows increased more than three-fold. Over the same period, these countries also achieved a substantial increase in their exports, especially towards Western Europe. We present in this paper the relation between the FDIs and exports in the CEE countries during 1990-2010 using statistic data analysis and literature review and underline the factors that determined an increase of exports in these countries. Despite other CEE countries that succeeded to attract many export-oriented FDIs, Romanian case is different because of many local specific factors such as an insufficient local production and a tight fiscal policy.","downloadable_attachments":[{"id":54844873,"asset_id":34981205,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":48268654,"first_name":"MAGDALENA","last_name":"RADULESCU","domain_name":"independent","page_name":"RADULESCUMAGDALENA","display_name":"MAGDALENA RADULESCU","profile_url":"https://independent.academia.edu/RADULESCUMAGDALENA?f_ri=1121606","photo":"https://0.academia-photos.com/48268654/25633093/24336188/s65_magdalena.radulescu.jpg"}],"research_interests":[{"id":1142,"name":"Western Europe","url":"https://www.academia.edu/Documents/in/Western_Europe?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":44293,"name":"Literature Review","url":"https://www.academia.edu/Documents/in/Literature_Review?f_ri=1121606","nofollow":true},{"id":147612,"name":"Market economy","url":"https://www.academia.edu/Documents/in/Market_economy?f_ri=1121606","nofollow":true},{"id":410377,"name":"Foreign Trade","url":"https://www.academia.edu/Documents/in/Foreign_Trade?f_ri=1121606"},{"id":533274,"name":"Growth rate","url":"https://www.academia.edu/Documents/in/Growth_rate?f_ri=1121606"},{"id":742112,"name":"Statistical Data Analysis","url":"https://www.academia.edu/Documents/in/Statistical_Data_Analysis?f_ri=1121606"},{"id":1007798,"name":"Central and Eastern European Studies","url":"https://www.academia.edu/Documents/in/Central_and_Eastern_European_Studies?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1467867,"name":"State Owned Enterprise","url":"https://www.academia.edu/Documents/in/State_Owned_Enterprise?f_ri=1121606"},{"id":1897166,"name":"Central and Eastern European countries","url":"https://www.academia.edu/Documents/in/Central_and_Eastern_European_countries?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_2985099" data-work_id="2985099" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/2985099/Real_exchange_rate_misalignment_an_application_of_behavioral_equilibrium_exchange_rate_BEER_to_Nigeria">Real exchange rate misalignment: an application of behavioral equilibrium exchange rate (BEER) to Nigeria</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper seeks to estimate the long run behavioral equilibrium exchange rate in Nigeria. The empirical analysis builds on quarterly data from 1986Q1 to 2006Q4 and derives a Behavioral Equilibrium Exchange Rate (BEER) and a Permanent... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_2985099" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper seeks to estimate the long run behavioral equilibrium exchange rate in Nigeria. The empirical analysis builds on quarterly data from 1986Q1 to 2006Q4 and derives a Behavioral Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). The econometric analysis starts by analyzing the stochastic properties of the data and found all the variables stationary at first level of differencing. Accordingly, the paper proceeds by estimating vector-error correction models. Regression results show that most of the long-run behavior of the real exchange rate could be explained by real net foreign assets, terms of trade, index of crude oil volatility, index of monetary policy performance and government fiscal stance. On the basis of these fundamentals, four episodes each of overvaluation and undervaluation were identified and the antecedents characterizing the episodes were equally traced to the archive of exchange rate management in the country within the review period. Among others for instance, large inflow of oil revenues into the country and stable macroeconomic performance were discovered to account for undervaluation of the real exchange rate between 2001Q1 and 2006Q4 in Nigeria. The results further suggest that deviations from the equilibrium path are eliminated within one to two years. The paper recommends the pursuance of sound monetary policy as an instrument for achieving real exchange rate cum macroeconomic stability in Nigeria.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/2985099" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="0f5bef2e8bb51195a192ec4223a059b7" rel="nofollow" data-download="{"attachment_id":30939059,"asset_id":2985099,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/30939059/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3480185" href="https://independent.academia.edu/UsmanShehu">Usman Shehu</a><script data-card-contents-for-user="3480185" type="text/json">{"id":3480185,"first_name":"Usman","last_name":"Shehu","domain_name":"independent","page_name":"UsmanShehu","display_name":"Usman Shehu","profile_url":"https://independent.academia.edu/UsmanShehu?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_2985099 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="2985099"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 2985099, container: ".js-paper-rank-work_2985099", }); 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$(".js-view-count[data-work-id=2985099]").text(description); $(".js-view-count-work_2985099").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_2985099").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="2985099"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">14</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a>, <script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="176461" rel="nofollow" href="https://www.academia.edu/Documents/in/Cointegration">Cointegration</a>, <script data-card-contents-for-ri="176461" type="text/json">{"id":176461,"name":"Cointegration","url":"https://www.academia.edu/Documents/in/Cointegration?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="176462" rel="nofollow" href="https://www.academia.edu/Documents/in/Terms_of_Trade">Terms of Trade</a>, <script data-card-contents-for-ri="176462" type="text/json">{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a><script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=2985099]'), work: {"id":2985099,"title":"Real exchange rate misalignment: an application of behavioral equilibrium exchange rate (BEER) to Nigeria","created_at":"2013-03-14T02:58:55.849-07:00","url":"https://www.academia.edu/2985099/Real_exchange_rate_misalignment_an_application_of_behavioral_equilibrium_exchange_rate_BEER_to_Nigeria?f_ri=1121606","dom_id":"work_2985099","summary":"This paper seeks to estimate the long run behavioral equilibrium exchange rate in Nigeria. The empirical analysis builds on quarterly data from 1986Q1 to 2006Q4 and derives a Behavioral Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). The econometric analysis starts by analyzing the stochastic properties of the data and found all the variables stationary at first level of differencing. Accordingly, the paper proceeds by estimating vector-error correction models. Regression results show that most of the long-run behavior of the real exchange rate could be explained by real net foreign assets, terms of trade, index of crude oil volatility, index of monetary policy performance and government fiscal stance. On the basis of these fundamentals, four episodes each of overvaluation and undervaluation were identified and the antecedents characterizing the episodes were equally traced to the archive of exchange rate management in the country within the review period. Among others for instance, large inflow of oil revenues into the country and stable macroeconomic performance were discovered to account for undervaluation of the real exchange rate between 2001Q1 and 2006Q4 in Nigeria. The results further suggest that deviations from the equilibrium path are eliminated within one to two years. The paper recommends the pursuance of sound monetary policy as an instrument for achieving real exchange rate cum macroeconomic stability in Nigeria.","downloadable_attachments":[{"id":30939059,"asset_id":2985099,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3480185,"first_name":"Usman","last_name":"Shehu","domain_name":"independent","page_name":"UsmanShehu","display_name":"Usman Shehu","profile_url":"https://independent.academia.edu/UsmanShehu?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true},{"id":176461,"name":"Cointegration","url":"https://www.academia.edu/Documents/in/Cointegration?f_ri=1121606","nofollow":true},{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true},{"id":276353,"name":"Econometric analysis","url":"https://www.academia.edu/Documents/in/Econometric_analysis?f_ri=1121606"},{"id":316233,"name":"Crude Oil","url":"https://www.academia.edu/Documents/in/Crude_Oil?f_ri=1121606"},{"id":418456,"name":"Economics Finance","url":"https://www.academia.edu/Documents/in/Economics_Finance-2?f_ri=1121606"},{"id":610057,"name":"Real Exchange Rate","url":"https://www.academia.edu/Documents/in/Real_Exchange_Rate?f_ri=1121606"},{"id":684861,"name":"Hodrick Prescott","url":"https://www.academia.edu/Documents/in/Hodrick_Prescott?f_ri=1121606"},{"id":993329,"name":"Empirical Analysis","url":"https://www.academia.edu/Documents/in/Empirical_Analysis?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1504660,"name":"Vector Error Correction Model","url":"https://www.academia.edu/Documents/in/Vector_Error_Correction_Model?f_ri=1121606"},{"id":1577530,"name":"Net Foreign Assets","url":"https://www.academia.edu/Documents/in/Net_Foreign_Assets?f_ri=1121606"},{"id":2169055,"name":"Stationarity","url":"https://www.academia.edu/Documents/in/Stationarity?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_4188342" data-work_id="4188342" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/4188342/Could_be_the_International_Financial_Crisis_a_Sinonim_to_a_Profound_Recession_of_Romanian_Economy_A_Theory_of_Weak_Statistical_Signals">Could be the International Financial Crisis a Sinonim to a Profound Recession of Romanian Economy? A Theory of “Weak” Statistical Signals</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/4188342" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="90b4a42576d5bf87b028e4d95d161e5b" rel="nofollow" data-download="{"attachment_id":31686859,"asset_id":4188342,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/31686859/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="486755" href="https://upit.academia.edu/S%C4%83voiuGheorghe">Gheorghe G Săvoiu</a><script data-card-contents-for-user="486755" type="text/json">{"id":486755,"first_name":"Gheorghe","last_name":"Săvoiu","domain_name":"upit","page_name":"SăvoiuGheorghe","display_name":"Gheorghe G Săvoiu","profile_url":"https://upit.academia.edu/S%C4%83voiuGheorghe?f_ri=1121606","photo":"https://0.academia-photos.com/486755/1611103/18100396/s65_gheorghe.s_voiu.png"}</script></span></span></li><li class="js-paper-rank-work_4188342 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="4188342"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 4188342, container: ".js-paper-rank-work_4188342", }); 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Daudi Sajjabi for supplying their valuable time, opinions, data and materials during the preparation of this paper: and to the Swedish and Danish governments for funding earlier work on capital flows to... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_24942549" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Leape, Allister Moon, Tim Lament. Daudi Sajjabi for supplying their valuable time, opinions, data and materials during the preparation of this paper: and to the Swedish and Danish governments for funding earlier work on capital flows to Africa. However, we remain responsible for any errors and misinterpretations in the current paper.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/24942549" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9098cc5f775ec9ad17a710ece7b324d1" rel="nofollow" data-download="{"attachment_id":45274243,"asset_id":24942549,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/45274243/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="48089295" href="https://independent.academia.edu/LouisKasekende">Louis Kasekende</a><script data-card-contents-for-user="48089295" type="text/json">{"id":48089295,"first_name":"Louis","last_name":"Kasekende","domain_name":"independent","page_name":"LouisKasekende","display_name":"Louis Kasekende","profile_url":"https://independent.academia.edu/LouisKasekende?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-24942549">+1</span><div class="hidden js-additional-users-24942549"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/DamoniKitabire">Damoni Kitabire</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-24942549'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-24942549').html(); 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By late 2006, U.S. financial markets were... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_18383548" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">During the first half of this decade, the belief that new financial products would adequately shield investors from risk encouraged financial flows to less creditworthy households and businesses. By late 2006, U.S. financial markets were flashing warning signals of a potential financial crisis. ; In a sign that investors had become too complacent, risk premiums had all but vanished in</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/18383548" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="461915d6e1e3233d332eeb0215ef87ae" rel="nofollow" data-download="{"attachment_id":42173308,"asset_id":18383548,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42173308/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="38381858" href="https://independent.academia.edu/JohnDuca">John Duca</a><script data-card-contents-for-user="38381858" type="text/json">{"id":38381858,"first_name":"John","last_name":"Duca","domain_name":"independent","page_name":"JohnDuca","display_name":"John Duca","profile_url":"https://independent.academia.edu/JohnDuca?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_18383548 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="18383548"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 18383548, container: ".js-paper-rank-work_18383548", }); 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By late 2006, U.S. financial markets were flashing warning signals of a potential financial crisis. ; In a sign that investors had become too complacent, risk premiums had all but vanished in","downloadable_attachments":[{"id":42173308,"asset_id":18383548,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":38381858,"first_name":"John","last_name":"Duca","domain_name":"independent","page_name":"JohnDuca","display_name":"John Duca","profile_url":"https://independent.academia.edu/JohnDuca?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":13590,"name":"Risk Taking","url":"https://www.academia.edu/Documents/in/Risk_Taking?f_ri=1121606","nofollow":true},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=1121606","nofollow":true},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=1121606","nofollow":true},{"id":269335,"name":"Financial Risk","url":"https://www.academia.edu/Documents/in/Financial_Risk?f_ri=1121606","nofollow":true},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=1121606"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30369952" data-work_id="30369952" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30369952/Monetary_Policy_and_Macroeconomic_Stability_in_Latin_America_The_Cases_of_Brazil_Chile_Colombia_and_Mexico">Monetary Policy and Macroeconomic Stability in Latin America: The Cases of Brazil, Chile, Colombia and Mexico</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">JEL classification: C15 C22 E52 O52 Keywords: Brazil Chile Colombia Mexico Inflation targeting Structural model Impulse response functions Counterfactual analysis</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30369952" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5089e648f5673bb357fe358414b2802a" rel="nofollow" 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window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30369952"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30369952 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30369952"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30369952; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30369952]").text(description); $(".js-view-count-work_30369952").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30369952").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30369952"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">13</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a>, <script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="56989" rel="nofollow" href="https://www.academia.edu/Documents/in/Latin_America">Latin America</a>, <script data-card-contents-for-ri="56989" type="text/json">{"id":56989,"name":"Latin America","url":"https://www.academia.edu/Documents/in/Latin_America?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="104990" rel="nofollow" href="https://www.academia.edu/Documents/in/Regime_change">Regime change</a><script data-card-contents-for-ri="104990" type="text/json">{"id":104990,"name":"Regime change","url":"https://www.academia.edu/Documents/in/Regime_change?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30369952]'), work: {"id":30369952,"title":"Monetary Policy and Macroeconomic Stability in Latin America: The Cases of Brazil, Chile, Colombia and Mexico","created_at":"2016-12-10T10:08:59.130-08:00","url":"https://www.academia.edu/30369952/Monetary_Policy_and_Macroeconomic_Stability_in_Latin_America_The_Cases_of_Brazil_Chile_Colombia_and_Mexico?f_ri=1121606","dom_id":"work_30369952","summary":"JEL classification: C15 C22 E52 O52 Keywords: Brazil Chile Colombia Mexico Inflation targeting Structural model Impulse response functions Counterfactual analysis","downloadable_attachments":[{"id":50820056,"asset_id":30369952,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":57888286,"first_name":"Diego","last_name":"Moccero","domain_name":"independent","page_name":"DiegoMoccero","display_name":"Diego Moccero","profile_url":"https://independent.academia.edu/DiegoMoccero?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true},{"id":56989,"name":"Latin America","url":"https://www.academia.edu/Documents/in/Latin_America?f_ri=1121606","nofollow":true},{"id":104990,"name":"Regime change","url":"https://www.academia.edu/Documents/in/Regime_change?f_ri=1121606","nofollow":true},{"id":117272,"name":"Money and Finance","url":"https://www.academia.edu/Documents/in/Money_and_Finance?f_ri=1121606"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1636540,"name":"Impulse Response Function","url":"https://www.academia.edu/Documents/in/Impulse_Response_Function?f_ri=1121606"},{"id":1643503,"name":"Structural model","url":"https://www.academia.edu/Documents/in/Structural_model?f_ri=1121606"},{"id":1787904,"name":"Counterfactual analysis","url":"https://www.academia.edu/Documents/in/Counterfactual_analysis?f_ri=1121606"},{"id":2197281,"name":"New keynesian Model","url":"https://www.academia.edu/Documents/in/New_keynesian_Model?f_ri=1121606"},{"id":2530873,"name":"Output volatility","url":"https://www.academia.edu/Documents/in/Output_volatility?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_34981191" data-work_id="34981191" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/34981191/The_Impact_of_FDIs_on_Exports_and_Export_Competitiveness_in_Central_and_Eastern_European_Countries">The Impact of FDIs on Exports, and Export Competitiveness in Central and Eastern European Countries</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">After 1990, the Central and Eastern European (CEE) countries lowered the barriers to FDIs. Of course, many other developments were taking place at the same time: increasing openness to trade, privatization of previously government-owned... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_34981191" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">After 1990, the Central and Eastern European (CEE) countries lowered the barriers to FDIs. Of course, many other developments were taking place at the same time: increasing openness to trade, privatization of previously government-owned production, and many other changes as these countries moved in various degrees from socialist to market economies and democratic governments. They privatized many state-owned enterprises, signed</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/34981191" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="062d69db94fc11cc030924ec8c58905e" rel="nofollow" data-download="{"attachment_id":54844868,"asset_id":34981191,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/54844868/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="48268654" href="https://independent.academia.edu/RADULESCUMAGDALENA">MAGDALENA RADULESCU</a><script data-card-contents-for-user="48268654" type="text/json">{"id":48268654,"first_name":"MAGDALENA","last_name":"RADULESCU","domain_name":"independent","page_name":"RADULESCUMAGDALENA","display_name":"MAGDALENA RADULESCU","profile_url":"https://independent.academia.edu/RADULESCUMAGDALENA?f_ri=1121606","photo":"https://0.academia-photos.com/48268654/25633093/24336188/s65_magdalena.radulescu.jpg"}</script></span></span></li><li class="js-paper-rank-work_34981191 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="34981191"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 34981191, container: ".js-paper-rank-work_34981191", }); 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$(".js-view-count[data-work-id=34981191]").text(description); $(".js-view-count-work_34981191").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_34981191").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="34981191"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="1142" rel="nofollow" href="https://www.academia.edu/Documents/in/Western_Europe">Western Europe</a>, <script data-card-contents-for-ri="1142" type="text/json">{"id":1142,"name":"Western Europe","url":"https://www.academia.edu/Documents/in/Western_Europe?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="44293" rel="nofollow" href="https://www.academia.edu/Documents/in/Literature_Review">Literature Review</a>, <script data-card-contents-for-ri="44293" type="text/json">{"id":44293,"name":"Literature Review","url":"https://www.academia.edu/Documents/in/Literature_Review?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="147612" rel="nofollow" href="https://www.academia.edu/Documents/in/Market_economy">Market economy</a><script data-card-contents-for-ri="147612" type="text/json">{"id":147612,"name":"Market economy","url":"https://www.academia.edu/Documents/in/Market_economy?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=34981191]'), work: {"id":34981191,"title":"The Impact of FDIs on Exports, and Export Competitiveness in Central and Eastern European Countries","created_at":"2017-10-28T02:34:37.150-07:00","url":"https://www.academia.edu/34981191/The_Impact_of_FDIs_on_Exports_and_Export_Competitiveness_in_Central_and_Eastern_European_Countries?f_ri=1121606","dom_id":"work_34981191","summary":"After 1990, the Central and Eastern European (CEE) countries lowered the barriers to FDIs. Of course, many other developments were taking place at the same time: increasing openness to trade, privatization of previously government-owned production, and many other changes as these countries moved in various degrees from socialist to market economies and democratic governments. They privatized many state-owned enterprises, signed","downloadable_attachments":[{"id":54844868,"asset_id":34981191,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":48268654,"first_name":"MAGDALENA","last_name":"RADULESCU","domain_name":"independent","page_name":"RADULESCUMAGDALENA","display_name":"MAGDALENA RADULESCU","profile_url":"https://independent.academia.edu/RADULESCUMAGDALENA?f_ri=1121606","photo":"https://0.academia-photos.com/48268654/25633093/24336188/s65_magdalena.radulescu.jpg"}],"research_interests":[{"id":1142,"name":"Western Europe","url":"https://www.academia.edu/Documents/in/Western_Europe?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":44293,"name":"Literature Review","url":"https://www.academia.edu/Documents/in/Literature_Review?f_ri=1121606","nofollow":true},{"id":147612,"name":"Market economy","url":"https://www.academia.edu/Documents/in/Market_economy?f_ri=1121606","nofollow":true},{"id":410377,"name":"Foreign Trade","url":"https://www.academia.edu/Documents/in/Foreign_Trade?f_ri=1121606"},{"id":533274,"name":"Growth rate","url":"https://www.academia.edu/Documents/in/Growth_rate?f_ri=1121606"},{"id":742112,"name":"Statistical Data Analysis","url":"https://www.academia.edu/Documents/in/Statistical_Data_Analysis?f_ri=1121606"},{"id":1007798,"name":"Central and Eastern European Studies","url":"https://www.academia.edu/Documents/in/Central_and_Eastern_European_Studies?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1467867,"name":"State Owned Enterprise","url":"https://www.academia.edu/Documents/in/State_Owned_Enterprise?f_ri=1121606"},{"id":1897166,"name":"Central and Eastern European countries","url":"https://www.academia.edu/Documents/in/Central_and_Eastern_European_countries?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_10082095" data-work_id="10082095" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/10082095/Worldwide_macroeconomic_stability_and_monetary_policy_rules">Worldwide macroeconomic stability and monetary policy rules</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule.... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_10082095" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all economies to endogenous volatility, even ones where monetary policy may be judged appropriate from a closed economy perspective. We construct and discuss two quantitative cases. In the 1970s, worldwide equilibrium was characterized by a two-dimensional indeterminacy, despite U.S. adherence to a version of the Taylor principle. In the last 15 years, worldwide equilibrium was still characterized by a one-dimensional indeterminacy, leaving all economies exposed to endogenous volatility. Our analysis provides a rationale for a type of international policy coordination, and the gains to coordination in the sense of avoiding indeterminacy may be large.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/10082095" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e8c2565cad21faae79de0c5aa61ea8b1" rel="nofollow" data-download="{"attachment_id":36206286,"asset_id":10082095,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/36206286/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="24559194" href="https://independent.academia.edu/AartiSingh15">Aarti Singh</a><script data-card-contents-for-user="24559194" type="text/json">{"id":24559194,"first_name":"Aarti","last_name":"Singh","domain_name":"independent","page_name":"AartiSingh15","display_name":"Aarti Singh","profile_url":"https://independent.academia.edu/AartiSingh15?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_10082095 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="10082095"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 10082095, container: ".js-paper-rank-work_10082095", }); });</script></li><li class="js-percentile-work_10082095 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 10082095; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_10082095"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_10082095 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="10082095"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 10082095; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=10082095]").text(description); $(".js-view-count-work_10082095").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_10082095").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="10082095"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="738" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Economics">Monetary Economics</a>, <script data-card-contents-for-ri="738" type="text/json">{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a><script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=10082095]'), work: {"id":10082095,"title":"Worldwide macroeconomic stability and monetary policy rules","created_at":"2015-01-09T00:02:24.255-08:00","url":"https://www.academia.edu/10082095/Worldwide_macroeconomic_stability_and_monetary_policy_rules?f_ri=1121606","dom_id":"work_10082095","summary":"We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all economies to endogenous volatility, even ones where monetary policy may be judged appropriate from a closed economy perspective. We construct and discuss two quantitative cases. In the 1970s, worldwide equilibrium was characterized by a two-dimensional indeterminacy, despite U.S. adherence to a version of the Taylor principle. In the last 15 years, worldwide equilibrium was still characterized by a one-dimensional indeterminacy, leaving all economies exposed to endogenous volatility. Our analysis provides a rationale for a type of international policy coordination, and the gains to coordination in the sense of avoiding indeterminacy may be large.","downloadable_attachments":[{"id":36206286,"asset_id":10082095,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":24559194,"first_name":"Aarti","last_name":"Singh","domain_name":"independent","page_name":"AartiSingh15","display_name":"Aarti Singh","profile_url":"https://independent.academia.edu/AartiSingh15?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=1121606","nofollow":true},{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true},{"id":186729,"name":"Open Economy","url":"https://www.academia.edu/Documents/in/Open_Economy?f_ri=1121606"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1630914,"name":"Dynamic stochastic general equilibrium model","url":"https://www.academia.edu/Documents/in/Dynamic_stochastic_general_equilibrium_model?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_11220743" data-work_id="11220743" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/11220743/%C3%80_quelles_conditions_les_IDE_stimulent_ils_la_croissance_IDE_croissance_et_catalyseurs_dans_les_pays_m%C3%A9diterran%C3%A9ens">À quelles conditions les IDE stimulent-ils la croissance ?. IDE, croissance et catalyseurs dans les pays méditerranéens</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/11220743" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6ff4541f113cdedb22bdc97a50a83772" rel="nofollow" data-download="{"attachment_id":46811183,"asset_id":11220743,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/46811183/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="27113265" href="https://independent.academia.edu/MarouaneAlaya">Marouane Alaya</a><script data-card-contents-for-user="27113265" type="text/json">{"id":27113265,"first_name":"Marouane","last_name":"Alaya","domain_name":"independent","page_name":"MarouaneAlaya","display_name":"Marouane Alaya","profile_url":"https://independent.academia.edu/MarouaneAlaya?f_ri=1121606","photo":"https://0.academia-photos.com/27113265/9916716/11056530/s65_marouane.alaya.jpg_oh_fc95f2350f44842efa3e0218b65bf568_oe_563782ea___gda___1447094780_3b7ee0aa5bd86fe665885f9f45a2b6ab"}</script></span></span></li><li class="js-paper-rank-work_11220743 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="11220743"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 11220743, container: ".js-paper-rank-work_11220743", }); 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$(".js-view-count[data-work-id=11220743]").text(description); $(".js-view-count-work_11220743").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_11220743").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="11220743"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="9945" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_development">Financial development</a>, <script data-card-contents-for-ri="9945" type="text/json">{"id":9945,"name":"Financial development","url":"https://www.academia.edu/Documents/in/Financial_development?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="14042" rel="nofollow" href="https://www.academia.edu/Documents/in/Human_Capital">Human Capital</a>, <script data-card-contents-for-ri="14042" type="text/json">{"id":14042,"name":"Human Capital","url":"https://www.academia.edu/Documents/in/Human_Capital?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="117635" rel="nofollow" href="https://www.academia.edu/Documents/in/Trade_Openness">Trade Openness</a>, <script data-card-contents-for-ri="117635" type="text/json">{"id":117635,"name":"Trade Openness","url":"https://www.academia.edu/Documents/in/Trade_Openness?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="340031" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Investment">Foreign Investment</a><script data-card-contents-for-ri="340031" type="text/json">{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=11220743]'), work: {"id":11220743,"title":"À quelles conditions les IDE stimulent-ils la croissance ?. IDE, croissance et catalyseurs dans les pays méditerranéens","created_at":"2015-03-03T00:00:29.057-08:00","url":"https://www.academia.edu/11220743/%C3%80_quelles_conditions_les_IDE_stimulent_ils_la_croissance_IDE_croissance_et_catalyseurs_dans_les_pays_m%C3%A9diterran%C3%A9ens?f_ri=1121606","dom_id":"work_11220743","summary":null,"downloadable_attachments":[{"id":46811183,"asset_id":11220743,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":27113265,"first_name":"Marouane","last_name":"Alaya","domain_name":"independent","page_name":"MarouaneAlaya","display_name":"Marouane Alaya","profile_url":"https://independent.academia.edu/MarouaneAlaya?f_ri=1121606","photo":"https://0.academia-photos.com/27113265/9916716/11056530/s65_marouane.alaya.jpg_oh_fc95f2350f44842efa3e0218b65bf568_oe_563782ea___gda___1447094780_3b7ee0aa5bd86fe665885f9f45a2b6ab"}],"research_interests":[{"id":9945,"name":"Financial development","url":"https://www.academia.edu/Documents/in/Financial_development?f_ri=1121606","nofollow":true},{"id":14042,"name":"Human Capital","url":"https://www.academia.edu/Documents/in/Human_Capital?f_ri=1121606","nofollow":true},{"id":117635,"name":"Trade Openness","url":"https://www.academia.edu/Documents/in/Trade_Openness?f_ri=1121606","nofollow":true},{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1243561,"name":"Spillover Effect","url":"https://www.academia.edu/Documents/in/Spillover_Effect?f_ri=1121606"},{"id":1367101,"name":"GDP Growth","url":"https://www.academia.edu/Documents/in/GDP_Growth?f_ri=1121606"},{"id":1776820,"name":"Structural Reform","url":"https://www.academia.edu/Documents/in/Structural_Reform?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_18468595" data-work_id="18468595" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/18468595/Fiscal_Policy_and_Macroeconomic_Stability_in_a_Monetary_Union">Fiscal Policy and Macroeconomic Stability in a Monetary Union</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We analyze the efiects of flscal policy in a currency area. We de- velop a two-region model having sticky prices, a common monetary authority and regional flscal policies. We break the ricardian equiva- lence and allow for keynesian... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_18468595" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We analyze the efiects of flscal policy in a currency area. We de- velop a two-region model having sticky prices, a common monetary authority and regional flscal policies. We break the ricardian equiva- lence and allow for keynesian efiects of public expenditure introducing rule-of-thumb agents in each region. Main results are the following. First, consistently with the empirical evidence, after a public spend- ing shock in one region private agents demand for imports increases and the terms of trade appreciates. Second, a countercyclical flscal rule can restore the Taylor principle and the uniqueness of the equi- librium. Finally, a countercyclical flscal rule contributes to reduce macroeconomic volatility.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/18468595" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7167da15b304d8248218d02aaad90a42" rel="nofollow" data-download="{"attachment_id":40079539,"asset_id":18468595,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/40079539/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="38479281" href="https://independent.academia.edu/APescatori">Andrea Pescatori</a><script data-card-contents-for-user="38479281" type="text/json">{"id":38479281,"first_name":"Andrea","last_name":"Pescatori","domain_name":"independent","page_name":"APescatori","display_name":"Andrea Pescatori","profile_url":"https://independent.academia.edu/APescatori?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_18468595 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="18468595"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 18468595, container: ".js-paper-rank-work_18468595", }); });</script></li><li class="js-percentile-work_18468595 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 18468595; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_18468595"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_18468595 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="18468595"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 18468595; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=18468595]").text(description); $(".js-view-count-work_18468595").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_18468595").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="18468595"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="42500" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_expenditure">Public expenditure</a>, <script data-card-contents-for-ri="42500" type="text/json">{"id":42500,"name":"Public expenditure","url":"https://www.academia.edu/Documents/in/Public_expenditure?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="176462" rel="nofollow" href="https://www.academia.edu/Documents/in/Terms_of_Trade">Terms of Trade</a>, <script data-card-contents-for-ri="176462" type="text/json">{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="337393" rel="nofollow" href="https://www.academia.edu/Documents/in/Taylor_rule">Taylor rule</a><script data-card-contents-for-ri="337393" type="text/json">{"id":337393,"name":"Taylor rule","url":"https://www.academia.edu/Documents/in/Taylor_rule?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=18468595]'), work: {"id":18468595,"title":"Fiscal Policy and Macroeconomic Stability in a Monetary Union","created_at":"2015-11-16T13:43:06.116-08:00","url":"https://www.academia.edu/18468595/Fiscal_Policy_and_Macroeconomic_Stability_in_a_Monetary_Union?f_ri=1121606","dom_id":"work_18468595","summary":"We analyze the efiects of flscal policy in a currency area. We de- velop a two-region model having sticky prices, a common monetary authority and regional flscal policies. We break the ricardian equiva- lence and allow for keynesian efiects of public expenditure introducing rule-of-thumb agents in each region. Main results are the following. First, consistently with the empirical evidence, after a public spend- ing shock in one region private agents demand for imports increases and the terms of trade appreciates. Second, a countercyclical flscal rule can restore the Taylor principle and the uniqueness of the equi- librium. Finally, a countercyclical flscal rule contributes to reduce macroeconomic volatility.","downloadable_attachments":[{"id":40079539,"asset_id":18468595,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":38479281,"first_name":"Andrea","last_name":"Pescatori","domain_name":"independent","page_name":"APescatori","display_name":"Andrea Pescatori","profile_url":"https://independent.academia.edu/APescatori?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":42500,"name":"Public expenditure","url":"https://www.academia.edu/Documents/in/Public_expenditure?f_ri=1121606","nofollow":true},{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606","nofollow":true},{"id":337393,"name":"Taylor rule","url":"https://www.academia.edu/Documents/in/Taylor_rule?f_ri=1121606","nofollow":true},{"id":375432,"name":"Monetary Union","url":"https://www.academia.edu/Documents/in/Monetary_Union?f_ri=1121606"},{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=1121606"},{"id":656909,"name":"Public spending","url":"https://www.academia.edu/Documents/in/Public_spending?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1281142,"name":"Government Spending","url":"https://www.academia.edu/Documents/in/Government_Spending?f_ri=1121606"},{"id":1485818,"name":"Macroeconomic Volatility","url":"https://www.academia.edu/Documents/in/Macroeconomic_Volatility?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31414766" data-work_id="31414766" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31414766/Financial_Globalization_Growth_and_Volatility_in_Developing_Countries">Financial Globalization, Growth and Volatility in Developing Countries</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_31414766" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31414766" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="049949ee08e36452f7a53145ad69ae01" rel="nofollow" data-download="{"attachment_id":51781253,"asset_id":31414766,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51781253/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="60054541" href="https://independent.academia.edu/KoseAyhan">Ayhan Kose</a><script data-card-contents-for-user="60054541" type="text/json">{"id":60054541,"first_name":"Ayhan","last_name":"Kose","domain_name":"independent","page_name":"KoseAyhan","display_name":"Ayhan Kose","profile_url":"https://independent.academia.edu/KoseAyhan?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31414766 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31414766"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31414766, container: ".js-paper-rank-work_31414766", }); 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$(".js-view-count[data-work-id=31414766]").text(description); $(".js-view-count-work_31414766").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31414766").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31414766"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="1439" rel="nofollow" href="https://www.academia.edu/Documents/in/Globalization">Globalization</a>, <script data-card-contents-for-ri="1439" type="text/json">{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4484" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Growth">Economic Growth</a>, <script data-card-contents-for-ri="4484" type="text/json">{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="54961" rel="nofollow" href="https://www.academia.edu/Documents/in/Growth">Growth</a>, <script data-card-contents-for-ri="54961" type="text/json">{"id":54961,"name":"Growth","url":"https://www.academia.edu/Documents/in/Growth?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="70854" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Country">Developing Country</a><script data-card-contents-for-ri="70854" type="text/json">{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31414766]'), work: {"id":31414766,"title":"Financial Globalization, Growth and Volatility in Developing Countries","created_at":"2017-02-13T12:24:10.476-08:00","url":"https://www.academia.edu/31414766/Financial_Globalization_Growth_and_Volatility_in_Developing_Countries?f_ri=1121606","dom_id":"work_31414766","summary":"This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth.","downloadable_attachments":[{"id":51781253,"asset_id":31414766,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":60054541,"first_name":"Ayhan","last_name":"Kose","domain_name":"independent","page_name":"KoseAyhan","display_name":"Ayhan Kose","profile_url":"https://independent.academia.edu/KoseAyhan?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=1121606","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=1121606","nofollow":true},{"id":54961,"name":"Growth","url":"https://www.academia.edu/Documents/in/Growth?f_ri=1121606","nofollow":true},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=1121606","nofollow":true},{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=1121606"},{"id":853808,"name":"Exchange rate regime","url":"https://www.academia.edu/Documents/in/Exchange_rate_regime?f_ri=1121606"},{"id":862986,"name":"Financial Integration","url":"https://www.academia.edu/Documents/in/Financial_Integration?f_ri=1121606"},{"id":959756,"name":"Financial Globalization","url":"https://www.academia.edu/Documents/in/Financial_Globalization?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1195571,"name":"Fiscal Discipline","url":"https://www.academia.edu/Documents/in/Fiscal_Discipline?f_ri=1121606"},{"id":1485818,"name":"Macroeconomic Volatility","url":"https://www.academia.edu/Documents/in/Macroeconomic_Volatility?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_5537931" data-work_id="5537931" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/5537931/Optimal_Fiscal_Policy_Rules_in_a_Monetary_Union">Optimal Fiscal Policy Rules in a Monetary Union</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union which incorporates persistence in inflation and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_5537931" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union which incorporates persistence in inflation and non-Ricardian consumers, and derive optimal simple rules for fiscal authorities. We find that fiscal policy can play an important role in reacting to inflation and , but that not much is lost if national fiscal policy is restricted to react only to national differences in inflation and output.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/5537931" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4811ff45b2f12e57bd2f6c49fc0d04a5" rel="nofollow" data-download="{"attachment_id":49253641,"asset_id":5537931,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/49253641/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="7845255" href="https://oxford.academia.edu/SimonWrenLewis">Simon Wren-Lewis</a><script data-card-contents-for-user="7845255" type="text/json">{"id":7845255,"first_name":"Simon","last_name":"Wren-Lewis","domain_name":"oxford","page_name":"SimonWrenLewis","display_name":"Simon Wren-Lewis","profile_url":"https://oxford.academia.edu/SimonWrenLewis?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_5537931 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="5537931"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 5537931, container: ".js-paper-rank-work_5537931", }); 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$(".js-view-count[data-work-id=5537931]").text(description); $(".js-view-count-work_5537931").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_5537931").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="5537931"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="27659" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Economics">Applied Economics</a>, <script data-card-contents-for-ri="27659" type="text/json">{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="65572" rel="nofollow" href="https://www.academia.edu/Documents/in/Optimal_Fiscal_and_Monetary_Policy">Optimal Fiscal and Monetary Policy</a><script data-card-contents-for-ri="65572" type="text/json">{"id":65572,"name":"Optimal Fiscal and Monetary Policy","url":"https://www.academia.edu/Documents/in/Optimal_Fiscal_and_Monetary_Policy?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=5537931]'), work: {"id":5537931,"title":"Optimal Fiscal Policy Rules in a Monetary Union","created_at":"2013-12-27T02:29:39.272-08:00","url":"https://www.academia.edu/5537931/Optimal_Fiscal_Policy_Rules_in_a_Monetary_Union?f_ri=1121606","dom_id":"work_5537931","summary":"This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union which incorporates persistence in inflation and non-Ricardian consumers, and derive optimal simple rules for fiscal authorities. We find that fiscal policy can play an important role in reacting to inflation and , but that not much is lost if national fiscal policy is restricted to react only to national differences in inflation and output.","downloadable_attachments":[{"id":49253641,"asset_id":5537931,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":7845255,"first_name":"Simon","last_name":"Wren-Lewis","domain_name":"oxford","page_name":"SimonWrenLewis","display_name":"Simon Wren-Lewis","profile_url":"https://oxford.academia.edu/SimonWrenLewis?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606","nofollow":true},{"id":65572,"name":"Optimal Fiscal and Monetary Policy","url":"https://www.academia.edu/Documents/in/Optimal_Fiscal_and_Monetary_Policy?f_ri=1121606","nofollow":true},{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606"},{"id":256556,"name":"Monetary and Fiscal Policy","url":"https://www.academia.edu/Documents/in/Monetary_and_Fiscal_Policy?f_ri=1121606"},{"id":375432,"name":"Monetary Union","url":"https://www.academia.edu/Documents/in/Monetary_Union?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":2197281,"name":"New keynesian Model","url":"https://www.academia.edu/Documents/in/New_keynesian_Model?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28696653" data-work_id="28696653" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28696653/Financial_Sector_Development_and_Macro_Economic_Stability_in_Nigeria_A_Long_Run_Analysis">Financial Sector Development and Macro-Economic Stability in Nigeria: A Long-Run Analysis</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper examines the relationship between Nigeria financial sector development and macroeconomic stability from 1980 – 2014. The objective is to investigate the extent and the direction of relationship between various components of... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28696653" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper examines the relationship between Nigeria financial sector development and macroeconomic stability from 1980 – 2014. The objective is to investigate the extent and the direction of relationship between various components of financial sector development and macroeconomic stability in Nigeria. Time series data were sourced from Central Bank of Nigeria (CBN) statistical bulletin. The study modeled percentage of Nigerian Gross Domestic Product to Balance of Payment (GDP/EXT) as our dependent variable total commercial banks credit to Gross Domestic Product (TCBC/GDP), Broad Money Supply to Gross Domestic Product (M2/GDP), Credit to Core Private Sector to Gross Domestic Product (CPS/GDP), Stock Market Capitalization to Gross Domestic Product (MKT/GDP) and Total savings to Gross Domestic Product (TS/GDP) as our independent variables. The study employed Co-integration Test, Augmented Dickey Fuller Unit Root Test, Granger Causality Test and Vector Error Correction Model were used to examine the extent to which the independent variables affect dependent variable. The static regression result shows that all the independent variables have positive effect on the dependent variables. The Augmented Dickey Fuller result shows non stationarity at level and stationarity at first difference. The cointegration result shows long run relationship, the Granger Causality Test shows multivariate relationship running through the independent to the dependent variable and the dependent to the independent variables. The vector error correction result shows adequate speed of adjustment to equilibrium. The study conclude that Nigerian financial sector development have significant relationship with macroeconomic stability. It therefore recommends effective financial system policies to deepen the development of the financial system to enhance Nigerian macroeconomic stability.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28696653" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7cae4320d01d11e498d778b2f315408a" rel="nofollow" data-download="{"attachment_id":49090130,"asset_id":28696653,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/49090130/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="44576165" href="https://rsust.academia.edu/luckyanyikelucky">lucky anyike lucky</a><script data-card-contents-for-user="44576165" type="text/json">{"id":44576165,"first_name":"lucky","last_name":"anyike lucky","domain_name":"rsust","page_name":"luckyanyikelucky","display_name":"lucky anyike lucky","profile_url":"https://rsust.academia.edu/luckyanyikelucky?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_28696653 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28696653"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28696653, container: ".js-paper-rank-work_28696653", }); 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$(".js-view-count[data-work-id=28696653]").text(description); $(".js-view-count-work_28696653").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28696653").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28696653"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="747" rel="nofollow" href="https://www.academia.edu/Documents/in/Econometrics">Econometrics</a>, <script data-card-contents-for-ri="747" type="text/json">{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="764" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomics">Macroeconomics</a>, <script data-card-contents-for-ri="764" type="text/json">{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a><script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28696653]'), work: {"id":28696653,"title":"Financial Sector Development and Macro-Economic Stability in Nigeria: A Long-Run Analysis","created_at":"2016-09-24T12:20:21.425-07:00","url":"https://www.academia.edu/28696653/Financial_Sector_Development_and_Macro_Economic_Stability_in_Nigeria_A_Long_Run_Analysis?f_ri=1121606","dom_id":"work_28696653","summary":"This paper examines the relationship between Nigeria financial sector development and macroeconomic stability from 1980 – 2014. The objective is to investigate the extent and the direction of relationship between various components of financial sector development and macroeconomic stability in Nigeria. Time series data were sourced from Central Bank of Nigeria (CBN) statistical bulletin. The study modeled percentage of Nigerian Gross Domestic Product to Balance of Payment (GDP/EXT) as our dependent variable total commercial banks credit to Gross Domestic Product (TCBC/GDP), Broad Money Supply to Gross Domestic Product (M2/GDP), Credit to Core Private Sector to Gross Domestic Product (CPS/GDP), Stock Market Capitalization to Gross Domestic Product (MKT/GDP) and Total savings to Gross Domestic Product (TS/GDP) as our independent variables. The study employed Co-integration Test, Augmented Dickey Fuller Unit Root Test, Granger Causality Test and Vector Error Correction Model were used to examine the extent to which the independent variables affect dependent variable. The static regression result shows that all the independent variables have positive effect on the dependent variables. The Augmented Dickey Fuller result shows non stationarity at level and stationarity at first difference. The cointegration result shows long run relationship, the Granger Causality Test shows multivariate relationship running through the independent to the dependent variable and the dependent to the independent variables. The vector error correction result shows adequate speed of adjustment to equilibrium. The study conclude that Nigerian financial sector development have significant relationship with macroeconomic stability. It therefore recommends effective financial system policies to deepen the development of the financial system to enhance Nigerian macroeconomic stability.","downloadable_attachments":[{"id":49090130,"asset_id":28696653,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":44576165,"first_name":"lucky","last_name":"anyike lucky","domain_name":"rsust","page_name":"luckyanyikelucky","display_name":"lucky anyike lucky","profile_url":"https://rsust.academia.edu/luckyanyikelucky?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=1121606","nofollow":true},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics?f_ri=1121606","nofollow":true},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics?f_ri=1121606","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=1121606","nofollow":true},{"id":581239,"name":"Financial Sector Development","url":"https://www.academia.edu/Documents/in/Financial_Sector_Development?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_18468620" data-work_id="18468620" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/18468620/Fiscal_Policy_and_Macroeconomic_Stability_in_a_Monetary_Union">Fiscal Policy and Macroeconomic Stability in a Monetary Union</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We analyze the effects of fiscal policy in a currency area. We develop a two-region model having sticky prices, a common monetary authority and regional fiscal policies. We break the ricardian equivalence and allow for keynesian effects... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_18468620" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We analyze the effects of fiscal policy in a currency area. We develop a two-region model having sticky prices, a common monetary authority and regional fiscal policies. We break the ricardian equivalence and allow for keynesian effects of public expenditure introducing rule-of-thumb agents in each region. Main results are the following. First, consistently with the empirical evidence, after a public spending shock in one region private agents demand for imports increases and the terms of trade appreciates. Second, a countercyclical fiscal rule can restore the Taylor principle and the uniqueness of the equilibrium. Finally, a countercyclical fiscal rule contributes to reduce macroeconomic volatility.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/18468620" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="d1da6fb319c6833dfa1f98bd4b5fddc3" rel="nofollow" data-download="{"attachment_id":40079542,"asset_id":18468620,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/40079542/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="38479281" href="https://independent.academia.edu/APescatori">Andrea Pescatori</a><script data-card-contents-for-user="38479281" type="text/json">{"id":38479281,"first_name":"Andrea","last_name":"Pescatori","domain_name":"independent","page_name":"APescatori","display_name":"Andrea Pescatori","profile_url":"https://independent.academia.edu/APescatori?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_18468620 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="18468620"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 18468620, container: ".js-paper-rank-work_18468620", }); });</script></li><li class="js-percentile-work_18468620 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 18468620; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_18468620"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_18468620 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="18468620"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 18468620; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=18468620]").text(description); $(".js-view-count-work_18468620").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_18468620").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="18468620"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="42500" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_expenditure">Public expenditure</a>, <script data-card-contents-for-ri="42500" type="text/json">{"id":42500,"name":"Public expenditure","url":"https://www.academia.edu/Documents/in/Public_expenditure?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="176462" rel="nofollow" href="https://www.academia.edu/Documents/in/Terms_of_Trade">Terms of Trade</a>, <script data-card-contents-for-ri="176462" type="text/json">{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="337393" rel="nofollow" href="https://www.academia.edu/Documents/in/Taylor_rule">Taylor rule</a><script data-card-contents-for-ri="337393" type="text/json">{"id":337393,"name":"Taylor rule","url":"https://www.academia.edu/Documents/in/Taylor_rule?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=18468620]'), work: {"id":18468620,"title":"Fiscal Policy and Macroeconomic Stability in a Monetary Union","created_at":"2015-11-16T13:43:13.253-08:00","url":"https://www.academia.edu/18468620/Fiscal_Policy_and_Macroeconomic_Stability_in_a_Monetary_Union?f_ri=1121606","dom_id":"work_18468620","summary":"We analyze the effects of fiscal policy in a currency area. We develop a two-region model having sticky prices, a common monetary authority and regional fiscal policies. We break the ricardian equivalence and allow for keynesian effects of public expenditure introducing rule-of-thumb agents in each region. Main results are the following. First, consistently with the empirical evidence, after a public spending shock in one region private agents demand for imports increases and the terms of trade appreciates. Second, a countercyclical fiscal rule can restore the Taylor principle and the uniqueness of the equilibrium. Finally, a countercyclical fiscal rule contributes to reduce macroeconomic volatility.","downloadable_attachments":[{"id":40079542,"asset_id":18468620,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":38479281,"first_name":"Andrea","last_name":"Pescatori","domain_name":"independent","page_name":"APescatori","display_name":"Andrea Pescatori","profile_url":"https://independent.academia.edu/APescatori?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":42500,"name":"Public expenditure","url":"https://www.academia.edu/Documents/in/Public_expenditure?f_ri=1121606","nofollow":true},{"id":176462,"name":"Terms of Trade","url":"https://www.academia.edu/Documents/in/Terms_of_Trade?f_ri=1121606","nofollow":true},{"id":337393,"name":"Taylor rule","url":"https://www.academia.edu/Documents/in/Taylor_rule?f_ri=1121606","nofollow":true},{"id":375432,"name":"Monetary Union","url":"https://www.academia.edu/Documents/in/Monetary_Union?f_ri=1121606"},{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=1121606"},{"id":656909,"name":"Public spending","url":"https://www.academia.edu/Documents/in/Public_spending?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1281142,"name":"Government Spending","url":"https://www.academia.edu/Documents/in/Government_Spending?f_ri=1121606"},{"id":1485818,"name":"Macroeconomic Volatility","url":"https://www.academia.edu/Documents/in/Macroeconomic_Volatility?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_15439009" data-work_id="15439009" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/15439009/Real_Financial_Market_Interactions_and_Macroeconomic_Stabilization_Policies">Real-Financial Market Interactions and Macroeconomic Stabilization Policies</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread world wide as a great recession. Although some slow recovery appears to be on... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_15439009" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread world wide as a great recession. Although some slow recovery appears to be on the horizon, it is worthwhile exploring the fragility and potentially destabi- lizing feedbacks of advanced macroeconomies in the context of</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/15439009" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ea6bfbf032c7a98f6c2e302040eed5dd" rel="nofollow" data-download="{"attachment_id":38679949,"asset_id":15439009,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/38679949/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="34581935" href="https://independent.academia.edu/ChristianProa%C3%B1o1">Christian Proaño</a><script data-card-contents-for-user="34581935" type="text/json">{"id":34581935,"first_name":"Christian","last_name":"Proaño","domain_name":"independent","page_name":"ChristianProaño1","display_name":"Christian Proaño","profile_url":"https://independent.academia.edu/ChristianProa%C3%B1o1?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_15439009 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="15439009"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 15439009, container: ".js-paper-rank-work_15439009", }); });</script></li><li class="js-percentile-work_15439009 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 15439009; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_15439009"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_15439009 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="15439009"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 15439009; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=15439009]").text(description); $(".js-view-count-work_15439009").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_15439009").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="15439009"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a>, <script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="124604" rel="nofollow" href="https://www.academia.edu/Documents/in/Labor_Market">Labor Market</a>, <script data-card-contents-for-ri="124604" type="text/json">{"id":124604,"name":"Labor Market","url":"https://www.academia.edu/Documents/in/Labor_Market?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="136751" rel="nofollow" href="https://www.academia.edu/Documents/in/Stability_Analysis">Stability Analysis</a>, <script data-card-contents-for-ri="136751" type="text/json">{"id":136751,"name":"Stability Analysis","url":"https://www.academia.edu/Documents/in/Stability_Analysis?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="256556" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_and_Fiscal_Policy">Monetary and Fiscal Policy</a><script data-card-contents-for-ri="256556" type="text/json">{"id":256556,"name":"Monetary and Fiscal Policy","url":"https://www.academia.edu/Documents/in/Monetary_and_Fiscal_Policy?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=15439009]'), work: {"id":15439009,"title":"Real-Financial Market Interactions and Macroeconomic Stabilization Policies","created_at":"2015-09-06T01:31:42.228-07:00","url":"https://www.academia.edu/15439009/Real_Financial_Market_Interactions_and_Macroeconomic_Stabilization_Policies?f_ri=1121606","dom_id":"work_15439009","summary":"Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread world wide as a great recession. Although some slow recovery appears to be on the horizon, it is worthwhile exploring the fragility and potentially destabi- lizing feedbacks of advanced macroeconomies in the context of","downloadable_attachments":[{"id":38679949,"asset_id":15439009,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":34581935,"first_name":"Christian","last_name":"Proaño","domain_name":"independent","page_name":"ChristianProaño1","display_name":"Christian Proaño","profile_url":"https://independent.academia.edu/ChristianProa%C3%B1o1?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true},{"id":124604,"name":"Labor Market","url":"https://www.academia.edu/Documents/in/Labor_Market?f_ri=1121606","nofollow":true},{"id":136751,"name":"Stability Analysis","url":"https://www.academia.edu/Documents/in/Stability_Analysis?f_ri=1121606","nofollow":true},{"id":256556,"name":"Monetary and Fiscal Policy","url":"https://www.academia.edu/Documents/in/Monetary_and_Fiscal_Policy?f_ri=1121606","nofollow":true},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":2143695,"name":"Stabilization policy","url":"https://www.academia.edu/Documents/in/Stabilization_policy?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_59906462" data-work_id="59906462" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/59906462/The_Argentine_Currency_Board">The Argentine Currency Board</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper evaluates the usefulness of a currency board regime based on Argentina's experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_59906462" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper evaluates the usefulness of a currency board regime based on Argentina's experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks. The paper will argue that a strict exchange rate rule like the one used in Argentina can be a strong alternative to other exchange rate regimes to ensure macroeconomic stability in a globalized world with highly integrated capital markets. Index 1. Introduction 2. Inflation and stabilization in Argentina 3. The Convertibility Plan 3.1. The Monetary Regime 3.2. The Fiscal Adjustment 3.3. Financial Reform and the Capital Market 4. The Results of the Convertibility Plan 4.1. The Initial Results 4.2. The Convertibility Plan during the Tequila Effect 4.3. The Banking System during the Tequila Effect 4.4 Dealing with Failed Banks 5. The Policy Response to the Tequila 6. Argentina during the Crises of the late Nineties 6.1 Macroeconomic Performance 6.2 The Banking System 7. Conclusions</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/59906462" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e258a1895af018a7a41ae2d3e9b3c02c" rel="nofollow" data-download="{"attachment_id":73590815,"asset_id":59906462,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/73590815/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="33336894" href="https://independent.academia.edu/MiguelKiguel">Miguel Kiguel</a><script data-card-contents-for-user="33336894" type="text/json">{"id":33336894,"first_name":"Miguel","last_name":"Kiguel","domain_name":"independent","page_name":"MiguelKiguel","display_name":"Miguel Kiguel","profile_url":"https://independent.academia.edu/MiguelKiguel?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_59906462 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="59906462"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 59906462, container: ".js-paper-rank-work_59906462", }); 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$(".js-view-count[data-work-id=59906462]").text(description); $(".js-view-count-work_59906462").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_59906462").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="59906462"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">5</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="63444" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_System">Financial System</a>, <script data-card-contents-for-ri="63444" type="text/json">{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a>, <script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="399256" rel="nofollow" href="https://www.academia.edu/Documents/in/Currency_Board">Currency Board</a>, <script data-card-contents-for-ri="399256" type="text/json">{"id":399256,"name":"Currency Board","url":"https://www.academia.edu/Documents/in/Currency_Board?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=59906462]'), work: {"id":59906462,"title":"The Argentine Currency Board","created_at":"2021-10-25T05:14:11.215-07:00","url":"https://www.academia.edu/59906462/The_Argentine_Currency_Board?f_ri=1121606","dom_id":"work_59906462","summary":"This paper evaluates the usefulness of a currency board regime based on Argentina's experience. Argentina adopted the currency board in March 1991 to put an end to a long history of large macroeconomic imbalances and high inflation that culminated in the hyperinflation process of 1989-91. The regime has been extremely successful in restoring macroeconomic stability and ensuring low inflation. The adoption of a tight fiscal stance, and of sound polices to strengthen the financial system were critical to ensure the resilience of the economy to respond to adverse external shocks. The paper will argue that a strict exchange rate rule like the one used in Argentina can be a strong alternative to other exchange rate regimes to ensure macroeconomic stability in a globalized world with highly integrated capital markets. Index 1. Introduction 2. Inflation and stabilization in Argentina 3. The Convertibility Plan 3.1. The Monetary Regime 3.2. The Fiscal Adjustment 3.3. Financial Reform and the Capital Market 4. The Results of the Convertibility Plan 4.1. The Initial Results 4.2. The Convertibility Plan during the Tequila Effect 4.3. The Banking System during the Tequila Effect 4.4 Dealing with Failed Banks 5. The Policy Response to the Tequila 6. Argentina during the Crises of the late Nineties 6.1 Macroeconomic Performance 6.2 The Banking System 7. Conclusions","downloadable_attachments":[{"id":73590815,"asset_id":59906462,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":33336894,"first_name":"Miguel","last_name":"Kiguel","domain_name":"independent","page_name":"MiguelKiguel","display_name":"Miguel Kiguel","profile_url":"https://independent.academia.edu/MiguelKiguel?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=1121606","nofollow":true},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true},{"id":399256,"name":"Currency Board","url":"https://www.academia.edu/Documents/in/Currency_Board?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true},{"id":1240789,"name":"Capital 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class="u-tcGrayDark u-fw700" data-has-card-for-user="54249212" href="https://independent.academia.edu/GloriaPasadilla">Gloria Pasadilla</a><script data-card-contents-for-user="54249212" type="text/json">{"id":54249212,"first_name":"Gloria","last_name":"Pasadilla","domain_name":"independent","page_name":"GloriaPasadilla","display_name":"Gloria Pasadilla","profile_url":"https://independent.academia.edu/GloriaPasadilla?f_ri=1121606","photo":"https://0.academia-photos.com/54249212/117368263/106670311/s65_gloria.pasadilla.png"}</script></span></span></li><li class="js-paper-rank-work_28811118 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28811118"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28811118, container: ".js-paper-rank-work_28811118", }); });</script></li><li class="js-percentile-work_28811118 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window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28811118]").text(description); $(".js-view-count-work_28811118").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28811118").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28811118"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">14</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="5470" rel="nofollow" href="https://www.academia.edu/Documents/in/East_Asia">East Asia</a>, <script data-card-contents-for-ri="5470" type="text/json">{"id":5470,"name":"East Asia","url":"https://www.academia.edu/Documents/in/East_Asia?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="12061" rel="nofollow" href="https://www.academia.edu/Documents/in/Risk_Management">Risk Management</a>, <script data-card-contents-for-ri="12061" type="text/json">{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="21198" rel="nofollow" href="https://www.academia.edu/Documents/in/Fiscal_policy">Fiscal policy</a>, <script data-card-contents-for-ri="21198" type="text/json">{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="48971" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Policy">Monetary Policy</a><script data-card-contents-for-ri="48971" type="text/json">{"id":48971,"name":"Monetary 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Pasadilla","profile_url":"https://independent.academia.edu/GloriaPasadilla?f_ri=1121606","photo":"https://0.academia-photos.com/54249212/117368263/106670311/s65_gloria.pasadilla.png"}],"research_interests":[{"id":5470,"name":"East Asia","url":"https://www.academia.edu/Documents/in/East_Asia?f_ri=1121606","nofollow":true},{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=1121606","nofollow":true},{"id":21198,"name":"Fiscal policy","url":"https://www.academia.edu/Documents/in/Fiscal_policy?f_ri=1121606","nofollow":true},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=1121606","nofollow":true},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=1121606"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=1121606"},{"id":70649,"name":"External Debt","url":"https://www.academia.edu/Documents/in/External_Debt?f_ri=1121606"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606"},{"id":244811,"name":"Financial Sector","url":"https://www.academia.edu/Documents/in/Financial_Sector?f_ri=1121606"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=1121606"},{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1330560,"name":"Exchange Rate Policy","url":"https://www.academia.edu/Documents/in/Exchange_Rate_Policy?f_ri=1121606"},{"id":1562072,"name":"Financial Reform","url":"https://www.academia.edu/Documents/in/Financial_Reform?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_75136676" data-work_id="75136676" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/75136676/Calming_the_Tide_Private_Investment_and_Macroeconomic_Uncertainty_in_Nigeria">Calming the Tide: Private Investment and Macroeconomic Uncertainty in Nigeria</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study is undertaken to determine the relative impacts of the uncertainty of macroeconomic variables on investment and make policy recommendations that may help dampen their fluctuations. In the study, generalized autoregressive... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_75136676" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study is undertaken to determine the relative impacts of the uncertainty of macroeconomic variables on investment and make policy recommendations that may help dampen their fluctuations. In the study, generalized autoregressive conditional heteroscedasticity (GARCH) model was applied in the estimation of uncertainty of the macroeconomic variables. In the analysis of the data, econometric results were obtained from cointegration test</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/75136676" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e3d316b9450b552153a81ea2cbe5c519" rel="nofollow" data-download="{"attachment_id":83604809,"asset_id":75136676,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/83604809/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="82889270" href="https://independent.academia.edu/AOnyia">Arinze Onyia</a><script data-card-contents-for-user="82889270" type="text/json">{"id":82889270,"first_name":"Arinze","last_name":"Onyia","domain_name":"independent","page_name":"AOnyia","display_name":"Arinze Onyia","profile_url":"https://independent.academia.edu/AOnyia?f_ri=1121606","photo":"https://0.academia-photos.com/82889270/32561321/29386062/s65_arinze.onyia.jpg"}</script></span></span></li><li class="js-paper-rank-work_75136676 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="75136676"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 75136676, container: ".js-paper-rank-work_75136676", }); 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In the study, generalized autoregressive conditional heteroscedasticity (GARCH) model was applied in the estimation of uncertainty of the macroeconomic variables. In the analysis of the data, econometric results were obtained from cointegration test","downloadable_attachments":[{"id":83604809,"asset_id":75136676,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":82889270,"first_name":"Arinze","last_name":"Onyia","domain_name":"independent","page_name":"AOnyia","display_name":"Arinze 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Institutions","url":"https://www.academia.edu/Documents/in/Financial_Institutions?f_ri=1121606"},{"id":206131,"name":"Political Institution","url":"https://www.academia.edu/Documents/in/Political_Institution?f_ri=1121606"},{"id":410174,"name":"Transaction Cost Theory","url":"https://www.academia.edu/Documents/in/Transaction_Cost_Theory?f_ri=1121606"},{"id":412636,"name":"Theoretical Framework","url":"https://www.academia.edu/Documents/in/Theoretical_Framework?f_ri=1121606"},{"id":595385,"name":"Fiscal Deficit","url":"https://www.academia.edu/Documents/in/Fiscal_Deficit?f_ri=1121606"},{"id":661460,"name":"Fiscal Rule","url":"https://www.academia.edu/Documents/in/Fiscal_Rule?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":1153482,"name":"Cooperative Behavior","url":"https://www.academia.edu/Documents/in/Cooperative_Behavior?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_57878901" data-work_id="57878901" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/57878901/Creative_Economy_and_Macroeconomic_Stability_During_the_Financial_Crisis">Creative Economy and Macroeconomic Stability During the Financial Crisis</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The current crisis has struck and still strikes most sectors of the economy. The question that is being asked is which are the areas and sectors that have the potential to withstand the crisis and to develop despite this adverse economic... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_57878901" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The current crisis has struck and still strikes most sectors of the economy. The question that is being asked is which are the areas and sectors that have the potential to withstand the crisis and to develop despite this adverse economic reality. Experience shows that creative industry in particular and creative economy in general has the ability to face the</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/57878901" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6b28b8e8fcd4f6df461f3540cbc72c5c" rel="nofollow" data-download="{"attachment_id":72562074,"asset_id":57878901,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/72562074/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="53083055" href="https://independent.academia.edu/FaneaIvanoviciMina">Fanea Ivanovici Mina</a><script data-card-contents-for-user="53083055" type="text/json">{"id":53083055,"first_name":"Fanea Ivanovici","last_name":"Mina","domain_name":"independent","page_name":"FaneaIvanoviciMina","display_name":"Fanea Ivanovici Mina","profile_url":"https://independent.academia.edu/FaneaIvanoviciMina?f_ri=1121606","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_57878901 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="57878901"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 57878901, container: ".js-paper-rank-work_57878901", }); });</script></li><li class="js-percentile-work_57878901 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 57878901; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_57878901"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_57878901 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="57878901"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 57878901; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=57878901]").text(description); $(".js-view-count-work_57878901").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_57878901").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="57878901"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="11344" rel="nofollow" href="https://www.academia.edu/Documents/in/Creative_Industries">Creative Industries</a>, <script data-card-contents-for-ri="11344" type="text/json">{"id":11344,"name":"Creative Industries","url":"https://www.academia.edu/Documents/in/Creative_Industries?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="50679" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Crisis">Financial Crisis</a>, <script data-card-contents-for-ri="50679" type="text/json">{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1121606" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomic_Stability">Macroeconomic Stability</a><script data-card-contents-for-ri="1121606" type="text/json">{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=57878901]'), work: {"id":57878901,"title":"Creative Economy and Macroeconomic Stability During the Financial Crisis","created_at":"2021-10-14T11:58:28.791-07:00","url":"https://www.academia.edu/57878901/Creative_Economy_and_Macroeconomic_Stability_During_the_Financial_Crisis?f_ri=1121606","dom_id":"work_57878901","summary":"The current crisis has struck and still strikes most sectors of the economy. The question that is being asked is which are the areas and sectors that have the potential to withstand the crisis and to develop despite this adverse economic reality. Experience shows that creative industry in particular and creative economy in general has the ability to face the","downloadable_attachments":[{"id":72562074,"asset_id":57878901,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":53083055,"first_name":"Fanea Ivanovici","last_name":"Mina","domain_name":"independent","page_name":"FaneaIvanoviciMina","display_name":"Fanea Ivanovici Mina","profile_url":"https://independent.academia.edu/FaneaIvanoviciMina?f_ri=1121606","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":11344,"name":"Creative Industries","url":"https://www.academia.edu/Documents/in/Creative_Industries?f_ri=1121606","nofollow":true},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=1121606","nofollow":true},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_2067252" data-work_id="2067252" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/2067252/Addressing_the_Challenge_of_HIV_AIDS_Macroeconomic_Fiscal_and_Institutional_Issues">Addressing the Challenge of HIV/AIDS: Macroeconomic, Fiscal and Institutional Issues</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">After decades of neglect the HIV/AIDS epidemic has rightly become one of the highest priorities on the global agenda. Funding pledges from the donors have doubled resource commitments between 2002 and 2004 to over $6 billion. That surge... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_2067252" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">After decades of neglect the HIV/AIDS epidemic has rightly become one of the highest priorities on the global agenda. Funding pledges from the donors have doubled resource commitments between 2002 and 2004 to over $6 billion. That surge in funding belies the volatile nature of contributions to HIV/AIDS initiatives at the country level. The paper analyzes the impacts of abrupt HIV/AIDS funding on macroeconomic stability, fiscal health and the development of health institutions. The macroeconomic effects are ambiguous, but depend on the overall level of aid flows, as well as those for HIV/AIDS, the management of foreign exchange inflows, and effective spending policies. The fiscal ramifications revolve around the jump in external funding that reached around 1000% in Lesotho and 650% in Zambia between 2002 and, and the required rapid scale up if resources are to be used productively. At the same time, the new HIV/AIDS monies are swamping public health budgets in some cases exceeding 150% of the government's total allocations for health. The vertical HIV/AIDS programs and the set aside funding threaten to undermine the very institutions that will need to carry forward the long term HIV/AIDS prevention and treatment agenda for each country. Health systems are already fragile, and governance problems and uneven productivity compound the challenges. Health institutions require funding and attention to strengthen them in the fight against HIV/AIDS. While the committed funds are desperately needed, solutions to the dilemma will require creative options to ensure the flow of funds, manage the economic implications and ensure effective service delivery. These are explored in the concluding section.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/2067252" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1a7255c26b81f732792b201627a81b95" rel="nofollow" data-download="{"attachment_id":29703837,"asset_id":2067252,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/29703837/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="2702448" href="https://independent.academia.edu/UcheIkenna">Uche Ikenna</a><script data-card-contents-for-user="2702448" type="text/json">{"id":2702448,"first_name":"Uche","last_name":"Ikenna","domain_name":"independent","page_name":"UcheIkenna","display_name":"Uche Ikenna","profile_url":"https://independent.academia.edu/UcheIkenna?f_ri=1121606","photo":"https://0.academia-photos.com/2702448/867946/1082993/s65_uche.ikenna.jpg"}</script></span></span></li><li class="js-paper-rank-work_2067252 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="2067252"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 2067252, container: ".js-paper-rank-work_2067252", }); });</script></li><li class="js-percentile-work_2067252 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 2067252; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_2067252"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_2067252 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="2067252"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 2067252; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=2067252]").text(description); $(".js-view-count-work_2067252").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_2067252").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="2067252"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="2585" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Development">International Development</a>, <script data-card-contents-for-ri="2585" type="text/json">{"id":2585,"name":"International Development","url":"https://www.academia.edu/Documents/in/International_Development?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="16288" rel="nofollow" href="https://www.academia.edu/Documents/in/Public_Health">Public Health</a>, <script data-card-contents-for-ri="16288" type="text/json">{"id":16288,"name":"Public Health","url":"https://www.academia.edu/Documents/in/Public_Health?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="111071" rel="nofollow" href="https://www.academia.edu/Documents/in/Foreign_Exchange">Foreign Exchange</a>, <script data-card-contents-for-ri="111071" type="text/json">{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="130844" rel="nofollow" href="https://www.academia.edu/Documents/in/Service_Delivery">Service Delivery</a><script data-card-contents-for-ri="130844" type="text/json">{"id":130844,"name":"Service Delivery","url":"https://www.academia.edu/Documents/in/Service_Delivery?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=2067252]'), work: {"id":2067252,"title":"Addressing the Challenge of HIV/AIDS: Macroeconomic, Fiscal and Institutional Issues","created_at":"2012-10-29T20:59:15.608-07:00","url":"https://www.academia.edu/2067252/Addressing_the_Challenge_of_HIV_AIDS_Macroeconomic_Fiscal_and_Institutional_Issues?f_ri=1121606","dom_id":"work_2067252","summary":"After decades of neglect the HIV/AIDS epidemic has rightly become one of the highest priorities on the global agenda. Funding pledges from the donors have doubled resource commitments between 2002 and 2004 to over $6 billion. That surge in funding belies the volatile nature of contributions to HIV/AIDS initiatives at the country level. The paper analyzes the impacts of abrupt HIV/AIDS funding on macroeconomic stability, fiscal health and the development of health institutions. The macroeconomic effects are ambiguous, but depend on the overall level of aid flows, as well as those for HIV/AIDS, the management of foreign exchange inflows, and effective spending policies. The fiscal ramifications revolve around the jump in external funding that reached around 1000% in Lesotho and 650% in Zambia between 2002 and, and the required rapid scale up if resources are to be used productively. At the same time, the new HIV/AIDS monies are swamping public health budgets in some cases exceeding 150% of the government's total allocations for health. The vertical HIV/AIDS programs and the set aside funding threaten to undermine the very institutions that will need to carry forward the long term HIV/AIDS prevention and treatment agenda for each country. Health systems are already fragile, and governance problems and uneven productivity compound the challenges. Health institutions require funding and attention to strengthen them in the fight against HIV/AIDS. While the committed funds are desperately needed, solutions to the dilemma will require creative options to ensure the flow of funds, manage the economic implications and ensure effective service delivery. These are explored in the concluding section.","downloadable_attachments":[{"id":29703837,"asset_id":2067252,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":2702448,"first_name":"Uche","last_name":"Ikenna","domain_name":"independent","page_name":"UcheIkenna","display_name":"Uche Ikenna","profile_url":"https://independent.academia.edu/UcheIkenna?f_ri=1121606","photo":"https://0.academia-photos.com/2702448/867946/1082993/s65_uche.ikenna.jpg"}],"research_interests":[{"id":2585,"name":"International Development","url":"https://www.academia.edu/Documents/in/International_Development?f_ri=1121606","nofollow":true},{"id":16288,"name":"Public Health","url":"https://www.academia.edu/Documents/in/Public_Health?f_ri=1121606","nofollow":true},{"id":111071,"name":"Foreign Exchange","url":"https://www.academia.edu/Documents/in/Foreign_Exchange?f_ri=1121606","nofollow":true},{"id":130844,"name":"Service Delivery","url":"https://www.academia.edu/Documents/in/Service_Delivery?f_ri=1121606","nofollow":true},{"id":161282,"name":"Scaling up","url":"https://www.academia.edu/Documents/in/Scaling_up?f_ri=1121606"},{"id":245969,"name":"Health System","url":"https://www.academia.edu/Documents/in/Health_System?f_ri=1121606"},{"id":493023,"name":"International health","url":"https://www.academia.edu/Documents/in/International_health?f_ri=1121606"},{"id":633605,"name":"International Health","url":"https://www.academia.edu/Documents/in/International_Health-1?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_5536209" data-work_id="5536209" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/5536209/Fiscal_Decentralization_and_Intergovernmental_Finance_Reform_as_an_International_Development_Strategy">Fiscal Decentralization and Intergovernmental Finance Reform as an International Development Strategy</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Decentralization and intergovernmental finance have been a common element in international development efforts for many years. However, the success of fiscal decentralization as a development strategy is decidedly unclear, and there is... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_5536209" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Decentralization and intergovernmental finance have been a common element in international development efforts for many years. However, the success of fiscal decentralization as a development strategy is decidedly unclear, and there is growing skepticism about the effectiveness of (fiscal) decentralization as an international development strategy. This short essay explores the current state of knowledge with respect to fiscal decentralization and assesses the relevance of fiscal decentralization to the wider international development agenda, using the fiscal aspects of decentralization as an entry-point into the broader discussion of decentralization. A nuanced assessment of the potential effectiveness of fiscal decentralization reform around the world requires recognition of the following facts: (1) The intergovernmental dimension of public finance is critically important for the public sector to support economic growth and deliver public services in an effective and pro-poor manner. (2) Sound fiscal decentralization reforms require sound decentralized finances as well as sound decentralized governance and administration.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/5536209" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3ffba2c24e4c7d29a454197495d30737" rel="nofollow" data-download="{"attachment_id":32634870,"asset_id":5536209,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/32634870/download_file?st=MTc0MDA0NjAzOCw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="7842075" href="https://urban.academia.edu/JamieBoex">Jamie Boex</a><script data-card-contents-for-user="7842075" type="text/json">{"id":7842075,"first_name":"Jamie","last_name":"Boex","domain_name":"urban","page_name":"JamieBoex","display_name":"Jamie Boex","profile_url":"https://urban.academia.edu/JamieBoex?f_ri=1121606","photo":"https://0.academia-photos.com/7842075/3541936/4158045/s65_jamie.boex.jpg"}</script></span></span></li><li class="js-paper-rank-work_5536209 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="5536209"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 5536209, container: ".js-paper-rank-work_5536209", }); 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$(".js-view-count[data-work-id=5536209]").text(description); $(".js-view-count-work_5536209").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_5536209").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="5536209"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">23</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="262" rel="nofollow" href="https://www.academia.edu/Documents/in/Human_Geography">Human Geography</a>, <script data-card-contents-for-ri="262" type="text/json">{"id":262,"name":"Human Geography","url":"https://www.academia.edu/Documents/in/Human_Geography?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1199" rel="nofollow" href="https://www.academia.edu/Documents/in/Eastern_Europe">Eastern Europe</a>, <script data-card-contents-for-ri="1199" type="text/json">{"id":1199,"name":"Eastern Europe","url":"https://www.academia.edu/Documents/in/Eastern_Europe?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4441" rel="nofollow" href="https://www.academia.edu/Documents/in/Health_Care">Health Care</a>, <script data-card-contents-for-ri="4441" type="text/json">{"id":4441,"name":"Health Care","url":"https://www.academia.edu/Documents/in/Health_Care?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4777" rel="nofollow" href="https://www.academia.edu/Documents/in/Tax_reform">Tax reform</a><script data-card-contents-for-ri="4777" type="text/json">{"id":4777,"name":"Tax reform","url":"https://www.academia.edu/Documents/in/Tax_reform?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=5536209]'), work: {"id":5536209,"title":"Fiscal Decentralization and Intergovernmental Finance Reform as an International Development Strategy","created_at":"2013-12-26T22:53:13.117-08:00","url":"https://www.academia.edu/5536209/Fiscal_Decentralization_and_Intergovernmental_Finance_Reform_as_an_International_Development_Strategy?f_ri=1121606","dom_id":"work_5536209","summary":"Decentralization and intergovernmental finance have been a common element in international development efforts for many years. However, the success of fiscal decentralization as a development strategy is decidedly unclear, and there is growing skepticism about the effectiveness of (fiscal) decentralization as an international development strategy. This short essay explores the current state of knowledge with respect to fiscal decentralization and assesses the relevance of fiscal decentralization to the wider international development agenda, using the fiscal aspects of decentralization as an entry-point into the broader discussion of decentralization. A nuanced assessment of the potential effectiveness of fiscal decentralization reform around the world requires recognition of the following facts: (1) The intergovernmental dimension of public finance is critically important for the public sector to support economic growth and deliver public services in an effective and pro-poor manner. (2) Sound fiscal decentralization reforms require sound decentralized finances as well as sound decentralized governance and administration.","downloadable_attachments":[{"id":32634870,"asset_id":5536209,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":7842075,"first_name":"Jamie","last_name":"Boex","domain_name":"urban","page_name":"JamieBoex","display_name":"Jamie Boex","profile_url":"https://urban.academia.edu/JamieBoex?f_ri=1121606","photo":"https://0.academia-photos.com/7842075/3541936/4158045/s65_jamie.boex.jpg"}],"research_interests":[{"id":262,"name":"Human Geography","url":"https://www.academia.edu/Documents/in/Human_Geography?f_ri=1121606","nofollow":true},{"id":1199,"name":"Eastern Europe","url":"https://www.academia.edu/Documents/in/Eastern_Europe?f_ri=1121606","nofollow":true},{"id":4441,"name":"Health Care","url":"https://www.academia.edu/Documents/in/Health_Care?f_ri=1121606","nofollow":true},{"id":4777,"name":"Tax reform","url":"https://www.academia.edu/Documents/in/Tax_reform?f_ri=1121606","nofollow":true},{"id":7702,"name":"Financial management","url":"https://www.academia.edu/Documents/in/Financial_management?f_ri=1121606"},{"id":8359,"name":"Intergovernmental Relations","url":"https://www.academia.edu/Documents/in/Intergovernmental_Relations?f_ri=1121606"},{"id":9137,"name":"Fiscal Federalism","url":"https://www.academia.edu/Documents/in/Fiscal_Federalism?f_ri=1121606"},{"id":16457,"name":"Public sector","url":"https://www.academia.edu/Documents/in/Public_sector?f_ri=1121606"},{"id":16801,"name":"Urban Economics","url":"https://www.academia.edu/Documents/in/Urban_Economics?f_ri=1121606"},{"id":20436,"name":"Urban And Regional Planning","url":"https://www.academia.edu/Documents/in/Urban_And_Regional_Planning?f_ri=1121606"},{"id":27659,"name":"Applied Economics","url":"https://www.academia.edu/Documents/in/Applied_Economics?f_ri=1121606"},{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data?f_ri=1121606"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=1121606"},{"id":99487,"name":"Local governance","url":"https://www.academia.edu/Documents/in/Local_governance?f_ri=1121606"},{"id":125673,"name":"Social Services","url":"https://www.academia.edu/Documents/in/Social_Services?f_ri=1121606"},{"id":307935,"name":"Personal Income Tax","url":"https://www.academia.edu/Documents/in/Personal_Income_Tax?f_ri=1121606"},{"id":512177,"name":"Economic transition","url":"https://www.academia.edu/Documents/in/Economic_transition?f_ri=1121606"},{"id":530197,"name":"Fiscal Decentralization","url":"https://www.academia.edu/Documents/in/Fiscal_Decentralization?f_ri=1121606"},{"id":777813,"name":"Economies in Transition","url":"https://www.academia.edu/Documents/in/Economies_in_Transition?f_ri=1121606"},{"id":873221,"name":"Transition Economy","url":"https://www.academia.edu/Documents/in/Transition_Economy?f_ri=1121606"},{"id":994520,"name":"Design and Implementation","url":"https://www.academia.edu/Documents/in/Design_and_Implementation?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"},{"id":2143695,"name":"Stabilization policy","url":"https://www.academia.edu/Documents/in/Stabilization_policy?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_6270572" data-work_id="6270572" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/6270572/Exchange_Rate_and_Interest_Rate_Distribution_and_Volatility_under_the_Portuguese_Target_Zone">Exchange Rate and Interest Rate Distribution and Volatility under the Portuguese Target Zone</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/6270572" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="d25e5ecd7999e664d45e6fa5cdcba970" rel="nofollow" data-download="{"attachment_id":33122702,"asset_id":6270572,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" 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Andrade","profile_url":"https://uc-pt.academia.edu/Jo%C3%A3odeSousaAndrade?f_ri=1121606","photo":"https://0.academia-photos.com/9682082/3124116/3677872/s65_jo_o_de_sousa.andrade.jpg"}</script></span></span></li><li class="js-paper-rank-work_6270572 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="6270572"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 6270572, container: ".js-paper-rank-work_6270572", }); });</script></li><li class="js-percentile-work_6270572 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 6270572; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = 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style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="6270572"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="228986" rel="nofollow" href="https://www.academia.edu/Documents/in/Exchange_rate">Exchange rate</a>, <script data-card-contents-for-ri="228986" type="text/json">{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="231175" rel="nofollow" href="https://www.academia.edu/Documents/in/European_monetary_system">European monetary system</a>, <script data-card-contents-for-ri="231175" type="text/json">{"id":231175,"name":"European monetary system","url":"https://www.academia.edu/Documents/in/European_monetary_system?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="569510" rel="nofollow" href="https://www.academia.edu/Documents/in/European_Monetary_Union">European Monetary Union</a>, <script data-card-contents-for-ri="569510" type="text/json">{"id":569510,"name":"European Monetary Union","url":"https://www.academia.edu/Documents/in/European_Monetary_Union?f_ri=1121606","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="663534" rel="nofollow" href="https://www.academia.edu/Documents/in/Interest_Rate">Interest Rate</a><script data-card-contents-for-ri="663534" type="text/json">{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=6270572]'), work: {"id":6270572,"title":"Exchange Rate and Interest Rate Distribution and Volatility under the Portuguese Target Zone","created_at":"2014-03-03T02:54:04.625-08:00","url":"https://www.academia.edu/6270572/Exchange_Rate_and_Interest_Rate_Distribution_and_Volatility_under_the_Portuguese_Target_Zone?f_ri=1121606","dom_id":"work_6270572","summary":null,"downloadable_attachments":[{"id":33122702,"asset_id":6270572,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":9682082,"first_name":"João de Sousa","last_name":"Andrade","domain_name":"uc-pt","page_name":"JoãodeSousaAndrade","display_name":"João de Sousa Andrade","profile_url":"https://uc-pt.academia.edu/Jo%C3%A3odeSousaAndrade?f_ri=1121606","photo":"https://0.academia-photos.com/9682082/3124116/3677872/s65_jo_o_de_sousa.andrade.jpg"}],"research_interests":[{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate?f_ri=1121606","nofollow":true},{"id":231175,"name":"European monetary system","url":"https://www.academia.edu/Documents/in/European_monetary_system?f_ri=1121606","nofollow":true},{"id":569510,"name":"European Monetary Union","url":"https://www.academia.edu/Documents/in/European_Monetary_Union?f_ri=1121606","nofollow":true},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=1121606","nofollow":true},{"id":777813,"name":"Economies in Transition","url":"https://www.academia.edu/Documents/in/Economies_in_Transition?f_ri=1121606"},{"id":1121606,"name":"Macroeconomic Stability","url":"https://www.academia.edu/Documents/in/Macroeconomic_Stability?f_ri=1121606"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_6396733" data-work_id="6396733" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/6396733/Fiscal_management_in_federal_democracies_Argentina_and_Brazil">Fiscal management in federal democracies: Argentina and Brazil</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">The opinions expressed in this report are those of the authors and do not necessarily represent the opinions of the World Bank.</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/6396733" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="fe7d4ac4d4bad74777204ae5ef5a4c9b" rel="nofollow" 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