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We describe the patterns of international capital flows in the period 1970−2000. We then examine the determinants of capital flows and capital flows volatility during this per...
There can be no doubt that during the four and a half decades of its existence the Social Security program has had a dramatic influence on the allocation of capital and labor resources. The present ...
Both federal and state government agencies are actively involved in programs designed to reduce the cost of capital to specific targeted groups of firms or individuals. At the federal level alone, t...
More than 50 years ago there was a popular song that went, “0 Baby, what I couldn’t do with plenty of money and you.” In those days what most of us thought of as money was limited to hard cash, tra...
Financial rules and institutions should be evaluated in terms oftheir effects on the real economy. My briefpaper makes three simple points: • A global market for financial claims is anecessary...
One of the more important developments in 20th-century central banking is the rise of capital adequacy regulation—the imposition by regulators of minimum capital standards on financial institutions....
Many libertarians—or, as people from the other side of the Atlantic would call them, “classical liberals”—hope that the combination of the globalization of finance with the onset of new technologies...
The currency crises afflicting Asia in 1997 and 1998 reopened the debate on the wisdom of capital controls and liberalization of the capital account for emerging market economies. In a world awash i...
In recent years, there has been considerable discussion of the impact of globalization on the Chinese economy. The consequence of China’s entry to the World Trade Organization for capital mobility ...
The Asian financial crisis has led to questioning, in both academic and policy circles, concerning the wisdom of permitting free crossborder capital movements. Paul Krugman (1998a, 1998b) and Joseph...
The World Trade Organization focuses primarily on exchanges among nations of goods and services — i.e., the outputs of firms and households. Capital is, of course, a factor of production, which mean...
China’s Illusion Since 1978, China has embarked on a dramatic reform effort to create a modern economy and to increase the standard of living for the Chinese people. Much progress has been made b...
In thinking about bank stability and the Basel Accord, rather than concentrating on whether the Basel Committee has gotten every little detail of the new Accord right—a task that can greatly affect ...
In the early and mid-1990s, most economists and policymakers supported rapid capital account liberalization for emerging markets. Liberalization was expected to have widespread benefits. It was pred...

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