Search results for "Liber"

The Reality of African Trade Integration—Challenges of Implementation

2021

In the course of their evolution on the stylized path of economic integration, African RECs face a number of implementation challenges, beginning with a range of typical domestication issues for trade agreements. A fundamental problem is that African regional trade arrangements (RTA) are all based on two GATT/WHO clauses which do not require full internal liberalization. The chapter analyses how RTA implementation on this basis has led to a general logic of exclusions and exemptions in Africa’s trade relations and traces how entrenched empirical practice meant to serve developmental purposes—protection of the weakest economic actors—often caters to vested interests. Inconsistency is aggrava…

The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data

2018

We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality—that is, they pose an equity–efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where libera…

Financial Globalization, Fiscal Policies and the Distribution of Income

2020

This paper provides evidence that financial globalization—liberalization of the capital account—makes income distribution more uneven by raising the share of income that goes to the richest income deciles. We also offer evidence that changes in domestic fiscal policies in the aftermath of financial globalization are one channel through which these distributional effects could occur. Specifically, we show that episodes of capital account liberalization are followed by greater fiscal consolidation and reduced fiscal redistribution, both of which lead to increased inequality.

International evidence on alternative models of the term structure of volatilities

2009

The term structure of instantaneous volatilities (TSV) of forward rates for different monetary areas (euro, U.S. dollar and British pound) is examined using daily data from at-the-money cap markets. During the sample period (two and a half years), the TSV experienced severe changes both in level and shape. Two new functional forms of the instantaneous volatility of forward rates are proposed and tested within the LIBOR Market Model framework. Two other alternatives are calibrated and used as benchmarks to test the accuracy of the new models. The two new models provide more flexibility to adequately calibrate the observed cap prices, although this improved accuracy in replicating cap prices …

El sector no lucrativo en el marco de la nueva era tecnológica: el desafío del Crowdfunding social en España. Análisis del caso de la asociación Alba…

2017

Los albores del siglo XXI se presentan a las economías y las sociedades en el marco de un desafiante doble cambio de paradigma. Uno, alentado por el neoliberalismo gobernante en gran parte del mundo avanzado, que ha provocado que la propia sociedad admita la arresponsabilidad de las estructuras gobernantes en la prestación de los servicios que componen el Estado del bienestar. Otro, tecnológico, que ha cambiado el modo en que la sociedad se informa, se comunica y se relaciona. Frente a estas dos realidades la sociedad civil ha tomado conciencia de su papel transformador e impulsor de cambios, así como de las crecientes necesidades de atención social que han surgido en este principio de sigl…

Substituting a substitute currency

2008

Abstract This study evaluates the dynamics between the dollar and euro balances in the Estonian economy. The focus is to apply the traditional currency substitution model to the substitution of the substitute currency, the dollar and euro-related foreign currency balances. We find substitution between the dollar and the euro to be asymmetric in the short run. Inertia, irreversibility and ratchet effects favoured the use of the euro as a substitute currency. No significant evidence of asymmetries in the long run was detected. However, in general, a traditional model for currency substitution was capable of explaining the dynamics of the euro and the dollar as substitute foreign currencies.

Deregulation, liberalization and consolidation of the Mexican banking system: Effects on competition

2011

Este articulo analiza la evolucion de la competencia en el sistema bancario Mexicano en el periodo 1993-2005, periodo de desregulacion, liberalizacion y consolidacion del sector. Para ello se utilizan dos medidas de competencia derivadas de la teoria de la Organizacion Industrial: el indice de Lerner y el estadistico H de Panzar y Rosse. La evidencia empirica no permite rechazar la existencia de competencia monopolistica. El indice de Lerner muestra una disminucion en la rivalidad competitiva en el mercado de los depositos y un incremento en el mercado de los prestamos, observandose una estrategia de subsidiacion cruzada entre ambos mercados. Los resultados obtenidos cuestionan la efectivid…

The Euro and the Dollar in a Globalized Economy - Edited by J. Roy and P. Gomis-Porqueras

2009

Thinking through Transition. Liberal Democracy, Authoritarian Pasts, and Intellectual History in East Central Europe after 1989

2017

National Preferences and the European Union Presidency: The Case of German Energy Policy towards Russia*

2011

This article analyses the formation and development of Member State preferences and positions before and during the European Union (EU) Presidency term. The empirical analysis focuses on the Federal Republic of Germany's policy concerning EU–Russian relations, especially regarding energy policy. The extent to which liberal intergovernmentalism (LI) furthers our understanding of state behaviour in the context of the EU Presidency is questioned. The findings suggest that LI adequately explains the formation of German positions prior to assuming office, as its policy objectives are chiefly influenced by domestic producers' interests. However, LI cannot satisfactorily account for German governm…