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The term “global liquidity” is often invoked by emerging market policy makers to denote the global factor that drives cross-border spillovers in financial conditions and credit growth. The term i...
A firm can finance investment either by borrowing or by drawing on cash balances, so that financial asset and liability changes tend to have opposite signs. In contrast, fina...
We study optimal fiscal policy in a small open economy (SOE) with sovereign and private default risk and limited commitment to tax plans. The SOE's government uses linear taxation to fund exogenous ex...
The purpose of this paper is to determine whether larger or smaller municipalities are more efficient in their levels of overhead costs. The operative measure is per capita annual costs for these serv...
We propose a decentralized model of network and server economies, where we show efficient QoS (Quality of Service) provisioning and Pareto allocation of resources (network and server resources) among ...
This article examines the existence of economies of scale in correspondent banking. The author discusses the structure of the correspondent banking industry noting that it is highly concentrated. This...
The author discusses financial regulatory reform for scale economies in banking. She argues that U.S. government's regulatory reforms should create incentives for banks and harness the financial marke...
This paper reviews the literature on economic development as it relates to indigenous people in the United States and Canada, and focuses on how institutions affect economic development of reservation...
The article evaluates banking sector legal reform efforts in developing countries since 1990. It also discusses consumer protection issues in banking sectors of developing countries. Recent selective ...
This paper examines the negative externalities that may occur when a large bank fails, describes the nature of those externalities, and explores whether they may be greater in a case involving a large...
Examines whether the globalization of capital markets has resulted in decreases in business social security, payroll, and profit taxes. Suggestion that it is commonplace to link the increase in intern...
The purpose of this article is to suggest a rationale for government intervention in the capital market, particularly in developing countries, where the financial system is underdeveloped, and to sugg...
This paper studies how financial stress, defined as periods of impaired financial intermediation, is transmitted from advanced to emerging economies using a new financial stress index for emerging eco...
We study natural selection in complete financial markets, popu- lated by heterogeneous agents. We allow for a rich structure of heterogeneity: Individuals may differ in their beliefs concerning the ...
Based on the stochastic model proposed by Patriarca-Kaski-Chakraborti that describes the exchange of wealth between $n$ economic agents, we analyze the evolution of the corresponding economies under t...

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