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Bubbles and crashes in a behavioural finance model

De Grauwe, Paul; Grimaldi, Marianna - 2004

We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a...

Persistent link: https://www.econbiz.de/10011401333

Optimal debt and equilibrium exchange rates in a stochastic environment : an overview

Stein, Jerome (contributor) - 2004

The focus is upon equilibrium real exchange rates, optimal external debt and their interaction, in a world where both the return on investment and the real rate of interest are stochastic variables. These theoretically based measures are applied empirically to answer the following questions:...

Persistent link: https://www.econbiz.de/10002524134

Institutional architecture for financing Pan-Asian infrastructure connectivity

Bhattacharyay, Biswanath; Bhattacharyay, Madhurima - 2017

Asia, particularly its major economies has witnessed slower growth in recent years. To make Asia more economically … proposed. This initiative plans to create an economic zone covering Asia, Europe and Africa. To successfully promote and … finance greater physical connectivity, at the pan-Asian, sub-regional and national levels, Asia will require a strong and …

Persistent link: https://www.econbiz.de/10011638303

A cross-country empirical analysis of international reserves

Cheung, Yin-Wong; Itō, Hiro - 2009

Using data from more than 100 economies for the period of 1975 to 2005, we conduct an extensive empirical analysis of the determinants of international reserve holdings. Four groups of determinants, namely, traditional macro variables, financial variables, institutional variables, and dummy...

Persistent link: https://www.econbiz.de/10003850507

The nexus between economic freedom and economic growth in the LDCs : an empirical analysis for the period 2000-2021

Afonso, António; Blanco-Arana, M. Carmen - 2023

Economic freedom and economic growth can be connected in most countries, but it is often necessary to specify those aspects of economic freedom that can foster economic growth. This paper examines the nexus between economic freedom and economic growth in the Least Developed Countries (LDCs)...

Persistent link: https://www.econbiz.de/10014427512

Reforming an institutional culture of corruption : a model of motivated agents and collective reputation

Valasek, Justin Mattias - 2015

Recent research has highlighted social image and identity concerns as factors that influence economic decisions. Given that an individual’s choice of employment may be important for their social image, we consider a model of worker sorting into the mission-oriented or private sector with...

Persistent link: https://www.econbiz.de/10011384510

The leader as catalyst : on leadership and the mechanics of institutional change

Majumdar, Sumon (contributor); Mukand, Sharun W. (contributor) - 2008

Individual leaders have been central to the transformation of political institutions, organizations and many instances of social and economic reform. Why are some leaders able to take advantage of opportunities to successfully catalyze large-scale change while others fail? In this paper we argue...

Persistent link: https://www.econbiz.de/10003729928

"Let them eat cake" : drought, peasant uprisings, and demand for institutional change in the French revolution

Waldinger, Maria - 2023

The paper studies whether a drought in 1788 affected the outbreak of peasant revolts during the French Revolution. I construct a community-level data set with information on local drought severity and peasant uprisings in 1789. Results indicate that those more affected by the drought more often...

Persistent link: https://www.econbiz.de/10014227758

Urbanization and economic development : a tale of two barriers

Bond, Eric W.; Riezman, Raymond Glenn; Wang, Ping - 2016

n this paper we determine the main driving forces underlying the structural transformation and urbanization process in rapidly industrializing countries. We use a dynamic, small open economy model with an abundant supply of surplus labor in rural areas, two types of traded goods manufactured in...

Persistent link: https://www.econbiz.de/10011421588

The role of the state in economic development

Tabellini, Guido Enrico - 2004

This paper discusses the recent literature on the role of the state in economic development. It concludes that government incentives to enact sound policies are key to economic success. It also discusses the evidence on what happens after episodes of economic and political liberalizations,...

Persistent link: https://www.econbiz.de/10011450487