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Short-Run Pain, Long-Run Gain

2003-02-01 Business & Economics
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Release : 2003-02-01
Genre : Business & Economics
Kind : eBook
Book Rating : 286/5 ( reviews)

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Book Synopsis Short-Run Pain, Long-Run Gain by : Mr.Sergio L. Schmukler

Download or read book Short-Run Pain, Long-Run Gain written by Mr.Sergio L. Schmukler. This book was released on 2003-02-01. Available in PDF, EPUB and Kindle. Book excerpt: We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.

Short-run Pain, Long-term Gain

2003 Economics
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Release : 2003
Genre : Economics
Kind : eBook
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Book Synopsis Short-run Pain, Long-term Gain by : Graciela Laura Kaminsky

Download or read book Short-run Pain, Long-term Gain written by Graciela Laura Kaminsky. This book was released on 2003. Available in PDF, EPUB and Kindle. Book excerpt:

Short-Run Pain, Long-Run Gain

2010
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Release : 2010
Genre :
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Book Synopsis Short-Run Pain, Long-Run Gain by : Graciela Kaminsky

Download or read book Short-Run Pain, Long-Run Gain written by Graciela Kaminsky. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: The views on financial liberalization are quite conflictive. Many argue that it triggers financial bubbles and crises. Others claim that financial liberalization allows markets to function properly and capital to move to its most profitable destination. The empirical evidence on these effects is not robust. This paper constructs a new comprehensive chronology of financial liberalization and shows that a key reason for the inconclusive evidence is that the effects of liberalization are time-varying. Financial liberalization is followed by large booms and busts only in the short run. In the long run institutions improve and financial markets tend to stabilize.

Short-Run Pain, Long-Run Gain

2008 Electronic book
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Release : 2008
Genre : Electronic book
Kind : eBook
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Book Synopsis Short-Run Pain, Long-Run Gain by : Graciela Laura Kaminsky

Download or read book Short-Run Pain, Long-Run Gain written by Graciela Laura Kaminsky. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt:

Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation

2018
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Release : 2018
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Book Synopsis Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation by : Alexandr Kopytov

Download or read book Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation written by Alexandr Kopytov. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: Recent empirical evidence suggests that job polarization associated with skill-biased technological change accelerated during the Great Recession. We use a standard neoclassical growth framework to analyze how business cycle fluctuations interact with the long-run transition towards a skill-intensive technology. In the model, since adopting the new technology disrupts production, firms prefer to do so in recessions, when profits are low. Similarly, workers also tend to learn new skills during downturns. As a result, recessions are deeper during periods of technological transition, but they also speed up adoption of the new technology. We document evidence for these mechanisms in the data. Our calibrated model is able to match both the long-run downward trend in routine employment and the dramatic impact of the Great Recession. We also show that even in the absence of the Great Recession the routine employment share would have reached the observed level by the year 2012.

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