American Institute for Economic Research: Sound Money Project Working Paper Series最新文献

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Status Functions, Speech Acts, and the Emergence of Money 地位功能、言语行为与金钱的出现
J. Caton
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引用次数: 0
Why Did Inflation Targeting Fail in Argentina? 为什么阿根廷的通胀目标制失败了?
N. Cachanosky, Federico Julián Ferrelli Mazza
{"title":"Why Did Inflation Targeting Fail in Argentina?","authors":"N. Cachanosky, Federico Julián Ferrelli Mazza","doi":"10.2139/ssrn.3384731","DOIUrl":"https://doi.org/10.2139/ssrn.3384731","url":null,"abstract":"Argentina’s experience with inflation targeting lasted only 26 months. In this paper, we study the reason why this regime failed in Argentina and the economic context of its implementation. We find that the main reason was an internal inconsistency in how inflation targeting was implemented, and that said inconsistency was accelerated by a negative credibility shock in December 2017. While other events, such as external shocks, also played a role, they are not enough to explain the shortcomings of the inflation targeting experience in Argentina.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125703558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Finance for All: The Success of the Market-Led Approach to Financial Development in the Developing World 《人人享有金融:发展中国家以市场为主导的金融发展方法的成功
Scott Burns
{"title":"Finance for All: The Success of the Market-Led Approach to Financial Development in the Developing World","authors":"Scott Burns","doi":"10.2139/ssrn.2879930","DOIUrl":"https://doi.org/10.2139/ssrn.2879930","url":null,"abstract":"Economists have long argued that inclusive and well-developed financial systems play a critical role in fostering economic growth and development. However, the question of what is the best means of achieving financial development has long remained a puzzle in the development finance literature. In this paper, I show that some of the greatest examples of financial development in modern times have not come from countries that have pursued a more top-down or state-led approach to financial development, which has been the dominant mode of promoting financial inclusion and development in the postwar era. Instead, they’ve come from countries that have taken a bottom-up or market-oriented approach. This hands-off approach has succeeded because it gives entrepreneurs the ability to utilize their knowledge of their local economy to discover innovative ways to access financially excluded segments of the population. Perhaps the greatest modern day example of market-led financial development is the mobile money revolution that has swept across Sub-Saharan Africa (SSA) over the past decade. In this paper, I argue that the key predictor of whether a country will reap the benefits of these transformative innovations is whether its government embraces a hands off, or “enabling,” regulatory environment that promotes entrepreneurship and experimentation.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129549794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Banking Regulation and Knowledge Problems 银行监管与知识问题
Thomas L. Hogan, G. Manish
{"title":"Banking Regulation and Knowledge Problems","authors":"Thomas L. Hogan, G. Manish","doi":"10.2139/ssrn.2718597","DOIUrl":"https://doi.org/10.2139/ssrn.2718597","url":null,"abstract":"The Federal Reserve regulates U.S. commercial banks using a system of risk-based capital (RBC) regulations based on the Basel Accords. Unfortunately, the Fed’s mis-rating of several assets such as mortgage-backed securities encouraged the build-up of these assets in the banking system and was a major contributing factor to the 2008 financial crisis. The Basel system of RBC regulation is a prime example of a Hayekian knowledge problem. The contextual, tacit, and subjective knowledge required to properly assess asset risk cannot be aggregated and utilized by regulators. An effective system of banking regulation must acknowledge man’s limited knowledge and place greater value on individual decisions than on top-down planning.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130278894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
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