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This paper offers an analytical framework with which to assess some recent proposals for strengthening the international financial architecture. We develop a model of sovereign liquidity crises that reflects two sources of financial stress – weak fundamentals and self-fulfilling expectations. We examine the nature of the underlying coordination game and(More)
We examine and compare the role of China's financial system in supporting the growth of firms and the economy with that in other countries, and explore directions of future development. First, we find that the current financial system is dominated by a large but inefficient banking sector. Reducing the amount of non-performing loans among the major banks to(More)
The collapse of international bank finance during the crisis: evidence from syndicated loan markets 1 This article examines developments in the syndicated loan markets during the financial crisis. The investigation of deal structures and purposes suggests that supply constraints aggravated the sharp decline of syndicated lending. An econometric analysis(More)
In this paper, we develop a North-South endogenous growth model to examine three phases of development in the South: imitation of Northern products, imitation and innovation and nally, innovation only. In particular, the model has the features of catching up and potentially overtaking which are of particular relevance to the Paciic Rim economies. We show(More)
The sensitive telomeric repeat amplification protocol (TRAP) permits telomerase detection in mammalian cell and tissue extracts with very low telomerase activity levels. Unfortunately, conventional TRAP assays require complex post-amplification procedures, such as polyacrylamide gel electrophoresis and densitometry, to measure telomerase products.(More)
anonymous referee for helpful comments and encouragement. We thank seminar participants at University of Newcastle upon Tyne, the Bank of England and the Bank of Japan for comments on an earlier version of the paper. The usual caveat applies. The views expressed in this paper are those of the authors and do not necessarily reflect those of the Bank of(More)
found herself perplexed by the sales reports she was getting. A major competitor was steadily gaining market share across a range of profitable segments. Despite a counterpunch that combined online promotions with merchandizing improvements, her company kept losing ground. When the executive convened a group of senior leaders to dig into the competitor's(More)
The eight local currency government bond markets in which the ABF2 invests have made significant strides since the fund's inception in 2005. Liquidity has improved considerably in most of these markets and yield curves have become increasingly reliable. These improvements may be traced to the following factors: (a) the growth of bond issuance in general and(More)