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Financial liberalization, financial sector development and growth: Evidence from Malaysia
The objective of this paper is to examine whether financial development leads to economic growth or vice versa in the small open economy of Malaysia. We argue that the results obtained fromExpand
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Global Macroeconomic Consequences of Pandemic Influenza
This paper explores the implications of a pandemic influenza outbreak on the global economy through a range of scenarios (mild, moderate, severe and ultra) that span the historical experience ofExpand
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The Theoretical and Empirical Structure of the G-Cubed Model
Abstract This paper describes the theoretical and empirical features of G-Cubed, a multi-country, multi-sector intertemporal general equilibrium model. G-Cubed combines the attractive features ofExpand
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Emissions trading, capital flows and the Kyoto protocol
We use an econometrically estimated multi-region, multi-sector general equilibrium model of the world economy to examine the effects of the tradable emissions permit system proposed in the 1997 KyotoExpand
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The Role of Economics in Climate Change Policy
The most important characteristic of climate change as a policy problem is uncertainty. From climatology to economics, uncertainties are pervasive, large and difficult to resolve. However, theExpand
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A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence
Monetary policy regime combinations are compared for symmetric and asym­metric temporary shocks to money demand, goods demand, and productivity. In every region, the interest-rate instrument isExpand
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Globalization and Disease: The Case of SARS
The purpose of this paper is to provide an assessment of the global economic impacts of severe acute respiratory syndrome (SARS) as well as to provide a more comprehensive approach to estimating theExpand
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The Global Financial Crisis: Causes and Consequences
This paper models the global financial crisis as a combination of shocks to global housing markets and sharp increases in risk premia of firms, households, and international investors; and finds thatExpand
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Global Linkages: Macroeconomic Interdependence and Cooperation in the World Economy
With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United StatesExpand
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Transpacific Trade Imbalances: Causes and Cures
This paper explores the causes of the transpacific trade imbalances using an empirical global model. It also evaluates the impact of various policies to reduce these imbalances. We find theExpand
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