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Macroprudential policies in a global perspective
This paper analyzes the case for international coordination of domestic macroprudential policies and macroprudential capital controls in the context of a simple theoretical framework. I argue that domestic macroprudential policies are generally the first-best instrument to deal with excessive growth in domestic credit and capital inflows but that, given the narrow focus of domestic macroprudential policies on the banking sector, capital controls may have a useful role to play. Both domestic macroprudential policies and prudential capital controls generate international spillovers, and their ...
Are Economic Values Transmitted from Parents to Children?
Economic research shows that differences in cultural traits and values?for example, trust, or the propensity to cooperate and not free-ride on others?are important determinants of economic outcomes, such as growth, economic and financial development, and international trade. It?s much less clear, however, where these differences in economic-relevant values come from. While economists generally assume that they?re transmitted from parents to children, the empirical evidence to this effect is almost nonexistent.