During a major crisis, the transitional dynamics of conditional convergence are unlikely to apply. In this paper, we introduce a Markov chain approach which integrates the study of crises and ...
Barro, R. J. and Sala-i-Martin, X. (1992). Convergence. Journal of Political Economy, 100(2), 223-251. Baumol, W. J. (1986). Productivity growth, convergence and ...
While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing ...
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