By Shahid Javed Burki, Guillermo E. Perry
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American loose Press; Washington D. C. . 2007 First version.
The expulsion of the Moriscos from Spain (1609-1614) represents an incredible episode of ethnic, political and spiritual detoxification which affected approximately 300,000 individuals. The arguable degree used to be legimitized via an ideology of spiritual and political solidarity that served to shield the expulsion of all of them, crypto-Muslims and honest converts to Christianity alike.
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Additional resources for Annual World Bank Conference on Development in Latin America and the Caribbean, 1998: banks and capital markets : sound financial systems for the 21st century : proceedings of a conference held in San Salvador, El Salvador
One important implication is that a temporary shock can have a long-lasting effect on growth. An unexpected expansion will increase cash flow and equity, raising investment in research and development, and thus increasing productivity growth. Another implication is that mild financial restraints, that is deposit rate controls and limitations on competition in the financial sector, may be beneficial for growth (Murdock and Stiglitz 1993). Let me be clear, major financial repression is very damaging to the economy.
Introducing a labor market with efficiency wages would translate this slowdown into increased unemployment. ) This cycle can even be set off by a redistributive shock, because investment is a concave function of net worth: The declines by the firms that are hurt by the shock will be larger than the increases by the firms that are helped by the shock. These effects will be felt more in sectors like residential construction, which face greater uncertainty about future demand and which are more highly leveraged, more equity-rationed, and in which the extent of credit rationing may vary greatly over the cycle.
Globalization means many different things. But the aspect of this phenomenon that has caught the attention of so many people is the ease with which capital flows in and out of emerging markets. The effect of the volatility of these flows is vividly demonstrated by the ongoing crises in East Asia. Institutional and organizational development can deal with this volatility. I believe that the package of policy reforms we generally refer to as the Washington Consensus did not sufficiently address the issue of institutional soundness.
Annual World Bank Conference on Development in Latin America and the Caribbean, 1998: banks and capital markets : sound financial systems for the 21st century : proceedings of a conference held in San Salvador, El Salvador by Shahid Javed Burki, Guillermo E. Perry