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Prodigality of perspective
89-104Views:137Attila Kotan's study 'Prodigality or perspective' gives a clear specification of Public Private Partnership (ppp) than shows the main methods and techniques of ppp. The study presents the common characteristic of ppp methods, and summarize the potential benefits and risks of using it. The second part of the paper put the emphasis on the macroeconomic aspects of ppp especially the accountability and statistical presentation of ppp projects. Finally the author gives a short review of the Hungarian situation covering the new initiatives and the existing problems of regulation and control related to the ppp projects.
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The impact of regional trade agreements on bilateral trade flows: A Systemic Literature Review
119-133Views:272This paper reviews the theoretical and empirical literature on the impact of regional trade agreements on trade. The empirical literature is arranged based on the econometric
methods used to estimate the gravity model. Advantages and disadvantages of each method were highlighted. Papers covering RTAs from Africa, Asia, the Americas, and Europe were reviewed to gain a more representative understanding. The covered empirical literature suggests that the Poisson Pseudo Maximum Likelihood (PPML) estimator is more reliable than OLS in estimating gravity models, as it can deal with zero trade flows. The Fixed Effects (FE) approach produces more consistent estimates than the Random Effects (RE) approach when quantifying the effects of RTAs. This is because it allows one to control for the unobserved time-invariant variables. Surprisingly, the covered literature suggests that a great majority of African RTAs generated trade, regardless of the method of estimation used.Journal of Economic Literature (JEL) codes: F13, F15
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Choice of an Exchange Rate Regime: the Role of Optimum Currency Area Theory
21-40Views:83This lecture deals with the problem of the choice of exchange rate regime for fiat and fully convertible currencies. We begin with a review of different types of exchange rate regimes and discuss the difference between de jure and de facto regimes. We also briefly talk about how classification of exchange rate regimes leads to different interpretations of the relationship between regime and macroeconomic performance. Afterwards we give a short discussion of the vanishing intermediate exchange rate regime hypothesis. In the second part of the lecture we mention five different approaches to the choice of the optimal exchange rate regime and provide a general overview of the literature on optimum currency areas.