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The microeconomics of bullionism : arbitrage, smuggling and silver outflows in Spain in the early 18th century

Nogues-Marco, Pilar
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: info:eu-repo/semantics/draft; info:eu-repo/semantics/workingPaper Formato: application/pdf
Publicado em /06/2011 Português
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In the Early Modern period, there was a systematic flow of precious metals from the American colonies to Spain and Portugal and, from there, throughout the world. In this paper, I use newly discovered data on the black market for silver in Cadiz to reconstruct a picture of Castilian smuggling and international silver flows in the Age of Bullionism (1729-1741). The arbitrage equation shows persistent violations of the silver-point that made arbitrage systematically profitable until devaluation pegged the exchange rate to the arbitrated parity. Market structure explains the persistent violations. The Cadiz shadow price was lower than the international market price because bullionist regulations configured an oligopsonistic structure. The price gap was the reason for the Castilian silver outflows to Europe

Philippine Economic Update : Accelerating Reforms to Meet the Jobs Challenge

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
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The Philippine economic update provides an update on key economic and social developments, and policies over the past 6 to 12 months. It also presents findings from recent World Bank studies on the Philippines. The Philippine economy expanded by 6.6 percent in 2012, exceeding most expectations, including the government's own target of 5 to 6 percent. The pace and efficiency of national government spending improved remarkably in 2012. Higher government spending was matched by a significant increase in revenue collection, with a strong contribution from improved tax administration. Total tax revenues grew by 13.2 percent and tax effort increased from 12.3 to 12.9 percent of Gross Domestic Product (GDP)-the highest increase in decades attributable to improved tax administration. The medium-term growth prospects for the Philippines are good. GDP growth is projected at 6.2 percent in 2013, driven by domestic demand. There is no silver bullet for creating more and better jobs, as it is linked to resolving deep-seated, structural issues in the economy. Only a comprehensive reform agenda implemented across sectors can foster a business environment conducive to private sector job creation by firms of all sizes. A unique window of opportunity exists today to accelerate reforms that will help create more and better jobs.