NBER WORKING PAPER SERIES FINANCIAL CRISES AND ECONOMIC ACTIVITY Stephen G. Cecchetti
... crisis. Furthermore, when it is accompanied by a sovereign debt default, a systemic banking crisis is less costly. Our multivariate estimates suggest that some of the main economies affected by the crisis will regain their pre-crisis levels of output by the second half of 2010 (but the confidence in ...
... crisis. Furthermore, when it is accompanied by a sovereign debt default, a systemic banking crisis is less costly. Our multivariate estimates suggest that some of the main economies affected by the crisis will regain their pre-crisis levels of output by the second half of 2010 (but the confidence in ...
How to Manage China’s Foreign Exchange Reserves? Aarhus School of Business
... external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances through intervention in exchange markets to affect the currency exchange, and/or for other purposes.1” The commonly used form consists of convertible foreign exchange held ...
... external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances through intervention in exchange markets to affect the currency exchange, and/or for other purposes.1” The commonly used form consists of convertible foreign exchange held ...
Financial Liberalization and Allocative Efficiency (April 2011)
... Financial liberalization tends to enhance growth, but it also generates greater crisis-volatility, induced by systemic risk taking and lending booms. Here we analyze the gains and costs of …nancial liberalization in a setup that incorporates the growth crisis trade–o¤. This paper makes three contrib ...
... Financial liberalization tends to enhance growth, but it also generates greater crisis-volatility, induced by systemic risk taking and lending booms. Here we analyze the gains and costs of …nancial liberalization in a setup that incorporates the growth crisis trade–o¤. This paper makes three contrib ...
Volver: Argentina`s tango between economic integration and isolation
... The first part of this research, entitled “Argentina: patterns of economic growth”, provides a comprehensive analysis of Argentina’s economic development model that has been implemented over the course of the last decade. In clear contrast with the neo-liberal policies of the 1990s, the Kirchner gov ...
... The first part of this research, entitled “Argentina: patterns of economic growth”, provides a comprehensive analysis of Argentina’s economic development model that has been implemented over the course of the last decade. In clear contrast with the neo-liberal policies of the 1990s, the Kirchner gov ...
ECONOMIC OUTLOOK MONETARY POLICY and January 3, 2012
... The improvement in the current account balance is expected to be more evident and pronounced in the following months. Inflation has shown a temporary rise in recent months due to exchange rate movements, hikes in administered prices, and base effects of unprocessed food prices. Inflation will hover ...
... The improvement in the current account balance is expected to be more evident and pronounced in the following months. Inflation has shown a temporary rise in recent months due to exchange rate movements, hikes in administered prices, and base effects of unprocessed food prices. Inflation will hover ...
NBER WORKING PAPER SERIES OPTIMAL RESERVE MANAGEMENT AND SOVEREIGN DEBT Laura Alfaro
... There is a renewed interest in policy and academic circles about the optimal level of foreign reserves sovereign countries should hold. This recent interest follows the rapid rise in international reserves held by developing countries. In 2006, for example, reserve accumulation amounted to 20% of GD ...
... There is a renewed interest in policy and academic circles about the optimal level of foreign reserves sovereign countries should hold. This recent interest follows the rapid rise in international reserves held by developing countries. In 2006, for example, reserve accumulation amounted to 20% of GD ...
Inflation vs Deflation
... his description of the UK economy during the 1990s. Whether it is going to be inflation or deflation is very much the outcome of policy choices by the budgetary and monetary authorities. Whereas the initial response to the outbreak of the credit crunch of these authorities has been to opt for stimul ...
... his description of the UK economy during the 1990s. Whether it is going to be inflation or deflation is very much the outcome of policy choices by the budgetary and monetary authorities. Whereas the initial response to the outbreak of the credit crunch of these authorities has been to opt for stimul ...
Institutions, Public Debt and Foreign Finance
... emerging economies has been accompanied by a reduction in the frequency of public defaults but, at the same time, by increasingly more severe private credit contractions after public default events. Interestingly, these post-default credit crunches appear to be more severe in countries with better ...
... emerging economies has been accompanied by a reduction in the frequency of public defaults but, at the same time, by increasingly more severe private credit contractions after public default events. Interestingly, these post-default credit crunches appear to be more severe in countries with better ...
NBER WORKING PAPER SERIES Mark Aguiar Gita Gopinath
... 2,500 years. The intuition for this is described in detail in Section 3. The weakness of the standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory s ...
... 2,500 years. The intuition for this is described in detail in Section 3. The weakness of the standard model begins with the fact that autarky is not a severe punishment, even adjusting for the relatively large income volatility observed in emerging markets. The welfare gain of smoothing transitory s ...
1990 2001 THE STRUCTURE, TREND AND IMPACT OF DOMESTIC
... This study seeks to examine the structure, magnitude, level, and determinants o f public domestic debt in Kenya for the period 1990-2001. It further examines the trend and impact o f domestic debt directly on the economic growth, and indirectly on capital formation and private cum public sector inve ...
... This study seeks to examine the structure, magnitude, level, and determinants o f public domestic debt in Kenya for the period 1990-2001. It further examines the trend and impact o f domestic debt directly on the economic growth, and indirectly on capital formation and private cum public sector inve ...
Will the Bretton Woods 2 Regime Unravel Soon?
... purchases tilted toward dollars. This distribution still implies that non-Japan Asia probably stepped up its purchases of euro reserves at the margin. Euro reserve accumulation was very low in 2003, as about 90% of all new reserves were invested in dollars. ...
... purchases tilted toward dollars. This distribution still implies that non-Japan Asia probably stepped up its purchases of euro reserves at the margin. Euro reserve accumulation was very low in 2003, as about 90% of all new reserves were invested in dollars. ...
Indeterminacy in Sovereign Debt Markets: an Empirical Investigation ∗ Luigi Bocola
... zone is resolved by the realization of a coordination device.1 Our selection rule consists of a Markov process for the probability that lenders coordinate on the bad equilibrium when the economy falls in the crisis zone. Conditional on this selection rule, the equilibrium is unique. In this set up, ...
... zone is resolved by the realization of a coordination device.1 Our selection rule consists of a Markov process for the probability that lenders coordinate on the bad equilibrium when the economy falls in the crisis zone. Conditional on this selection rule, the equilibrium is unique. In this set up, ...
waste connections, inc.
... Our revenues consist mainly of fees we charge customers for solid waste collection, transfer, disposal and recycling services. A large part of our collection revenues come from providing commercial, industrial and residential services. We frequently perform these services under service agreements or ...
... Our revenues consist mainly of fees we charge customers for solid waste collection, transfer, disposal and recycling services. A large part of our collection revenues come from providing commercial, industrial and residential services. We frequently perform these services under service agreements or ...
Telstra Financial and Economic Profit Analysis
... been falling. This can clearly be seen in Figures 1.1A-B . The falling revenue growth (average 3.5%, 3 year compound average growth rate (CAGR)) may be partly attributable to increased price pressure and subscriber base erosion. However, it is interesting to note that this levelling off in growth ha ...
... been falling. This can clearly be seen in Figures 1.1A-B . The falling revenue growth (average 3.5%, 3 year compound average growth rate (CAGR)) may be partly attributable to increased price pressure and subscriber base erosion. However, it is interesting to note that this levelling off in growth ha ...
Defaultable Debt, Interest Rates and the Current Account
... does not lead to default at a rate that resembles those observed in many economies over the last 150 years. To see the intuition behind why default occurs so rarely in a model with transitory shocks and a stable trend, consider that the decision to default rests on the difference between the present ...
... does not lead to default at a rate that resembles those observed in many economies over the last 150 years. To see the intuition behind why default occurs so rarely in a model with transitory shocks and a stable trend, consider that the decision to default rests on the difference between the present ...
France: 2016 Article IV Consultation
... (CICE) and the competition-enhancing structural reforms under the Macron law. Building on earlier labor market reforms including the Rebsamen law, the El Khomri law would be another step forward, increasing the scope for company-level labor agreements and reducing judicial uncertainty. As for budget ...
... (CICE) and the competition-enhancing structural reforms under the Macron law. Building on earlier labor market reforms including the Rebsamen law, the El Khomri law would be another step forward, increasing the scope for company-level labor agreements and reducing judicial uncertainty. As for budget ...
Belief Regimes and Sovereign Debt Crises
... 5th percentile of the distribution, occur when creditors believe a rollover crisis is imminent. The other half occur when creditor beliefs are relatively “tranquil,” despite the fact that we calibrate beliefs to be tranquil for over 80 percent of the periods. Debt crises in the tranquil-belief regim ...
... 5th percentile of the distribution, occur when creditors believe a rollover crisis is imminent. The other half occur when creditor beliefs are relatively “tranquil,” despite the fact that we calibrate beliefs to be tranquil for over 80 percent of the periods. Debt crises in the tranquil-belief regim ...
Comments on approach paper 04 - Central Electricity Regulatory
... (No.7/104(120)/CERC-2007 dtd. 11.12.07) 4. Determination of Cost of Debt The Commission, for calculation of interest on loan has been considering weighted average rate of interest, calculated on the basis of actual loan, actual interest rate and scheduled loan repayment. But as of now, debt market i ...
... (No.7/104(120)/CERC-2007 dtd. 11.12.07) 4. Determination of Cost of Debt The Commission, for calculation of interest on loan has been considering weighted average rate of interest, calculated on the basis of actual loan, actual interest rate and scheduled loan repayment. But as of now, debt market i ...
Presentation before the Planning and Budget Erdem Başçı Governor
... Non-Performing Loans Non-Performing Loans in Turkey ...
... Non-Performing Loans Non-Performing Loans in Turkey ...
Interim Report of the Commission of Enquiry_0
... and capital movements by providing a market where different currencies can be exchange d for one another. In the South African forex market there are mainly two types of participants: banks authorised by the Reserve Bank to deal in foreign exchange, known as authorised dealers, and brokers. It is th ...
... and capital movements by providing a market where different currencies can be exchange d for one another. In the South African forex market there are mainly two types of participants: banks authorised by the Reserve Bank to deal in foreign exchange, known as authorised dealers, and brokers. It is th ...
Macroeconomic Determinants of Sovereign Bond Yield Spreads in
... of coefficients does not affect each variable in the same way. For example, current account balance coefficients do not vary too much along the three observed quantiles. However, public debt coefficients increase from 1.38 in the first quantile to 5.09 in the third. This fact suggest that public deb ...
... of coefficients does not affect each variable in the same way. For example, current account balance coefficients do not vary too much along the three observed quantiles. However, public debt coefficients increase from 1.38 in the first quantile to 5.09 in the third. This fact suggest that public deb ...
Depreciation of the Indian Currency: Implications for the
... FIIs had stepped up selling from the beginning of September as major investment banks such as Lehman-Brothers and Merrill-Lynch plunged into deep trouble which was followed by others such as AIG, Morgan Stanley and Goldman Sachs. The net sales by foreign institutional investors (FIIs) amounted to $ ...
... FIIs had stepped up selling from the beginning of September as major investment banks such as Lehman-Brothers and Merrill-Lynch plunged into deep trouble which was followed by others such as AIG, Morgan Stanley and Goldman Sachs. The net sales by foreign institutional investors (FIIs) amounted to $ ...
West Bank and Gaza
... fiscal crisis in early 2013. In the third quarter of 2014, however, growth decelerated to 1.5 percent y-o-y reflecting spillovers from the conflict in Gaza. The unemployment rate declined modestly to 17.4 percent at end-2014, with labor force participation increasing slightly to 46 percent. ...
... fiscal crisis in early 2013. In the third quarter of 2014, however, growth decelerated to 1.5 percent y-o-y reflecting spillovers from the conflict in Gaza. The unemployment rate declined modestly to 17.4 percent at end-2014, with labor force participation increasing slightly to 46 percent. ...
A Qualitative Analysis of Pakistan`s External and Internal Debt
... foreign and domestic debt have increased considerably in the last few years, it has yet to be determined terms whether Pakistan’s capacity to sustain debt has worsened. It appears as though, after a decade of calm, Pakistan is again on the brink of debt crises both on the foreign and domestic fronts ...
... foreign and domestic debt have increased considerably in the last few years, it has yet to be determined terms whether Pakistan’s capacity to sustain debt has worsened. It appears as though, after a decade of calm, Pakistan is again on the brink of debt crises both on the foreign and domestic fronts ...
I. International and Domestic Developments Affecting Financial Stability
... and growth dynamics differ across countries. The US economy ...
... and growth dynamics differ across countries. The US economy ...