How Big (Small?) are Fiscal Multipliers?
... the US and is not practical for a large panel of countries. The validity of military expenditure as an instrument for public spending hinges on two assumptions. First, military expenditure and war e¤orts must be driven by global geopolitical factors and not domestic economic conditions. Second, thes ...
... the US and is not practical for a large panel of countries. The validity of military expenditure as an instrument for public spending hinges on two assumptions. First, military expenditure and war e¤orts must be driven by global geopolitical factors and not domestic economic conditions. Second, thes ...
Multilateral Aspects of Managing the Capital Account
... dried up, then resumed, and have been bouncing around quite a bit ever since. This volatility, as well as the policy responses of EMEs attempting to cope with the macroeconomic and financial-stability challenges wrought by swings in capital flows, has prompted interest in a set of principles that co ...
... dried up, then resumed, and have been bouncing around quite a bit ever since. This volatility, as well as the policy responses of EMEs attempting to cope with the macroeconomic and financial-stability challenges wrought by swings in capital flows, has prompted interest in a set of principles that co ...
NBER WORKING PAPER SERIES MONETARY UNIONS, EXTERNAL SHOCKS AND ECONOMIC
... “[A]lmost all independent nations choose to assert their nationality by having, to their own inconvenience and that of their neighbours, a currency of their own.” (1894, p. 176). ...
... “[A]lmost all independent nations choose to assert their nationality by having, to their own inconvenience and that of their neighbours, a currency of their own.” (1894, p. 176). ...
Benefits and Risks of Financial Globalization
... domestic and foreign investors. For successful integration, economic fundamentals need to be and remain strong. Local markets need to be properly regulated and supervised. The need for strong fundamentals is key since, other things equal, financial globalization tends to intensify a country’s sensit ...
... domestic and foreign investors. For successful integration, economic fundamentals need to be and remain strong. Local markets need to be properly regulated and supervised. The need for strong fundamentals is key since, other things equal, financial globalization tends to intensify a country’s sensit ...
Purchasing Power Parity and Country Characteristics
... Early investigations of PPP sometimes also tested for cointegration among nominal exchange rates, domestic price levels and foreign price levels, and rejection of the null hypothesis of no cointegration was interpreted as even weaker evidence of long-run PPP. Cointegration, however, is a necessary b ...
... Early investigations of PPP sometimes also tested for cointegration among nominal exchange rates, domestic price levels and foreign price levels, and rejection of the null hypothesis of no cointegration was interpreted as even weaker evidence of long-run PPP. Cointegration, however, is a necessary b ...
Natural Disasters: Mitigating Impact, Managing Risks
... financing. The literature and experience suggests there are ways to strengthen policy frameworks to increase resilience to natural disaster shocks, including identifying the risks and probability of natural disasters and integrating them more explicitly into macro frameworks, increasing flexibility ...
... financing. The literature and experience suggests there are ways to strengthen policy frameworks to increase resilience to natural disaster shocks, including identifying the risks and probability of natural disasters and integrating them more explicitly into macro frameworks, increasing flexibility ...
Estimating Cross-Industry Cross-Country Models Using Benchmark
... may result in a bias toward zero (an attenuation bias). The reasoning is similar to that of the classical measurement error bias. But benchmarking may also result in a bias away from zero, which we refer to as ampli…cation bias. The ampli…cation bias can be very strong if technologically similar co ...
... may result in a bias toward zero (an attenuation bias). The reasoning is similar to that of the classical measurement error bias. But benchmarking may also result in a bias away from zero, which we refer to as ampli…cation bias. The ampli…cation bias can be very strong if technologically similar co ...
Free Full text
... and Corbo, 1989; Serven and Solimano, 1991). Díaz-Alejandro (1984), drawing from the experience of Latin America, argues that RER misalignment and especially overvaluation with respect to the equilibrium RER can be detrimental to an export-oriented development strategy. The measurement of the RER mi ...
... and Corbo, 1989; Serven and Solimano, 1991). Díaz-Alejandro (1984), drawing from the experience of Latin America, argues that RER misalignment and especially overvaluation with respect to the equilibrium RER can be detrimental to an export-oriented development strategy. The measurement of the RER mi ...
Doc - Europa.eu
... The composition of trade in goods and services has also evolved over time. Rich countries increasingly trade similar, but differentiated, goods and services between themselves (intraindustry trade). Multinational firms now play an important role in the global economy and are frequently able to slice ...
... The composition of trade in goods and services has also evolved over time. Rich countries increasingly trade similar, but differentiated, goods and services between themselves (intraindustry trade). Multinational firms now play an important role in the global economy and are frequently able to slice ...
The Emerging Global Financial Architecture: Tracing and
... and the composition of external finance. First, international reserves have increased rapidly since the Asian crisis of 1997-98, particularly on the part of East Asian and oil exporting countries. China, the world’s largest holder of international reserves, currently possesses approximately $2 trill ...
... and the composition of external finance. First, international reserves have increased rapidly since the Asian crisis of 1997-98, particularly on the part of East Asian and oil exporting countries. China, the world’s largest holder of international reserves, currently possesses approximately $2 trill ...
Fiscal Space for Social Protection Options to Expand Social
... Venezuela, among others, are using fiscal reserves to support social development. South Africa issued municipal bonds to finance basic services and urban infrastructure. More than 60 countries have successfully re-negotiated debts, and more than 20 defaulted/repudiated debt, such as Ecuador, Iceland ...
... Venezuela, among others, are using fiscal reserves to support social development. South Africa issued municipal bonds to finance basic services and urban infrastructure. More than 60 countries have successfully re-negotiated debts, and more than 20 defaulted/repudiated debt, such as Ecuador, Iceland ...
regulating capital flows at both ends: does it work?
... recipient countries, and exchange rate regime and current account balance (to GDP) in recipient countries in all specifications. The OLS specification also includes time-invariant geographical, political characteristics of the pair, and VIX and commodity prices. All domestic variables are lagged one ...
... recipient countries, and exchange rate regime and current account balance (to GDP) in recipient countries in all specifications. The OLS specification also includes time-invariant geographical, political characteristics of the pair, and VIX and commodity prices. All domestic variables are lagged one ...
1 Financial Instability, Reserves, and Central Bank Swap Lines in
... Figure 2a addresses the first of these questions with a simple scatter of percentage depreciation of the currency against the U.S. dollar in the year 2008 [up to 12/15 at time of writing] versus the country’s reserves/M2 ratio at the end of 2007. The sample is restricted to just the emerging countr ...
... Figure 2a addresses the first of these questions with a simple scatter of percentage depreciation of the currency against the U.S. dollar in the year 2008 [up to 12/15 at time of writing] versus the country’s reserves/M2 ratio at the end of 2007. The sample is restricted to just the emerging countr ...
Will Private Finance Support Climate Change Adaptation in
... infrastructure in Africa), or seen investment in large-scale export-oriented activities but not in the small-scale production that sustains local populations (as with agriculture in Africa). Investment flows have instead tended to favour natural resource extraction over tertiary sectors such as heal ...
... infrastructure in Africa), or seen investment in large-scale export-oriented activities but not in the small-scale production that sustains local populations (as with agriculture in Africa). Investment flows have instead tended to favour natural resource extraction over tertiary sectors such as heal ...
Credit Bureaus and Registries and Access to Finance
... borrowers. As such, their presence in an economy is in response to demand by lenders where the benefits from sharing credit transaction data exceeds the gains to relying solely on the information rent specific to one lender (Pagano and Jappelli 1993). PCRs, on the other hand, are usually public inst ...
... borrowers. As such, their presence in an economy is in response to demand by lenders where the benefits from sharing credit transaction data exceeds the gains to relying solely on the information rent specific to one lender (Pagano and Jappelli 1993). PCRs, on the other hand, are usually public inst ...
pegging to the dollar and the euro
... For small countries that have succeeded in establishing macroeconomic and fiscal stability, nominal exchange rate stability with a currency representing an important trading partner can be attractive. Could attempts by non-Community countries to link their currencies to the euro have adverse consequ ...
... For small countries that have succeeded in establishing macroeconomic and fiscal stability, nominal exchange rate stability with a currency representing an important trading partner can be attractive. Could attempts by non-Community countries to link their currencies to the euro have adverse consequ ...
How big (small?) are fiscal multipliers?
... countries, the response of output to increases in government consumption is negative on impact (and not statistically significantly different from zero). In contrast, the response of output in industrial countries is positive on impact (and significantly different from zero). Further, in developing co ...
... countries, the response of output to increases in government consumption is negative on impact (and not statistically significantly different from zero). In contrast, the response of output in industrial countries is positive on impact (and significantly different from zero). Further, in developing co ...
General Assembly - the United Nations
... The road map towards the implementation of the United Nations Millennium Declaration contains an integrated and comprehensive overview of the current situation. It outlines potential strategies for action that are designed to meet the goals and commitments made by the 147 heads of State and Governme ...
... The road map towards the implementation of the United Nations Millennium Declaration contains an integrated and comprehensive overview of the current situation. It outlines potential strategies for action that are designed to meet the goals and commitments made by the 147 heads of State and Governme ...
The euro zone crisis and developing countries
... facts on the actual impacts of the European debt crisis on poor countries. Policy responses at the country and international level are also discussed. From the analysis it emerges that the developing countries likely to be more at risk from the euro zone crisis are those which: ...
... facts on the actual impacts of the European debt crisis on poor countries. Policy responses at the country and international level are also discussed. From the analysis it emerges that the developing countries likely to be more at risk from the euro zone crisis are those which: ...
BIS Working Papers No 112 Determinants of international bank
... the largest exposure to Asia of any single national group of banks. The Asian crisis that broke in July 1997 led to a worsening of conditions in the international banking market. Although total lending to emerging market countries reached a new peak at the end of 1997, retrenchment had already been ...
... the largest exposure to Asia of any single national group of banks. The Asian crisis that broke in July 1997 led to a worsening of conditions in the international banking market. Although total lending to emerging market countries reached a new peak at the end of 1997, retrenchment had already been ...
Asian Development Bank at a Glance (May 2016)
... is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to half of the world’s extreme poor. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable gro ...
... is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to half of the world’s extreme poor. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable gro ...
Assessing the Advantages of EMU-Enlargement for the
... II. Concerns about Monetary Integration – Is Convergence Already Sufficient? Any discussion about convergence has to start with the Maastricht criteria because this is how the EU defines convergence. Although the political debates in the 1990s have shown that these criteria are open to interpretatio ...
... II. Concerns about Monetary Integration – Is Convergence Already Sufficient? Any discussion about convergence has to start with the Maastricht criteria because this is how the EU defines convergence. Although the political debates in the 1990s have shown that these criteria are open to interpretatio ...
2001:3 The International Monetary Fund´s quotas
... IMF’s objectives was based on the ideas of Harry Dexter White and John Maynard Keynes’5, who in turn based their proposals on a conviction of the necessity of international monetary co-operation to avoid further breakdowns in the international payment system. The objectives were formulated and A sta ...
... IMF’s objectives was based on the ideas of Harry Dexter White and John Maynard Keynes’5, who in turn based their proposals on a conviction of the necessity of international monetary co-operation to avoid further breakdowns in the international payment system. The objectives were formulated and A sta ...
CGD Brief Growing Business or Development Priority?
... included recapitalization and restructuring funds for banks, support to private infrastructure projects that had difficulties achieving financial closing, enhanced support to microfinance institutions and SME lending programs, and augmented trade finance lines. Disbursements were, however, lower tha ...
... included recapitalization and restructuring funds for banks, support to private infrastructure projects that had difficulties achieving financial closing, enhanced support to microfinance institutions and SME lending programs, and augmented trade finance lines. Disbursements were, however, lower tha ...
Official PDF , 24 pages
... member countries obtained in exclusively EC calculations be kept fixed in the worldwide comparisons of the UNSO (and also in the OECD comparisons for its member countries). As a result, a common measuring rod was no longer used for comparisons between countries in different regions. The EC's average ...
... member countries obtained in exclusively EC calculations be kept fixed in the worldwide comparisons of the UNSO (and also in the OECD comparisons for its member countries). As a result, a common measuring rod was no longer used for comparisons between countries in different regions. The EC's average ...