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Foreign aid and developing countries' creditworthiness

Harms, Philipp; Rauber, Michael - 2004

We explore whether foreign aid affects developing countries' creditworthiness, as proxied by the Institutional Investor's measure of country credit risk. Based on a simple model of international borrowing and lending, we develop the hypothesis that current aid reduces the likelihood of future...

Persistent link: https://www.econbiz.de/10011430049

Is the Chinese currency substantially misaligned to warrant further appreciation?

Qin, Duo; He, Xinhua - 2010

estimation is based on a commonly used economic approach, but with a wider and more up-to-date coverage of data and a more … misalignment exists in the trilateral rates between the RMB, US$ and euro. The finding refutes the claim that RMB appreciation is …

Persistent link: https://www.econbiz.de/10010280745

How does private foreign borrowing affect the risk of sovereign default in developing countries?

Celasun, Oya; Harms, Philipp - 2007

We argue that increased foreign borrowing by the private sector reduces the risk that a developing country's government defaults on its foreign debt. We present a simple model in which private foreign borrowing reflects a surge of private entrepreneurship. A larger "entrepreneurial class" raises...

Persistent link: https://www.econbiz.de/10011430065

Emerging market business cycles revisited: learning about the trend

Boz, Emine; Daude, Christian; Durdu, C. Bora - 2011

, our estimation for Mexico and Canada suggests more severe informational frictions in emerging markets than in developed …

Persistent link: https://www.econbiz.de/10010273643

Aid, Governance, and Private Foreign Investment: Some Puzzling Findings and a Possible Explanation

Harms, Philipp; Lutz, Matthias - 2003

Does official aid pave the road for private foreign investment or does it suffocate private initiative by diverting resources towards unproductive activities? In this paper we explore this question using data for a large number of developing and emerging economies. Controlling for countries'...

Persistent link: https://www.econbiz.de/10011430042

The elusive costs of sovereign defaults

Levy-Yeyati, Eduardo; Panizza, Ugo - 2006

Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses. However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems. To address...

Persistent link: https://www.econbiz.de/10010278292

A Global Macro Model for Emerging Europe

Feldkircher, Martin - 2013

.S. output shock as it does to a corresponding euro area shock. The pivotal role of the U.S.A. in shaping the global business … cycle thus seems to partially offset the region's comparably stronger trade integration with the euro area. Second, an … increase in the euro area's short-term interest rate has a negative effect on output in the long run throughout the region …

Persistent link: https://www.econbiz.de/10013370102

Characteristics of the household sector of the hidden economy in an emerging economy

Sookram, Sandra; Schneider, Friedrich G.; Watson, … - 2006

Using the case study of Trinidad and Tobago we investigate for an emerging economy the socioeconomic, demographic, and attitudinal characteristics that influence the propensity of individuals in the household sector to participate in the hidden economy and their perception of the risk of...

Persistent link: https://www.econbiz.de/10010294558

Measuring the stability of a dynamic system: The case of the stock market turmoil 2007-2008

Bask, Mikael; Widerberg, Anna - 2010

The aim of this paper is to demonstrate how the change in actual and potential market risks in the Dow Jones Industrial Average (DJIA) during the two-year period 2007-2008 can be analyzed with the help of-analysis. In the empirical analysis, the average of the Lyapunov exponents for the dynamic...

Persistent link: https://www.econbiz.de/10010321428

Equity capital, bankruptcy risk and the liquidity trap

Levintal, Oren - 2011

This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links equity capital to the risk-free interest rate. When...

Persistent link: https://www.econbiz.de/10010335985

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