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Persistent link: https://www.econbiz.de/10005391017
developed in the seminal paper by Feldstein and Horioka (1980). I construct a panel of 6 countries of the Caucasus – Armenia …, Azerbaijan, Georgia, Kazakhstan, Russia, and Turkey – and employ a panel cointegration approach. To that end, I make use of the … cross-dependency tests reject the presence of cross-sectional dependence. Panel unit root and cointegration tests confirm …
Persistent link: https://www.econbiz.de/10010665612
theoretical literature, and analyses the contagious nature of currency crises empirically. Using 30 years of panel data from 20 … by international trade linkages than to countries in similar macroeconomic circumstances. …
Persistent link: https://www.econbiz.de/10005791892
Persistent link: https://www.econbiz.de/10012664763
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-crisis suggests a structural change. Panel regressions for a sample of almost 100 countries over 1983-2013 confirm that the …
Persistent link: https://www.econbiz.de/10010969460
This study examines what role the concept of endogenous uncertainty can have in explaining a phenomenon of international financial markets, the forward discount bias. The forward discount bias puzzle is unexplained by models assuming economic agents have full knowledge of the structure of the...
Persistent link: https://www.econbiz.de/10010878167
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in the recent decades. Liberalization of capital outflow controls can allow emerging market economies (EMEs) to reduce net capital inflow (NKI) pressures, but...
Persistent link: https://www.econbiz.de/10010951123
This paper derives a structural relationship between the nominal exchange rate, national price levels, and observed yields on long maturity inflation - indexed bonds. This relationship can be interpreted as defining the fair value of the exchange rate that will prevail in any model or real world...
Persistent link: https://www.econbiz.de/10010951277
We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding international reserves (IR). We confirm that the determinants of IR hoarding evolve with developments in the global economy. During the pre-GFC period of 1999–2006, gross...
Persistent link: https://www.econbiz.de/10011208913