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Current Account Sustainability: Selected East Asian and Latin American Experiences
Milesi-Ferretti, Gian Maria; Razin, Assaf - C.E.P.R. Discussion Papers - 1996
A number of developing countries have run large and persistent current account deficits in both the late-1970s/early-1980s and in the early-1990s, raising the issue of whether these persistent imbalances are sustainable. This paper puts forward a notion of current account sustainability and...
Persistent link: https://www.econbiz.de/10005791270
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Habit Formation and Fiscal Transmission in Open Economies
Cardi, Olivier; Müller, Gernot - C.E.P.R. Discussion Papers - 2010
model. We find that i) government spending increases output and induces a simultaneous decline of investment and the current … account, but does not affect consumption; ii) the responses of output and investment are smaller in more open economies, while … simultaneous decline in investment and the current account. …
Persistent link: https://www.econbiz.de/10008684676
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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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Continued Existence of Cows Disproves Central Tenets of Capitalism?
Anagol, Santosh; Etang, Alvin; Karlan, Dean S. - C.E.P.R. Discussion Papers - 2013
We examine the returns from owning cows and buffaloes in rural India. We estimate that when valuing labor at market wages, households earn large, negative average returns from holding cows and buffaloes, at negative 64% and negative 39% respectively. This puzzle is mostly explained if we value...
Persistent link: https://www.econbiz.de/10011083843
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Computing Effective Tax Rates on Factor Incomes and Consumption: An International Macroeconomic Perspective
Mendoza, Enrique G; Razin, Assaf; Tesar, Linda - C.E.P.R. Discussion Papers - 1994
savings, investment, and labour supply in neoclassical models, and to the rate of unemployment in job search models. These …
Persistent link: https://www.econbiz.de/10005124394
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Global crises and equity market contagion
Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - C.E.P.R. Discussion Papers - 2011
Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...
Persistent link: https://www.econbiz.de/10009148883
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Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2011
with growth only if debt is financed by another sovereign; (iii) public savings are robustly positively correlated with … growth as opposed to private savings. Sovereign to sovereign transactions can fully account for upstream capital flows and …
Persistent link: https://www.econbiz.de/10009364326
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Asset Prices, News Shocks and the Current Account
Fratzscher, Marcel; Straub, Roland - C.E.P.R. Discussion Papers - 2010
We analyze the relationship between asset prices and current account positions estimating a Bayesian VAR for a broad set of 42 industrialized and emerging market countries. To derive model-based identifying restrictions, we model asset price shocks as news shocks about future productivity in a...
Persistent link: https://www.econbiz.de/10008680756
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On the connection between intra-temporal and intertemporal trade
Ju, Jiandong; Shi, Kang; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012
-run equilibrium. We present empirical evidence in support of the theory. …
Persistent link: https://www.econbiz.de/10011083600
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Current Account Imbalances in Europe
Lane, Philip R.; Pels, Barbara - C.E.P.R. Discussion Papers - 2012
pattern was that greater optimism about future growth was associated with lower savings and higher construction investment …-crisis period. We examine current account imbalances in Europe over 1995-2007, together with the underlying saving and investment …, rather than investment in productive capital. …
Persistent link: https://www.econbiz.de/10011084124