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The Determinants of Privatized Enterprise Performance in Russia
Angelucci, Manuela; Bevan, Alan; Estrin, Saul; Fennema, … - C.E.P.R. Discussion Papers - 2002
Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership; corporate governance; market structures and competition;...
Persistent link: https://www.econbiz.de/10005666814
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Financial Frictions, Investment, and Institutions
Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through … frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …) and enhanced contractual enforcement reduce financial frictions affecting investment, while stronger creditor rights (e …
Persistent link: https://www.econbiz.de/10008784722
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The Role of Speculation in Oil Markets: What Have We Learned So Far?
Fattouh, Bassam; Kilian, Lutz; Mahadeva, Lavan - C.E.P.R. Discussion Papers - 2012
was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major … than the financialization of oil futures markets. …
Persistent link: https://www.econbiz.de/10011084244
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Liquidity When It Matters Most: QE and Tobin’s q
Driffill, John; Miller, Marcus - C.E.P.R. Discussion Papers - 2011
investment and future aggregate supply. We show that, when the flex-price assumption is dropped, an adverse but temporary …
Persistent link: https://www.econbiz.de/10009275964
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Testing the Monetary Policy Rule in the US: a Reconsideration of the Fed’s Behaviour
Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2009
We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find...
Persistent link: https://www.econbiz.de/10008491715
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Supply Shocks and Currency Crises: The Policy Dilemma Reconsidered
García-Fronti, Javier; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2006
The stylised facts of currency crises in emerging markets include output contraction coming hard on the heels of devaluation, with a prominent role for the adverse balance-sheet effects of liability dollarisation. In the light of the South East Asian experience, we propose an eclectic blend of...
Persistent link: https://www.econbiz.de/10005123989
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Macroeconomic Stabilization: Fixed Exchange Rates Vs Inflation Targeting Vs Price Level Targeting
Dehejia, Vivek; Rowe, Nicholas - C.E.P.R. Discussion Papers - 2000
We argue that the traditional question 'fixed vs. flexible exchange rates?' is not well-defined, because 'flexible exchange rates' does not explicitly specify any particular monetary policy. In traditional analyses, 'flexible exchange rates' was interpreted as implying a fixed money supply. But...
Persistent link: https://www.econbiz.de/10005124168
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Short- and Long-run Phillips Trade-offs and the Cost of Disinflationary Policies
Dolado, Juan J.; López-Salido, J David; Vega, Juan Luis - C.E.P.R. Discussion Papers - 1996
This paper studies the joint behaviour of inflation and unemployment in Spain over the period 1964–95 in order to estimate dynamic Phillips trade-offs and sacrifice ratios in response to a demand shock. We organize our empirical approach as a structural (albeit eclectic) one. In so doing, we...
Persistent link: https://www.econbiz.de/10005124194
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Credit Crunch and Keynesian Contraction: Argentina in Crisis
García-Fronti, Javier; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2005
The Argentine convertibility regime, where the peso was fixed at parity with the US dollar, ended with a ‘twin crisis’ – a tripling in the price of a dollar and a protracted closure of the entire banking system – accompanied by an economic contraction so severe that it is often referred...
Persistent link: https://www.econbiz.de/10005124274
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Fear and Market Failure: Global Imbalances and 'Self-insurance'
Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2006
Two key issues are examined in an integrated framework: the emergence of global imbalances and the precautionary motive for accumulating reserves. Standard models of general equilibrium would predict modest current account surpluses in the emerging markets if they face higher risk than the US...
Persistent link: https://www.econbiz.de/10005136702