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Oil Shocks and External Balances
Kilian, Lutz; Rebucci, Alessandro; Spatafora, Nikola - C.E.P.R. Discussion Papers - 2007
This paper studies the effects of demand and supply shocks in the global crude oil market on several measures of countries’ external balance, including the oil trade balance, the non-oil trade balance, the current account and changes in net foreign assets (NFA) during 1975–2004. We...
Persistent link: https://www.econbiz.de/10005124422
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The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications
Jeanne, Olivier; Rancière, Romain - C.E.P.R. Discussion Papers - 2008
We present a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows. We derive a formula for the optimal level of reserves, and show that plausible calibrations can explain reserves of the order of magnitude observed...
Persistent link: https://www.econbiz.de/10005124211
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External Liabilities and Crises
Catão, Luis A. V.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2014
We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities to GDP is a significant crisis predictor. This is...
Persistent link: https://www.econbiz.de/10011083620
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One Third of the World's Growth and Inequality
Quah, Danny - C.E.P.R. Discussion Papers - 2002
This Paper studies growth and inequality in China and India – two economies that account for a third of the world … countries. For personal income inequalities in a China-India universe, the forces assuming first-order importance are …
Persistent link: https://www.econbiz.de/10005498030
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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The Cross-Country Incidence of the Global Crisis
Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits,...
Persistent link: https://www.econbiz.de/10008466326
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Global Imbalances and the Financial Crisis: Products of Common Causes
Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009
rate and other economic policies followed by emerging markets such as China contributed to the United States’ ability to …
Persistent link: https://www.econbiz.de/10008557008
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The International Financial Integration of China and India
Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006
Three main features characterize the international financial integration of China and India. First, while only having a … small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …
Persistent link: https://www.econbiz.de/10005662395
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Japan And The Great Divergence, 725-1874
Bassino, Jean-Pascal; Broadberry, Stephen N; Fukao, Kyoji; … - C.E.P.R. Discussion Papers - 2015
Japanese GDP per capita grew at an annual rate of 0.04 per cent between 725 and 1874, but the growth was episodic, with the increase in per capita income concentrated in three periods, 1150-1280, 1450-1600 and after 1730, interspersed with periods of stable per capita income. There is a...
Persistent link: https://www.econbiz.de/10011272718
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How Did Japan Catch-Up On The West? A Sectoral Analysis Of Anglo-Japanese Productivity Differences, 1885-2000
Broadberry, Stephen N; Fukao, Kyoji; Zammit, Nick - C.E.P.R. Discussion Papers - 2015
Although Japanese economic growth after the Meiji Restoration is often characterised as a gradual process of trend acceleration, comparison with the United States suggests that catching-up only really started after 1950, due to the unusually dynamic performance of the US economy before 1950. A...
Persistent link: https://www.econbiz.de/10011272720