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Rethinking the Effects of Financial Liberalization
Broner, Fernando A; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010
finance higher investment and growth; (ii) insure against aggregate shocks and reduce consumption volatility; and (iii … capital flows, investment, and growth; (ii) large capital inflows and higher investment and growth; or (iii) volatile capital …
Persistent link: https://www.econbiz.de/10008784713
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Floats, pegs and the transmission of fiscal policy
Corsetti, Giancarlo; Kuester, Keith; Müller, Gernot - C.E.P.R. Discussion Papers - 2011
According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper we reconsider the transmission of shocks to government spending across these regimes within a standard new-Keynesian model of a small open economy. Because of...
Persistent link: https://www.econbiz.de/10008784752
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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects
Broner, Fernando A; Erce, Aitor; Martin, Alberto; … - C.E.P.R. Discussion Papers - 2013
reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for …. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce …
Persistent link: https://www.econbiz.de/10011084507
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The Financial Resource Curse
Benigno, Gianluca; Fornaro, Luca - C.E.P.R. Discussion Papers - 2013
This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is...
Persistent link: https://www.econbiz.de/10011084525
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The Overhang Hangover
Imbs, Jean; Rancière, Romain - C.E.P.R. Discussion Papers - 2005
140% of exports. Second, we depart from reduced form growth regressions and perform direct tests of the theory on the thus …: (i) investment falls precipitously as it should when it becomes optimal to default; (ii) economic policy deteriorates … interest rates. We find a systematic response of investment, particularly when property rights are weakly enforced, some …
Persistent link: https://www.econbiz.de/10005123812
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The Argentina Paradox: Microexplanations and Macropuzzles
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2014
The economic history of Argentina presents one of the most dramatic examples of divergence in the modern era. What …
Persistent link: https://www.econbiz.de/10011083510
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Exposure to External Country Specific Shocks and Income Volatility
Jansen, Marion; Lennon, Carolina; Piermartini, Roberta - C.E.P.R. Discussion Papers - 2009
Using a dataset of 104 countries over a period from 1966 to 2004, this paper analyses the relevance of country specific shocks for income volatility in open economies. We show that exposure to country specific shocks has a positive and significant impact on GDP volatility. In particular, we find...
Persistent link: https://www.econbiz.de/10005666690
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Global Income Divergence, Trade and Industrialization: The Geography of Growth Take-Offs
Baldwin, Richard; Martin, Philippe; Ottaviano, Gianmarco - C.E.P.R. Discussion Papers - 1998
This paper takes a modest step towards formalizing the theoretical interconnections among four post-Industrial-Revolution phenomena – the industrialization and growth take-off of rich ‘northern’ nations, massive global income divergence, and rapid trade expansion. Specifically, we present...
Persistent link: https://www.econbiz.de/10005498127
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The CEEC10's Real Convergence Prospects
Hlouskova, Jaroslava; Wagner, Martin - C.E.P.R. Discussion Papers - 2002
The Central and Eastern European countries' prospects of becoming EU members depend heavily on, among other things, their per capita GDP levels. It is shown that the neoclassical growth model does not yet adequately describe the growth process in these countries. This makes a direct growth...
Persistent link: https://www.econbiz.de/10005504515
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Environmental Policy and Directed Technical Change in a Global Economy: The Dynamic Impact of Unilateral Environmental Policies
Hemous, David - C.E.P.R. Discussion Papers - 2013
This paper builds a two-country (North, South), two-sector (polluting, nonpolluting) trade model with directed technical change, examining whether unilateral environmental policies can ensure sustainable growth. The polluting good is produced with a clean and a dirty input. I show that a...
Persistent link: https://www.econbiz.de/10011084402