Similar Search Results

Spain's International Position, 1850-1913

Prados de la Escosura, Leandro - C.E.P.R. Discussion Papers - 2009

Spain's financial position during the late 19th and early 20th century has usually been presented as one of persistent deficit on current account, which resulted from her integration into international commodity and factor markets and this, in turn, slowed down growth. In this essay a...

Persistent link: https://www.econbiz.de/10008458296

National Insolvency: A Test of the US Intertemporal Budget Constraint

Uctum, Merih; Wickens, Michael R. - C.E.P.R. Discussion Papers - 1990

If a nation fails to satisfy its intertemporal budget constraint (IBC) then, like a government or a household, either it will become insolvent or it can consume more of its income. The main purpose of this paper is to establish necessary and sufficient conditions for a nation to satisfy its IBC,...

Persistent link: https://www.econbiz.de/10005666888

A Valuation Formula for LDC Debt

Cohen, Daniel - C.E.P.R. Discussion Papers - 1990

This paper gives a valuation formula for LDC debt that is used to assess: i) the price at which a buy-back of the debt is advantageous to the country (we shall see that it is likely to be half the observed market price); ii) the value to the creditors of having the flows of payment guaranteed...

Persistent link: https://www.econbiz.de/10005791581

Oil Shocks and External Balances

Kilian, Lutz; Rebucci, Alessandro; Spatafora, Nikola - C.E.P.R. Discussion Papers - 2007

current account, which depending on the source of the shock can be large, depends critically on the response of the non …

Persistent link: https://www.econbiz.de/10005124422

Relaxing the External Constraint: Europe in the 1930s

Eichengreen, Barry - C.E.P.R. Discussion Papers - 1990

This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great...

Persistent link: https://www.econbiz.de/10005498070

The Balance of Payments of Oil Importing Countries: An Aggregate Econometric Analysis

Beenstock, Michael - C.E.P.R. Discussion Papers - 1987

Using annual data drawn from 1963-1983 we estimate an econometric model of the balance of payments of oil-importing LDCs. The model consists of equations for the quantities of exports and imports, unit value indices for exports and imports, capital flows, reserves and the exchange rate. An...

Persistent link: https://www.econbiz.de/10005504374

Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism

van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1984

Using a standard complete specialization model of a small open economy within a rigorous intertemporal optimization framework and with contract-based wage rigidity, we show that permanent tariffs lead to a current account deterioration and a fall in employment, contradicting most of the...

Persistent link: https://www.econbiz.de/10005656454

Understanding Exchange Rate Volatility Without the Contrivance of Macroeconomics

Flood, Robert P; Rose, Andrew K - C.E.P.R. Discussion Papers - 1998

Exchange rate regimes differ primarily by the activity of the exchange rate, not observable macroeconomic ‘fundamentals’. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime-independent. Fundamentals only seem to be relevant for...

Persistent link: https://www.econbiz.de/10005788957

Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks

Kilian, Lutz; Vigfusson, Robert J. - C.E.P.R. Discussion Papers - 2009

A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in...

Persistent link: https://www.econbiz.de/10005000442

Growth, Colonization, and Institutional Development: In and Out of Africa

Bertocchi, Graziella - C.E.P.R. Discussion Papers - 2011

This essay investigates the determinants of the growth performance of Africa. I start by illustrating a broader … institutional development. After reporting results from standard growth regressions, I analyze the role of Africa’s peculiar history … influence, in and out of Africa, of the slave trades. The essay ends with critical conclusions and suggestions for further …

Persistent link: https://www.econbiz.de/10009225960