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Broadband Infrastructure and Economic Growth

Czernich, Nina; Falck, Oliver; Kretschmer, Tobias; … - CESifo - 2009

We estimate the effect of broadband infrastructure, which enables high-speed internet, on economic growth in the panel … diffusion model where pre-existing voice-telephony and cable-TV networks predict maximum broadband penetration. We find that a … 10 percentage-point increase in broadband penetration raises annual per-capita growth by 0.9-1.5 percentage points …

Persistent link: https://www.econbiz.de/10008572478

Political Booms, Financial Crises

Herrera, Helios; Ordonez, Guillermo; Trebesch, Christoph - CESifo - 2014

We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

Persistent link: https://www.econbiz.de/10010888458

Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets

Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011

In this paper, we show, using the consumer’s budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that,...

Persistent link: https://www.econbiz.de/10009325810

Global and Regional Spillovers in Emerging Stock Markets: A Multivariate GARCH-in-mean Analysis

Beirne, John; Caporale, Guglielmo Maria; … - CESifo - 2009

This paper examines global (mature market) and regional (emerging market) spillovers in local emerging stock markets. Tri-variate VAR GARCH(1,1)-in-mean models are estimated for 41 emerging market economies (EMEs) in Asia, Europe, Latin America, and the Middle East. The models capture a range of...

Persistent link: https://www.econbiz.de/10008596577

Volatility Spillovers and Contagion from Mature to Emerging Stock Markets

Beirne, John; Caporale, Guglielmo Maria; … - CESifo - 2009

This paper examines volatility spillovers from mature to emerging stock markets and tests for changes in the transmission mechanism—contagion—during turbulences in mature markets. Tri-variate GARCH-BEKK models of returns in global (mature), regional, and local markets are estimated for 41...

Persistent link: https://www.econbiz.de/10005765747

Do Markets Care about Central Bank Governor Changes? Evidence from Emerging Markets

Moser, Christoph; Dreher, Axel - CESifo - 2007

Central bank governor changes in emerging markets may convey important signals about future monetary policy. Based on a new daily data set, this paper examines the reactions of foreign exchange markets, domestic stock market indices and sovereign bond spreads to central bank governor changes....

Persistent link: https://www.econbiz.de/10005765858

Can Investments in Emerging Markets Help to Solve the Aging Problem?

Holzmann, Robert - CESifo - 2000

Prefunding of pension commitments in OECD economies is increasingly seen as a central strategy to cope with the aging of their populations. This paper argues that investments in emerging markets can help at the margin but are unable to solve the demographic problem. While these investments bring...

Persistent link: https://www.econbiz.de/10005765888

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View

Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007

Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...

Persistent link: https://www.econbiz.de/10005094169

A Panic-Prone Pack? The Behavior of Emerging Market Mutual Funds

Borensztein, Eduardo R.; Gelos, R. Gaston - CESifo - 2001

This paper explores the behavior of emerging market mutual funds using anovel database covering the holdings of individual funds over the periodJanuary 1996 to March 1999. An examination of individual crises shows that,on average, funds withdrew money one month prior to the events. Thedegree of...

Persistent link: https://www.econbiz.de/10005094343

Liberalization and Stock Market Co-Movement between Emerging Economies

Beine, Michel; Candelon, Bertrand - CESifo - 2007

In this paper, we investigate the impact of trade and financial liberalization on the degree of stock market co-movement among emerging economies. Using a sample of 25 developing countries observed over 15 years, we estimate the impact of reforms which aim at opening these countries to trade and...

Persistent link: https://www.econbiz.de/10005405755