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A Panel Data Investigation of Real Exchange Rate Misalignment and Growth
MacDonald, Ronald; Vieira, Flávio - CESifo - 2010
using time series data from 1980 to 2004. We first estimate a panel data model (using fixed and random effects) for the real … of real exchange rate misalignment using panel cointegration methods. The variables used in our real exchange rate models …-step System GMM panel growth models indicate that the coefficients for real exchange rate misalignment are positive for different …
Persistent link: https://www.econbiz.de/10008583703
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Unraveling the Fortunates of the Fortunate: An Iterative Bayesian Model Averaging (IBMA) Approach
Eicher, Theo; Papageorgiou, Chris; Röhn, Oliver - CESifo - 2007
We investigate country heterogeneity in cross-country growth regressions. In contrast to the previous literature that focuses on low-income countries, this study also highlights growth determinants in high-income (OECD) countries. We introduce Iterative Bayesian Model Averaging (IBMA) to address...
Persistent link: https://www.econbiz.de/10005094478
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Infinite Dimensional VARs and Factor Models
Chudik, Alexander; Pesaran, M. Hashem - CESifo - 2007
This paper introduces a novel approach for dealing with the 'curse of dimensionality' in the case of large linear dynamic systems. Restrictions on the coefficients of an unrestricted VAR are proposed that are binding only in a limit as the number of endogenous variables tends to infinity. It is...
Persistent link: https://www.econbiz.de/10005766069
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Payment Choice in International Trade: Theory and Evidence from Cross-country Firm Level Data
Hoefele, Andreas; Schmidt-Eisenlohr, Tim; Yu, Zhihong - CESifo - 2013
When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...
Persistent link: https://www.econbiz.de/10010877930
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Peer Effects in Program Participation
Dahl, Gordon B.; Loken, Katrine Vellesen; Mogstad, Magne - CESifo - 2013
When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...
Persistent link: https://www.econbiz.de/10010682628
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Towards a Macroprudential Surveillance and Remedial Policy Formulation System for Monitoring Financial Crisis
Bhattacharyay, Biswa N. - CESifo - 2009
maintaining financial sector stability through reduction of vulnerability is highly crucial. The world is now witnessing an …
Persistent link: https://www.econbiz.de/10008583704
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Does Financial Integration Spur EconomicGrowth? New Evidence from the First Era of Financial Globalization
Schularick, Moritz; Steger, Thomas - CESifo - 2006
Does international financial integration boost economic growth? The question has been discussed controversially for a long time. As of yet, robust evidence for a positive impact is lacking (Edison et al., 2002). However, there is substantial narrative evidence from economic history that...
Persistent link: https://www.econbiz.de/10005406203
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The 90% Public Debt Threshold: The Rise and Fall of a Stylised Fact
Egert, Balazs - CESifo - 2013
This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt threshold endogenously. We show that the nonlinear relation from debt to growth is not very robust. Taken with a pinch of salt, our results suggest, however,...
Persistent link: https://www.econbiz.de/10010659189
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Public Debt, Economic Growth and Nonlinear Effects: Myth or Reality
Egert, Balazs - CESifo - 2013
This paper puts the Reinhart-Rogoff dataset to a formal econometric testing to see whether public debt has a negative nonlinear effect on growth if public debt exceeds 90% of GDP. Using nonlinear threshold models, we show that the negative nonlinear relationship between debt and growth is very...
Persistent link: https://www.econbiz.de/10010631772
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The U.S. Dollar Exchange Rate and the Demand for Oil
Schryder, Selien De; Peersman, Gert - CESifo - 2013
Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate …
Persistent link: https://www.econbiz.de/10010877652