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Financial Globalization and Economic Policies

Kose, M. Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, … - Institute for the Study of Labor (IZA) - 2009

We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...

Persistent link: https://www.econbiz.de/10005763826

China's High Saving Puzzle

Ma, Guonan; Yang, Dennis T. - Institute for the Study of Labor (IZA) - 2013

This paper analyzes the causes of rising savings rates for the corporate, government, and household sectors, which have jointly contributed to the upsurge in aggregate savings in China in the past two decades. Government policies to rebalance the Chinese economy are also explored.

Persistent link: https://www.econbiz.de/10010791521

Aggregate Savings and External Imbalances in China

Yang, Dennis T. - Institute for the Study of Labor (IZA) - 2012

Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded 9 percent of GDP. The current paper presents a unified...

Persistent link: https://www.econbiz.de/10010791526

Labor Market Reforms and Current Account Imbalances: Beggar-Thy-Neighbor Policies in a Currency Union?

Baas, Timo; Belke, Ansgar - Institute for the Study of Labor (IZA) - 2014

Member countries of the European Monetary Union (EMU) initiated wide-ranging labor market reforms in the last decade. This process is ongoing as countries that are faced with serious labor market imbalances perceive reforms as the fastest way to restore competitiveness within a currency union....

Persistent link: https://www.econbiz.de/10010959728

Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - Institute for the Study of Labor (IZA) - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

Persistent link: https://www.econbiz.de/10008632737

Financial Development and Economic Growth: Evidence from Ten New EU Members

Caporale, Guglielmo Maria; Rault, Christophe; Sova, Robert - Institute for the Study of Labor (IZA) - 2014

This paper reviews the main features of the banking and financial sector in ten new EU members, and then examines the relationship between financial development and economic growth in these countries by estimating a dynamic panel model over the period 1994-2007. The evidence suggests that the...

Persistent link: https://www.econbiz.de/10011096765

Financial Development, Environmental Quality, Trade and Economic Growth: What Causes What in MENA Countries

Omri, Anis; Daly, Saida; Rault, Christophe; Chaibi, Anissa - Institute for the Study of Labor (IZA) - 2015

This paper examines the relationship between financial development, CO2 emissions, trade and economic growth using simultaneous-equation panel data models for a panel of 12 MENA countries over the period 1990-2011. Our results indicate that there is evidence of bidirectional causality between...

Persistent link: https://www.econbiz.de/10011195814

Financial Liberalization and the Relationship-Specificity of Exports

Defever, Fabrice; Suedekum, Jens - Institute for the Study of Labor (IZA) - 2013

We investigate the causal impact of equity market liberalizations in the period 1980‐1997 on sectoral export performance across 91 countries. The increased availability of external finance has boosted trade of industries that intensively use relationship‐specific inputs, and lowered exports...

Persistent link: https://www.econbiz.de/10010764593

The Real Exchange Rate and Growth in Zimbabwe: Does the Currency Regime Matter?

Brixiova, Zuzana; Ncube, Mthuli - Institute for the Study of Labor (IZA) - 2014

Zimbabwe faces growth and external competitiveness challenges, as indicated by its low trend growth and investment, declining share in the world exports, high current account deficits, and external debt. The stock-flow approach to the equilibrium exchange rate reveals that the real exchange rate...

Persistent link: https://www.econbiz.de/10010891170

Exchange Rate Volatility and Employment Growth: Empirical Evidence from the CEE Economies

Belke, Ansgar; Setzer, Ralph - Institute for the Study of Labor (IZA) - 2004

highlights the fact that high exchange rate volatility may as well signal high costs for labor markets. The impact of exchange … rate volatility on labor markets in the CEECs is analyzed, finding that volatility visà- vis the euro significantly lowers … employment growth. Hence, the elimination of exchange rate volatility could be considered as a substitute for a removal of …

Persistent link: https://www.econbiz.de/10005761957