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This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of econometric methods, and two standard measures of financial development: the level of liquid...
Persistent link: https://www.econbiz.de/10005826253
The main objective of this paper is to quantify the relationship between the global economic environment and the number of Stand-By Arrangements (SBAs). The results suggest that oil prices, world interest rates, and the global business cycle are the most influential indicators that affect the...
Persistent link: https://www.econbiz.de/10005604884
positively associated with economic growth if countries are poor, have bad policies, and high debt obligations. We then test our …
Persistent link: https://www.econbiz.de/10005769233
Improving debt management capacity in Heavily Indebted Poor Countries (HIPCs) is a key element of the international … community’s strategy for ensuring a robust and sustained exit from unsustainable debt burdens. External debt management is a … multi-facetted task involving the formulation of a transparent strategy for managing the level of debt, and establishing an …
Persistent link: https://www.econbiz.de/10005605399
This paper studies asymptotically the bias of the fixed effect (FE) estimator induced by cross-section heterogeneity in the slope parameters of stationary vector autoregressions (VARs). The paper also compares the FE, the mean group estimator (MG), and a simple instrumental variable alternative...
Persistent link: https://www.econbiz.de/10005263898
This paper develops a comprehensive new framework to measure and analyze sovereign risk. Since traditional macroeconomic vulnerability indicators and accounting-based measures do not address risk in a comprehensive and forward-looking way, the contingent claims approach is used to construct a...
Persistent link: https://www.econbiz.de/10005605090
system development, sovereign debt vulnerabilities, and ways to sustain progress in reducing inflation by strengthening the …
Persistent link: https://www.econbiz.de/10005590924
This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets … account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons … and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between …
Persistent link: https://www.econbiz.de/10005825635
This paper uses a range of different methodologies to estimate the equilibrium real exchange rate in Armenia with both single-country and panel estimation techniques. We estimate a country specific autoregressive distributed lag model and then proceed with the estimation of a cointegrated panel...
Persistent link: https://www.econbiz.de/10008839327
We provide empirical evidence that deviations from uncovered interest rate parity (UIP) display significant nonlinearities, consistent with theories based on transaction costs or limits to speculation. This evidence suggests that the forward bias documented in the literature may be less...
Persistent link: https://www.econbiz.de/10005604790