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Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China
Bayoumi, Tamim; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2013
This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in-...
Persistent link: https://www.econbiz.de/10010790306
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Searching for the Finance-Growth Nexus in Libya
Cevik, Serhan; Rahmati, Mohammad - International Monetary Fund (IMF) - 2013
This paper investigates the causal relationship between financial development and economic growth in Libya during the … long-run relationship between financial intermediation and nonhydrocarbon output growth. The OLS estimation shows that … financial development has a statistically significant negative effect on real nonhydrocarbon GDP per capita growth. However, the …
Persistent link: https://www.econbiz.de/10010790327
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Does Openness Matter for Financial Development in Africa?
David, Antonio; Mlachila, Montfort; Moheeput, Ashwin - International Monetary Fund (IMF) - 2014
This paper analyzes the links between financial and trade openness and financial development in Sub-Saharan African (SSA) countries. It is based on a panel dataset using methods that tackle slope heterogeneity, cross-sectional dependence and non-stationarity, important econometric problems that...
Persistent link: https://www.econbiz.de/10010790350
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Too Cold, Too Hot, or Just Right? Assessing Financial Sector Development Across the Globe
Barajas, Adolfo; Beck, Thorsten; Dabla-Norris, Era; … - International Monetary Fund (IMF) - 2013
This paper introduces the concept of the financial possibility frontier as a constrained optimum level of financial development to gauge the relative performance of financial systems across the globe. This frontier takes into account structural country characteristics, institutional, and...
Persistent link: https://www.econbiz.de/10010790428
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The Finance and Growth Nexus Re-Examined; Do All Countries Benefit Equally?
Barajas, Adolfo; Chami, Ralph; Yousefi, Reza - International Monetary Fund (IMF) - 2013
A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth … estimation results suggest that the beneficial effect of financial deepening on economic growth in fact displays measurable …
Persistent link: https://www.econbiz.de/10011242300
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Credit Growth in Latin America; Financial Development or Credit Boom?
Hansen, Niels-Jakob Harbo; Sulla, Olga - International Monetary Fund (IMF) - 2013
patterns of credit growth in 18 countries in Latin America and uses econometric methods to determine whether it is indicative … of financial deepening or poses risks of credit booms. The strongest credit growth occurred for consumption and mortgages … most countries and there are some signs of maturity lengthening. To assess whether the recent credit growth is excessive …
Persistent link: https://www.econbiz.de/10011242382
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Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances
Gruss, Bertrand; Torres, Jose L. - International Monetary Fund (IMF) - 2012
In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare … private investment and a severe drag on growth. Compared to adopting a reform that gradually reduces federal debt to its pre …-crisis level, postponing debt stabilization for two decades would entail a permanent output loss of about 17 percent and a welfare …
Persistent link: https://www.econbiz.de/10009654159
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Implications of More Precise Information for Technological Development and Welfare
Eckwert, Bernhard; Drees, Burkhard - International Monetary Fund (IMF) - 2007
welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous … effects on technological progress and welfare, which depend critically on the risk sharing capacity of the economy's financial … allocation and creates a negative uncertainty-related welfare effect, at the same time as it accelerates technological progress …
Persistent link: https://www.econbiz.de/10005825975
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Monetary Rules for Emerging Market Economies
Rebucci, Alessandro; Ghironi, Fabio - International Monetary Fund (IMF) - 2002
matches the second moments of key variables well. Welfare analysis suggests that dollarization is preferable to alternative … regimes because it removes currency premium volatility. However, a currency board can match dollarization on welfare grounds …
Persistent link: https://www.econbiz.de/10005826178
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Life Expectancy and Income Convergence in the World; A Dynamic General Equilibrium Analysis
Ueda, Kenichi - International Monetary Fund (IMF) - 2008
paper introduces the concept of the dynastic general equilibrium value of life to measure welfare gains from the increase in … life expectancy. A calibration study finds sizable welfare gains, but these gains hardly mitigate the large inequality …
Persistent link: https://www.econbiz.de/10005826651