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The Real Exchange Rate and Growth Revisited; The Washington Consensus Strikes Back?

Berg, Andrew; Miao, Yanliang - International Monetary Fund (IMF) - 2010

There is good reason and much evidence to suggest that the real exchange rate matters for economic growth, but why? The "Washington Consensus" (WC) view holds that real exchange rate misalignment implies macroeconomic imbalances that are themselves bad for growth. In contrast, Rodrik (2008)...

Persistent link: https://www.econbiz.de/10008519476

The Dominican Republic; Stabilization, Structural Reform, and Economic Growth

Cardoso, Jaime; Young, Philip M. - International Monetary Fund (IMF) - 2002

Persistent link: https://www.econbiz.de/10005590873

Bayesian Vars; A Survey of the Recent Literature with An Application to the European Monetary System

Ciccarelli, Matteo; Rebucci, Alessandro - International Monetary Fund (IMF) - 2003

This paper reviews recent advances in the specification and estimation of Bayesian Vector Autoregressive models (BVARs …). After describing the Bayesian principle of estimation, we first present the methodology originally developed by Litterman … issues in forecasting and structural analysis. An application to the estimation of a system of time-varying reaction …

Persistent link: https://www.econbiz.de/10005825693

Growth Empirics Under Model Uncertainty; Is Africa Different?

Tsangarides, Charalambos G. - International Monetary Fund (IMF) - 2005

This paper attempts to identify robust patterns of cross-country growth behavior in the world as a whole and Africa. It employs a novel methodology that incorporates a dynamic panel estimator, and Bayesian Model Averaging to explicitly account for model uncertainty. The findings indicate that:...

Persistent link: https://www.econbiz.de/10005264072

Benchmark Priors Revisited:on Adaptive Shrinkage and the Supermodel Effect in Bayesian Model Averaging

Feldkircher, Martin; Zeugner, Stefan - International Monetary Fund (IMF) - 2009

Default prior choices fixing Zellner's g are predominant in the Bayesian Model Averaging literature, but tend to concentrate posterior mass on a tiny set of models. The paper demonstrates this supermodel effect and proposes to address it by a hyper-g prior, whose data-dependent shrinkage adapts...

Persistent link: https://www.econbiz.de/10008559278

Financial Deepening, Inequality, and Growth; A Model-Based Quantitative Evaluation

Townsend, Robert M.; Ueda, Kenichi - International Monetary Fund (IMF) - 2003

We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With...

Persistent link: https://www.econbiz.de/10005825597

Aid and Growth; What Does the Cross-Country Evidence Really Show?

Rajan, Raghuram; Subramanian, Arvind - International Monetary Fund (IMF) - 2005

We examine the effects of aid on growth-- in cross-sectional and panel data--after correcting for the bias that aid typically goes to poorer countries, or to countries after poor performance. Even after this correction, we find little robust evidence of a positive (or negative) relationship...

Persistent link: https://www.econbiz.de/10005825602

Does Economic Diversification Lead to Financial Development? Evidence From topography

Ramcharan, Rodney - International Monetary Fund (IMF) - 2006

An influential theoretical literature has observed that economic diversification can reduce risk and increase financial development. But causality operates in both directions, as a well functioning financial system can enable a society to invest in more productive but risky projects, thereby...

Persistent link: https://www.econbiz.de/10005825840

Institutions V. Geography; Sub-National Evidence From the United States

Romero-Barrutieta, Alma; Clifton, Eric V. - International Monetary Fund (IMF) - 2006

Empirical studies of the impact of geography and institutions on growth and development at the international level have become common place, but the high degree of abstraction at that level has led to calls for subnational studies. This paper examines these issues for a region of the United...

Persistent link: https://www.econbiz.de/10005768750

Growth Determinants Revisited

Tsangarides, Charalambos G.; Mirestean, Alin - International Monetary Fund (IMF) - 2009

This paper revisits the cross-country growth empirics debate using a novel Limited Information Bayesian Model Averaging framework to address model uncertainty in the context of a dynamic growth model in panel data with endogenous regressors. Our empirical findings suggest that once model...

Persistent link: https://www.econbiz.de/10008497604

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