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International Monetary Fund (IMF); International … - 2007

This paper undertakes a cross-country analysis of productivity growth at both the aggregate and sectoral level. It … finds that Asia's remarkable output growth over the past 40 years reflected both high investment, and rapid productivity … encouraged resource shifts from low- to high-productivity sectors. Looking ahead, sustaining rapid growth requires meeting a …

Persistent link: https://www.econbiz.de/10005826110

United Kingdom; 2013 Article IV Consultation

International Monetary Fund (IMF); International … - 2013

This staff report on United Kingdomâ€™s (UK) 2013 Article IV Consultation highlights economic policies and development. The UK economy grew by about Â¼ percent in 2012. Net trade reduced growth by 0.6 percentage points of GDP, the biggest drag since 2005, and well above staff projections....

Persistent link: https://www.econbiz.de/10011243880

The Effects of Unconventional Monetary Policies on Bank Soundness

Lambert, Frederic; Ueda, Kenichi - International Monetary Fund (IMF) - 2014

Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of...

Persistent link: https://www.econbiz.de/10011142163

Shock from Graying; Is the Demographic Shift Weakening Monetary Policy Effectiveness

Imam, Patrick A. - International Monetary Fund (IMF) - 2013

Abstract Empirical evidence is mounting that, in advanced economies, changes in monetary policy have a more benign impact on the economy—given better anchored inflation expectations and inflation being less responsive to variation in unemployment—compared to the past. We examine another...

Persistent link: https://www.econbiz.de/10011242214

Risk Exposures and Financial Spillovers in Tranquil and Crisis Times; Bank-Level Evidence

Poirson, Hélène; Schmittmann, Jochen M. - International Monetary Fund (IMF) - 2013

For a sample of 83 financial institutions during 2003–2011, this paper attempts to answer three questions: first, what is the evolution of banks’ stock price exposure to country-level and global risk factors as approximated by equity indices; second, which bank-specific characteristics...

Persistent link: https://www.econbiz.de/10011242342

Global Bonding; Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?

Bayoumi, Tamim; Bui, Trung - International Monetary Fund (IMF) - 2012

This paper uses a novel variant of identification through hetroscedacity to estimate spillovers across U.S., Euro area, Japanese, and UK government bond and equity markets in a vector autoregression. The results suggest that U.S. financial shocks reverberate around the world much more strongly...

Persistent link: https://www.econbiz.de/10011242378

The Impact of Uncertainty Shocks on the UK Economy

Denis, Stephanie; Kannan, Prakash - International Monetary Fund (IMF) - 2013

This paper quantifies the economic impact of uncertainty shocks in the UK using data that span the recent Great Recession. We find that uncertainty shocks have a significant impact on economic activity in the UK, depressing industrial production and GDP. The peak impact is felt fairly quickly at...

Persistent link: https://www.econbiz.de/10010790244

Aggregate Stability and Balanced-Budget Rules

Ghilardi, Matteo; Rossi, Raffaele - International Monetary Fund (IMF) - 2014

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real...

Persistent link: https://www.econbiz.de/10010790380

Inclusive Growth; An Application of the Social Opportunity Function to Selected African Countries

Adedeji, Olumuyiwa; Du, Huancheng; Opoku-Afari, Maxwell - International Monetary Fund (IMF) - 2013

The inclusiveness of growth depends on the extent of access to economic and social opportunities. This paper applies the concept of social opportunity function to ascertain the inclusiveness of growth episodes in selected African countries. Premised on the concept of social welfare function,...

Persistent link: https://www.econbiz.de/10011242365

Columbia or High School? Understanding the Roles of Education in Development

Ramcharan, Rodney - International Monetary Fund (IMF) - 2002

No country has achieved sustained economic development without investment in education. Thus, education policy can play a vital role in facilitating development. But which types of schooling-secondary or tertiary-should public policy promote? This paper develops an analytical framework to...

Persistent link: https://www.econbiz.de/10005599470