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Sentiment, Productivity, and Economic Growth

Kōnstantinidēs, Giōrgos; Montone, Maurizio; Potì, … - National Bureau of Economic Research - 2023

Previous research finds correlation between sentiment and future economic growth, but disagrees on the channel that explains this result. In this paper, we shed new light on this issue by exploiting cross-country variation in sentiment and market efficiency. We find that sentiment shocks in G7...

Persistent link: https://www.econbiz.de/10014247952

Risk-On Risk-Off : A Multifaceted Approach to Measuring Global Investor Risk Aversion

Chari, Anusha; Stedman, Karlye Dilts; Lundblad, Christian - National Bureau of Economic Research - 2023

This paper defines risk-on risk-off (RORO), an elusive terminology in pervasive use, as the variation in global investor risk aversion. Our high-frequency RORO index captures time-varying investor risk appetite across multiple dimensions: advanced economy credit risk, equity market volatility,...

Persistent link: https://www.econbiz.de/10014437038

China's Macroeconomic Development : The Role of Gradualist Reforms

Chen, Kaiji; Zha, Tao - National Bureau of Economic Research - 2023

This paper reviews recent literature on China's macroeconomic development, emphasizing the critical role of the gradualist approach over the past four decades. Beyond China's structural transformation, we explore various aspects such as high saving rates, the housing boom, an expanding current...

Persistent link: https://www.econbiz.de/10014322782

Production, Trade, and Cross-Border Data Flows

Chang, Qing; Cong, Lin William; Liyong, Wang; Zhang, … - National Bureau of Economic Research - 2023

We build a two-country general equilibrium model to analyze the effects of cross-border data flows and pre-existing development gaps in data economies on each country's production and international trade. Raw data as byproducts of consumption can be transformed into various types of working data...

Persistent link: https://www.econbiz.de/10014322803

Impulse Response Functions for Self-Exciting Nonlinear Models

Francis, Neville; Owyang, Michael T.; Soques, Daniel F. - National Bureau of Economic Research - 2023

We calculate impulse response functions from regime-switching models where the driving variable can respond to the shock. Two methods used to estimate the impulse responses in these models are generalized impulse response functions and local projections. Local projections depend on the observed...

Persistent link: https://www.econbiz.de/10014372466

Nonlinear Budget Set Regressions for the Random Utility Model

Blomquist, Nils Sören; Kumar, Anil; Liang, Che-yuan; … - National Bureau of Economic Research - 2023

This paper is about the nonparametric regression of a choice variable on a nonlinear budget set under utility maximization with general heterogeneity, i.e. in the random utility model (RUM). We show that utility maximization and convex budget sets make this regression three dimensional with a...

Persistent link: https://www.econbiz.de/10014250211

When Does Capital Account Liberalization Help More than It Hurts?

Arteta, Carlos - 2001

In this paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a positive association, the effects vary with time, with how capital account liberalization is measured, and with how the relationship is estimated. The evidence that the effects...

Persistent link: https://www.econbiz.de/10012470268

Latin America and Foreign Capital in the Twentieth Century : Economics, Politics, and Institutional Change

Taylor, Alan M. - 1999

Latin America began the twentieth century as a relatively poor region on the periphery of the world economy. One cause of a low level of income per person was capital scarcity. Long run growth via capital deepening requires either the mobilization of domestic capital through savings, or large...

Persistent link: https://www.econbiz.de/10012471391

How Does Foreign Direct Investment Affect Economic Growth?

Borensztein, Eduardo - 1995

We test the effect of foreign direct investment (FDI) on economic growth in a cross-country regression framework …, utilizing data on FDI flows from industrial countries to 69 developing countries over the last two decades. Our results suggest … that FDI is an important vehicle for the transfer of technology, contributing relatively more to growth than domestic …

Persistent link: https://www.econbiz.de/10012473832

Unintended Consequences of Eliminating Tax Havens

Suárez Serrato, Juan Carlos - 2018

We show that eliminating firms' access to tax havens has unintended consequences for economic growth. We analyze a policy change that limited profit shifting for US multinationals, and show that the reform raised the effective cost of investing in the US. Exposed firms respond by reducing global...

Persistent link: https://www.econbiz.de/10012452871

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