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Fiscal Procyclicality in Commodity Exporting Countries : How Much Does it Pour and Why?
Arroyo Marioli, Francisco; Végh, Carlos A. - National Bureau of Economic Research - 2023
A large literature has documented that fiscal policy is procyclical in emerging markets and developing economies and acyclical/countercyclical in advanced economies. This paper analyzes fiscal procyclicality in commodity-exporting countries. It first shows that the degree of fiscal...
Persistent link: https://www.econbiz.de/10014322818
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International Home Bias in International Finance and Business Cycles
Lewis, Karen K. - 1998
portfolio theory would suggest. This phenomenon has been called equity home bias.' In the absence of this home bias, investors … would optimally diversify away domestic output risk. Therefore, in a world without investor home bias, consumption growth … country appears to be highly correlated with its own output growth relative to the world. This phenomenon may be called …
Persistent link: https://www.econbiz.de/10012472465
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International Cycles
Cecchetti, Stephen G. - 1995
We study twenty years of monthly production data for 11 manufacturing industries in 19 countries. Using the fact that in some countries production virtually shuts down for one summer month, together with the differences in the timing of aggregate cyclical fluctuations, we are able to learn about...
Persistent link: https://www.econbiz.de/10012473560
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International Trade and Business Cycles
Baxter, Marianne - 1995
together--there is a world component to business cycles. This paper argues that capital accumulation and international capital … flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the …
Persistent link: https://www.econbiz.de/10012473868
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Business Cycle Volatility and Openness : An Exploratory Cross-Section Analysis
Razin, Assaf - 1992
This paper links business cycle volatility to barriers on international mobility of goods and capital. Theory predicts …
Persistent link: https://www.econbiz.de/10012474757
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International Risk Cycles
Gourio, François - 2011
uncertainty is time-varying, and (2) countries have heterogeneous exposures to a world aggregate shock. We embed these features in …
Persistent link: https://www.econbiz.de/10012461380
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Globalization, Structural Change and International Comovement
Bonadio, Barthélémy; Huo, Zhen; Levchenko, Andrei A.; … - National Bureau of Economic Research - 2023
We study the roles of globalization and structural change in the evolution of international GDP comovement among industrialized countries over the period 1978-2007. In recent decades, trade integration between advanced economies increased rapidly while average GDP correlations remained stable....
Persistent link: https://www.econbiz.de/10014322746
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Real Exchange Rate and International Reserves in the Era of Financial Integration
Aizenman, Joshua; Ho, Sy Hoa; Luu Duc Toan Huynh; … - National Bureau of Economic Research - 2023
The global financial crisis has brought increased attention to the consequences of international reserves holdings. In an era of high financial integration, we investigate the relationship between the real exchange rate and international reserves using nonlinear regressions and panel threshold...
Persistent link: https://www.econbiz.de/10013537783
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The Global Dollar Cycle
Obstfeld, Maurice; Zhou, Haonan - National Bureau of Economic Research - 2023
cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth …
Persistent link: https://www.econbiz.de/10014247924
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The Macroeconomics of the Great Depression : A Comparative Approach
Bernanke, Ben - 1994
Recently, research on the causes of the Great Depression has shifted from a heavy emphasis on events in the United States to a broader, more comparative approach that examines the interwar experiences of many countries simultaneously. In this lecture I survey the current state of our knowledge...
Persistent link: https://www.econbiz.de/10012474101