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Privatization and Nationalization Cycles
Chang, Roberto; Loayza, Norman V.; Hevia, Constantino - National Bureau of Economic Research (NBER) - 2010
This paper studies the cycles of nationalization and privatization in resource-rich economies. We discuss available evidence on the drivers and consequences of privatization and nationalization, review the existing literature, and present illustrative case studies. Our main contribution is then...
Persistent link: https://www.econbiz.de/10008622361
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Are Capital Controls Prudential? An Empirical Investigation
Rebucci, Alessandro; Fernández, Andrés; Uribe, Martín - National Bureau of Economic Research (NBER) - 2013
A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in a large number of...
Persistent link: https://www.econbiz.de/10010969320
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China's Growth, Stability, and Use of International Reserves
Aizenman, Joshua; Marion, Nancy P.; Jinjarak, Yothin - National Bureau of Economic Research (NBER) - 2013
Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions for a...
Persistent link: https://www.econbiz.de/10010969460
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The Price Impact of Joining a Currency Union: Evidence from Latvia
Cavallo, Alberto Felipe; Neiman, Brent; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2014
Does membership in a currency union matter for a country's international relative prices? The answer to this question …
Persistent link: https://www.econbiz.de/10010887105
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Precautionary Saving of Chinese and U.S. Households
Choi, Horag; Mark, Nelson; Lugauer, Steven - National Bureau of Economic Research (NBER) - 2014
the precautionary motive. The difference in the income growth rate between China and the US is vastly more important for …
Persistent link: https://www.econbiz.de/10010950820
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Crowding Out Redefined: The Role of Reserve Accumulation
Reinhart, Carmen; Tashiro, Takeshi - National Bureau of Economic Research (NBER) - 2013
It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its...
Persistent link: https://www.econbiz.de/10010950831
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Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone
Martin, Philippe; PHILIPPON, Thomas - National Bureau of Economic Research (NBER) - 2014
We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage, fiscal policy, labor costs and interest rates and we propose a strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask...
Persistent link: https://www.econbiz.de/10010951017
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International Trade and Intertemporal Substitution
Leibovici, Fernando; Waugh, Michael E. - National Bureau of Economic Research (NBER) - 2014
This paper studies the dynamics of international trade flows at business cycle frequencies. We show that introducing … business cycle frequencies. Our insight is that because international trade is time-intensive, variation in the rate at which … of international trade, our model is quantitatively consistent with salient features of U.S. cyclical import fluctuations …
Persistent link: https://www.econbiz.de/10010951040
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Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies
Prasad, Eswar - National Bureau of Economic Research (NBER) - 2013
Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...
Persistent link: https://www.econbiz.de/10010960037
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Country Size, Currency Unions, and International Asset Returns
Hassan, Tarek Alexander - National Bureau of Economic Research (NBER) - 2012
Differences in real interest rates across developed economies are puzzlingly large and persistent. I propose a simple explanation: Bonds issued in the currencies of larger economies are expensive because they insure against shocks that affect a larger fraction of the world economy. I show that...
Persistent link: https://www.econbiz.de/10011271408