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We revisit the so-called "secular international problem", whereby the adjustment of current account imbalances purportedly falls entirely on the shoulders of deficit countries. We introduce a stylised model to rationalise an asymmetric counter-cyclical policy reaction that is stronger for...
Persistent link: https://www.econbiz.de/10013552616
area sovereign debt crises. We find that macro and default-specific world factors are a primary source of default …
Persistent link: https://www.econbiz.de/10010484886
In recent years there has been a growing interest in the impact of inequality on economic growth. Both theoretical and empirical approaches have produced ambiguous results on sign and size of this relationship. Although there is a considerable part of the literature that considers inequality...
Persistent link: https://www.econbiz.de/10011349190
In this paper we investigate how income growth rates in one country are affected by growth rates in partner countries, testing for the importance of pairwise country links as well as characteristics of the receiving country (trade and financial open- ness, exchange rate regime, fiscal...
Persistent link: https://www.econbiz.de/10011636280
Persistent link: https://www.econbiz.de/10011618472
sovereign debt crisis. We find that macro and default-specific world factors are a primary source of default clustering across …
Persistent link: https://www.econbiz.de/10011618479
This paper builds a database of idiosyncratic shocks (events) in global banks and car manufacturers (as representative of non-financial firms), and focuses on how these influence a number of macroeconomic and firm-specific variables in the short- and medium-term. We find that these shocks spawn...
Persistent link: https://www.econbiz.de/10012299006
We develop a new targeted maximum likelihood estimation method that provides improved forecasting for misspecified linear autoregressive models. The method weighs data points in the observed sample and is useful in the presence of data generating processes featuring structural breaks, complex...
Persistent link: https://www.econbiz.de/10012416341
's borders - and consumption emissions - emissions emitted anywhere in the world to satisfy domestic demand. We find that carbon …
Persistent link: https://www.econbiz.de/10014481125
Persistent link: https://www.econbiz.de/10002520119