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Conditional capital surplus and shortfall across renewable and non-renewable resource firms
Irawan, Denny; Okimoto, Tatsuyoshi - 2021
This study examines the conditional capital surplus and shortfall dynamics of renewable and non-renewable resource firms. To this end, this study uses the systemic risk index by Brownlees and Engle (2017) and considers two conditional systemic events, namely, the stock market crash and the...
Persistent link: https://www.econbiz.de/10013215579
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Macro uncertainties and tests of capital structure theories across renewable and non-renewable resource companies
Irawan, Denny; Okimoto, Tatsuyoshi - 2021
the leverage target adjustment model. However, the downward cyclical patterns of pecking order coefficients suggest that … the resource firms tend to choose debt financing less and less over time, particularly after 2008. The market timing … firms’ capital structure, especially after 2008 and for non-renewable firms. However, the main proxies of the cost of debt …
Persistent link: https://www.econbiz.de/10013215581
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Debt and Financial Crises
Koh, Wee Chian - 2020
Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past … fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of … debt accumulation episodes in 100 emerging market and developing economies since 1970; a series of econometric models …
Persistent link: https://www.econbiz.de/10012841869
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Inventories and Optimal Monetary Policy
Lubik, Thomas A. - 2010
We introduce inventories into a standard New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to study the effect on the design of optimal monetary policy. The possibility of inventory investment changes the transmission mechanism in the model by decoupling production from final...
Persistent link: https://www.econbiz.de/10013138722
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Inventories, Inflation Dynamics and the New Keynesian Phillips Curve
Lubik, Thomas A. - 2012
We introduce inventories into an otherwise standard New Keynesian model and study the implications for inflation dynamics. Inventory holdings are motivated as a means to generate sales for demand-constrained firms. We derive various representations of the New Keynesian Phillips curve with...
Persistent link: https://www.econbiz.de/10013115743
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Financial Frictions and the Role of Investment Specific Technology Shocks in the Business Cycle
Kamber, Güneş - 2012
Various papers have identified shocks to investment as major drivers of output, investment, hours, and interest rates. These investment shocks have been linked to financial frictions because financial markets are instrumental in transforming consumption goods into installed capital. However, the...
Persistent link: https://www.econbiz.de/10013105098
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What Drives Oil Prices? Emerging versus Developed Economies
Aastveit, Knut Are - 2013
This paper explores the role of demand from emerging and developed economies as drivers of the real price of oil. Using a method that allows us to identify and compare demand from different groups of countries across the world, we find that demand from emerging economies (most notably from Asian...
Persistent link: https://www.econbiz.de/10013086344
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The Global Role of the U.S. Economy : Linkages, Policies and Spillovers
Kose, M. Ayhan - 2017
This paper analyzes the role of the United States in the global economy and examines the extent of global spillovers from changes in U.S. growth, monetary and fiscal policies, and uncertainty in its financial markets and economic policies. Developments in the U.S. economy, the world's largest,...
Persistent link: https://www.econbiz.de/10012963312
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Do Sovereign Wealth Funds Dampen the Negative Effects of Commodity Price Volatility?
Mohaddes, Kamiar - 2017
This paper studies the impact of commodity terms of trade (CToT) volatility on economic growth (and its sources) in a sample of 69 commodity-dependent countries, and assesses the role of Sovereign Wealth Funds (SWFs) and quality of institutions in their long-term growth performance. Using annual...
Persistent link: https://www.econbiz.de/10012963315
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The Global Effects of COVID-19-Induced Uncertainty
Caggiano, Giovanni - 2020
We estimate a three-variate VAR using proxies of global financial uncertainty, the global financial cycle, and world industrial production to simulate the effects of the jump in financial uncertainty observed in correspondence of the COVID-19 outbreak. We predict the cumulative loss in world...
Persistent link: https://www.econbiz.de/10012834372