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How Do Credit Supply Shocks Propagate Internationally? A GVAR approach
Eickmeier, Sandra; Ng, Tim - C.E.P.R. Discussion Papers - 2011
We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the recently-developed GVAR approach to model financial variables jointly with macroeconomic variables in 33 countries for the period 1983-2009. We experiment with inter-country links...
Persistent link: https://www.econbiz.de/10009399715
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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects
Broner, Fernando A; Erce, Aitor; Martin, Alberto; … - C.E.P.R. Discussion Papers - 2013
In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the Financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...
Persistent link: https://www.econbiz.de/10011084507
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Global View of Economic Growth
Ventura, Jaume - C.E.P.R. Discussion Papers - 2005
This paper integrates in a unified and tractable framework some of the key insights of the field of international trade and economic growth. It examines a sequence of theoretical models that share a common description of technology and preferences but differ on their assumptions about trade...
Persistent link: https://www.econbiz.de/10005666914
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The Political Economy of Education and Development in an Open Economy
Bourguignon, François; Verdier, Thierry - C.E.P.R. Discussion Papers - 2001
If the price effect of opening up a developing economy may be expected to act as a disincentive for investment in human capital, the opposite is likely to be true of the income effect, especially in the presence of credit market imperfections among the poor. It is shown in this Paper that this...
Persistent link: https://www.econbiz.de/10005662307
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How to Save Globalization from its Cheerleaders
Rodrik, Dani - C.E.P.R. Discussion Papers - 2007
The new conventional wisdom on globalization emphasizes that reaping the benefits of trade and financial integration is … alike. An alternative approach to globalization would focus on enhancing policy space rather than market access, and on …
Persistent link: https://www.econbiz.de/10005666608
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Does Globalization Create Superstars?
Gersbach, Hans; Schmutzler, Armin - C.E.P.R. Discussion Papers - 2007
To examine the impact of globalization on managerial compensation, we consider a matching model where a number of firms … compete both in the product market and in the managerial market. We show that globalization, that is, the simultaneous …
Persistent link: https://www.econbiz.de/10005666641
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Ownership, Capital or Outsourcing: What Drives German Investment to Eastern Europe?
Lorentowicz, Andzelika; Marin, Dalia; Raubold, Alexander - C.E.P.R. Discussion Papers - 2002
The Paper takes a first look at the host and home country effects of German foreign direct investment (FDI) in Eastern Europe based on new survey data of 1050 investment projects in Eastern Europe by 420 German multinationals during the 1990s. We find that German investors transfer a substantial...
Persistent link: https://www.econbiz.de/10005666929
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Competition, Globalization and the Decline of Inflation
Chen, Natalie; Imbs, Jean; Scott, Andrew - C.E.P.R. Discussion Papers - 2004
We investigate theoretically and empirically the competitive effects of increased trade on prices, productivity and markups. Using disaggregated data for EU manufacturing over the period 1988-2000 we find increased openness exerts a negative and significant impact on sectoral prices. Increased...
Persistent link: https://www.econbiz.de/10005667140
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The Effect of Trade with Low-Income Countries on U.S. Industry
Auer, Raphael; Fischer, Andreas M - C.E.P.R. Discussion Papers - 2008
When labor abundant nations grow, their exports increase more in labor intensive than in capital intensive sectors. We utilize this difference in how exports are affected by growth to identify the causal effect of trade with low-income countries (LICs) on U.S. industry. Our framework relates...
Persistent link: https://www.econbiz.de/10005791689
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Globalization and Business Cycle Transmission
Artis, Michael J; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2008
separate periods, those of the first globalization wave (1870 to 1914), the period of the “bloc economy” (1915 to 1959) and for … the period of the second globalization (1960-2001). Cluster analysis is applied and the McNemar test is used to test for … that features some well-defined sub-global clusters, where the second globalization period does not, the first …
Persistent link: https://www.econbiz.de/10005792022