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Different No More: Country Spreads in Advanced and Emerging Economies
Born, Benjamin; Müller, Gernot; Pfeifer, Johannes; … - 2020
Interest-rate spreads fluctuate widely across time and countries. We characterize their behavior using some 3,200 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Before the financial crisis, spreads are 10 times more volatile in emerging economies than in...
Persistent link: https://www.econbiz.de/10012179882
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Economic Growth in Africa: Comparing Recent Improvements with the "lost 1980s and early 1990s" and Estimating New Growth Trends
Leibfritz, Willi; Flaig, Gebhard - 2013
In the first part of the paper we look at economic growth in Africa over the past three decades. We divide the past … growth rates for Africa and several individual countries. We use the Hodrick-Prescott filter with different values for the … the growth rates of GDP trend. For Africa as a hole and for most countries we find relatively low trend growth rates until …
Persistent link: https://www.econbiz.de/10010293975
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Regional origins of employment volatility: evidence from German states
Buch, Claudia M.; Schlotter, Martin - 2008
Openness for trade can have positive welfare effects in terms of higher growth. But increased openness may also …
Persistent link: https://www.econbiz.de/10010264359
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Financial liberalization in a small open economy
von Hagen, Jürgen; Zhang, Haiping - 2006
We analyze the long-run and short-run implications of financial liberalization in a small open economy. Our main results are as follows. First, whether financial deregulation in one sector can improve production efficiency may depend on financial regulation in other sectors. Second, financial...
Persistent link: https://www.econbiz.de/10010274156
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The impact of the global financial crisis on business cycles in Asian emerging economies
Fidrmuc, Jarko; Korhonen, Iikka - 2009
ties and dynamic correlations of GDP growth rates in emerging Asian countries and OECD countries. …
Persistent link: https://www.econbiz.de/10010274462
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Financial frictions and inflation differentials in a monetary union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. Our results suggest that empirically plausible degrees of...
Persistent link: https://www.econbiz.de/10010274902
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Business cycles, international trade and capital flows: Evidence from Latin America
Caporale, Guglielmo Maria; Girardi, Alessandro - 2012
This paper adopts a flexible framework to assess both short- and long-run business cycle linkages between six Latin American (LA) countries and the four largest economies in the world (namely the US, the Euro area, Japan and China) over the period 1980:I-2011:IV. The result indicate that within...
Persistent link: https://www.econbiz.de/10010290745
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Sovereign Default and Imperfect Tax Enforcement
Pappadà, Francesco; Zylberberg, Yanos - 2019
We show that, in many countries, tax compliance is volatile and markedly responds to fiscal policy. To explore the consequence of this novel stylized fact, we build a model of sovereign debt with limited commitment and imperfect tax enforcement. Fiscal policy persistently affects the size of the...
Persistent link: https://www.econbiz.de/10012052800
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Country Size, Specialization Patterns and Secular Demand Stagnation
Ono, Yoshiyasu - 2017
Using a dynamic two-country two-commodity Ricardian model where preference for money (or wealth) leads to aggregate demand deficiency, this paper examines the relationship between the two countries’ relative population size and their specialization patterns, employment and consumption. When...
Persistent link: https://www.econbiz.de/10011777617
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Global Banking, Trade, and the International Transmission of the Great Recession
Born, Alexandra; Enders, Zeno - 2018
The global financial crisis of 2007-2009 spread through different channels from its origin in the United States to large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify their relative importance for this transmission....
Persistent link: https://www.econbiz.de/10011815805