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Government Budget Deficits in Large Open Economies
Buiter, Willem H. - 2011
Large and growing levels of public debt in the United States, United Kingdom, Japan and the Euro Area raise new interest in the cross-country effects of a large open economy's deficits. We consider a dynamic optimizing model with costly tax collection and exogenously given public spending and...
Persistent link: https://www.econbiz.de/10013124182
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Ageing and Growth in the Small Open Economy
Heijdra, Ben J. - 2006
We construct an overlapping generations model for the small open economy which incorporates a realistic description of the mortality process. Agents engage in educational activities at the start of life and thus create human capital to be used later on in life for production purposes. Depending...
Persistent link: https://www.econbiz.de/10012779815
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Commodity Windfalls, Polarization, and Net Foreign Assets : Panel Data Evidence on the Voracity Effect
Arezki, Rabah - 2013
This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign...
Persistent link: https://www.econbiz.de/10013092044
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The Transitional Dynamics of Fiscal Policy in Small Open Economies
Heijdra, Ben J.; Ligthart, Jenny E. - 2021
The paper studies the dynamic macroeconomic effects of fiscal shocks of various duration (permanent and temporary) under different financing methods (lump-sum tax and government debt). To this end, we develop an intertemporal macroeconomic model for a small open economy, featuring monopolistic...
Persistent link: https://www.econbiz.de/10013317489
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Diversification, Risk Aversion and Expectation in a Holdout Scenario
Eggert, Wolfgang - 2015
investor to hold out. This model shows that the investment decision is based on the portfolio structure, risk aversion and …
Persistent link: https://www.econbiz.de/10013013489
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International Environmental Agreements with Uncertainty, Learning and Risk Aversion
Finus, Michael - 2014
role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success … of IEA formation when countries are risk neutral and another that explores the implications of uncertainty and risk … aversion on IEA formation under no learning. Combining learning and risk aversion seems appropriate as the uncertainties …
Persistent link: https://www.econbiz.de/10013059058
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Global Warming and a Potential Tipping Point in the Atlantic Thermohaline Circulation : The Role of Risk Aversion
Belaia, Mariia; Funke, Michael; Glanemann, Nicole - 2021
Common integrated assessment models produce the counterintuitive result that higher risk aversion does not lead to …. The simulations show that aversion to this tipping point risk has little effect. For climate sensitivity of realistic …
Persistent link: https://www.econbiz.de/10013315580
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Why Uncertainty Matters - Discounting Under Intertemporal Risk Aversion and Ambiguity
Traeger, Christian P. - 2012
assumption of (intertemporal) risk neutrality reduces the growth effect in social discounting and significantly amplifies the … importance of risk and correlation. Second, debate and models largely overlook the difference in attitude with respect to risk … and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …
Persistent link: https://www.econbiz.de/10013110758
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Fiscal Divergence and Current Account Imbalances in Europe
Schnabl, Gunther - 2013
Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...
Persistent link: https://www.econbiz.de/10013086602
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Sovereigns Versus Banks : Credit, Crises, and Consequences
Jorda, Oscar - 2014
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...
Persistent link: https://www.econbiz.de/10013062419