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Tornell, Aaron; Westermann, Frank; Martínez Trigueros, … - 2004

Mexico, a prominent liberalizer, failed to attain stellar gross domestic product (GDP) growth in the 1990s, and since … 2001 its GDP and exports have stagnated. In this paper we argue that the lack of spectacular growth in Mexico cannot be … extraordinary growth of exports and foreign domestic investment (FDI). The key to the Mexican puzzle lies in Mexico s response to …

Persistent link: https://www.econbiz.de/10011402509

How strong is the case for dollarization in Costa Rica? : a note on the business cycle comovements with the United States

Lindenberg, Nannette; Westermann, Frank - 2009

We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business cycle comovements with the United States. While the literature often focuses on the correlation of shocks, we point out that the response of each country to the shocks is also an...

Persistent link: https://www.econbiz.de/10003887163

A note on the time series measure of conservatism

Brauer, Sebastian; Westermann, Frank - 2010

Asymmetric persistence of accounting income is often tested in a regression of changes in earnings on lagged changes in earnings, including an interaction term for negative changes (see Basu [1997] or Ball et al. [2009] for a recent overview). In this note we propose an alternative, but closely...

Persistent link: https://www.econbiz.de/10003940082

Equity price dynamics before and after the introduction of the euro : a note

Cheung, Yin-Wong; Westermann, Frank - 2001

Daily data from the German and U.S. equity markets before and after the introduction of the Euro are used to study the effect of exchange rate regime choices on equity markets. It is found that, since the introduction of the Euro, the volatility and the persistence of the German stock index have...

Persistent link: https://www.econbiz.de/10011397990

Factor price equalization? : the cointegration approach revisited

Berger, Helge; Westermann, Frank - 2001

Factor price equality across countries is an important implication of the Heckscher-Ohlin-Samuelson model of international trade. Although an influential theoretical result, the model has received surprisingly little empirical support. Burgman and Geppert (1993) argue that this might be due to...

Persistent link: https://www.econbiz.de/10011398670

Sectoral trends and cycles in Germany

Cheung, Yin-Wong; Westermann, Frank - 2001

We examine the comovements between the output indexes of three German sectors (manufacturing, mining, and agriculture) and the three corresponding sectoral stock market indexes. It is found that data with and without seasonal adjustment give mixed results on the long-run interaction between the...

Persistent link: https://www.econbiz.de/10011398919

Boom-bust cycles in middle income countries : facts and explanation

Tornell, Aaron; Westermann, Frank - 2002

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have witnessed...

Persistent link: https://www.econbiz.de/10011410453

Systemic crises and growth

Rancière, Romain (contributor); Tornell, Aaron (contributor) - 2005

In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...

Persistent link: https://www.econbiz.de/10002757563

Output dynamics of the G7 countries : stochastic trends and cyclical movements

Cheung, Yin-Wong; Westermann, Frank - 1999

Using a time series framework, the paper studies the interac tions of the annual real per capita GDP data of the G7 countries. We find evidence of six common nonstationary processes behind the international output dynamics. In addition, there is evidence for the existence of a common business...

Persistent link: https://www.econbiz.de/10009781715