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The impact of the global financial crisis on business cycles in Asian emerging economies
Fidrmuc, Jarko; Korhonen, Iikka - 2009
; business cycles ; decoupling ; trade ; dynamic correlation … consistent with the decoupling hypothesis. By contrast, however, the current financial crisis has had a significant effect on … negative, but they are also influenced most by the global financial crisis. Finally, we find a significant link between trade …
Persistent link: https://www.econbiz.de/10003861779
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Different no more : country spreads in advanced and emerging economies
Born, Benjamin; Müller, Gernot J.; 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/10012162762
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Global banking, trade, and the international transmission of the great recession
Born, Alexandra; Enders, Zeno - 2018
large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify … losses in the value of cross-border asset holdings. Calibrated to German data, the model predicts the trade channel to be …. The transmission via the financial channel triggers a much longer-lasting recession relative to the trade channel …
Persistent link: https://www.econbiz.de/10011800166
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The great mortgaging : housing finance, crises, and business cycles
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2014
This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...
Persistent link: https://www.econbiz.de/10010412763
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Investment in productivity and the long-run effect of financial crises in output
Ridder, Maarten de - 2016
This paper analyzes the channels through which financial crises exert long-term negative effects on output. Recent models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap between pre-crisis trend and actual GDP. This...
Persistent link: https://www.econbiz.de/10011573282
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Gold, oil, and stocks : dynamic correlations
Baruník, Jozef; Kočenda, Evžen; Vácha, Lukáš - 2015
We employ a wavelet approach and conduct a time-frequency analysis of dynamic correlations between pairs of key traded assets (gold, oil, and stocks) covering the period from 1987 to 2012. The analysis is performed on both intra-day and daily data. We show that heterogeneity in correlations...
Persistent link: https://www.econbiz.de/10010515402
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Cross-border effects of fiscal consolidations : estimates based on narrative records
Hebous, Shafik; Zimmermann, Tom - 2013
We estimate cross-border spillover effects of fiscal consolidation episodes on output, bilateral trade flows, interest …. We do not find evidence for an interest rate channel. Trade effects are particularly pronounced for some European … specialization in trade. …
Persistent link: https://www.econbiz.de/10009764989
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Agricultural exports, tariffs and growth
Azarnert, Leonid V. - 2014
This article presents a Ricardian model of trade with learning-by-doing to study the effect of barriers to trade in …
Persistent link: https://www.econbiz.de/10010231629
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Trade, luxury goods and a growth enhancing tariff
Azarnert, Leonid V. - 2016
This article presents a Ricardian model of trade with learning-by-doing to study the effect of barriers to trade in …
Persistent link: https://www.econbiz.de/10011487980
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Estimating the effects of coordinated fiscal actions in the euro area
Hebous, Shafik; Zimmermann, Tom - 2012
We estimate spillover effects of a fiscal shock in one member country in the euro area on outputs of the rest of the members, using a Global Vector Autoregression (GVAR) model. We compare the effects of a domestic fiscal shock with those of a similar size area-wide shock expressed as a weighted...
Persistent link: https://www.econbiz.de/10009581972