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The British foreign exchange reserves puzzle
Hüfner, Felix - 2000
The British foreign exchange reserves decreased by 40 percent during the period August 1996 - December 1999 although the Pound Sterling is considered a floating exchange rate since it left the EMS in 1992. Since changes in the level of foreign exchange reserves are usually taken as indicators...
Persistent link: https://www.econbiz.de/10013428351
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Fiscal space and public sector investments in infrastructure : a Brazilian case-study
Afonso, José Roberto; Araujo, Erika Amorim; Biasoto … - 2015
, especially in infrastructure. Brazil has one of the highest tax burdens in the world and, at the same time, the public sector has …
Persistent link: https://www.econbiz.de/10012038450
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Impact of macro shocks on sovereign default probabilities
Matsumura, Marco Shinobu - 2015
We use macro finance models to study the interaction between macro variables and the Brazilian sovereign yield curve using daily data. We calculate the model implied default probabilities and a measure of the impact of macro shocks on the probabilities. An extension of the Dai-Singleton...
Persistent link: https://www.econbiz.de/10012039415
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Fiscal fatigue and public debt limit in Brazil : are we on sustainable path?
Pereira, Rodrigo Mendes - 2020
In this paper I use Ghosh et al. (2013) approach to assess Brazil's fiscal sustainability, fiscal fatigue, and public … debt limit. Using monthly data for the last 21 years, I estimate Brazil's fiscal reaction function and an eventual fiscal … higher levels of debt. I show that fiscal fatigue occurs at relatively mild levels of debt in Brazil. I also define Brazil …
Persistent link: https://www.econbiz.de/10012266960
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Inside and outside the band exchange rate fluctuations for Brazil
Ribeiro de Castro, Claudia - 2000
Persistent link: https://www.econbiz.de/10001456571
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Race to the debt trap? : spatial econometric evidence on debt in German municipalities
Fossen, Frank M.; Freier, Ronny; Martin, Thorsten - 2014
Through an intertemporal budget constraint, jurisdictions may gain advantages in tax and spending competition by 'competing' on debt. While the existing spatial econometric literature focuses on tax and spending competition, very little is known about spatial interaction via public debt. This...
Persistent link: https://www.econbiz.de/10010233999
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Does expenditure composition influence the debt level? : evidence from German federal states
Stegarescu, Dan - 2013
Despite strongly equalized per capita revenue and similar budgetary institutions, fiscal performance is increasingly diverging across German federal states. Given that state and local governments are endowed with expenditure autonomy, this paper investigates whether the composition of...
Persistent link: https://www.econbiz.de/10010225574
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A trendy approach to UK inflation dynamics
Forbes, Kristin; Kirkham, Lewis; Theordoridis, Konstantinos - 2017
This paper uses a "trendy" approach to understand UK inflation dynamics. It focuses on the time series to isolate a low-frequency and slow-moving component of inflation (the trend) from deviations around this trend. We find that this slow-moving trend explains a substantial share of UK inflation...
Persistent link: https://www.econbiz.de/10011664348
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Central bank information shocks and exchange rates
Franz, Thorsten - 2020 - This version: February 2020
The dynamic effects of ECB announcements, disentangled into pure monetary policy and central bank information shocks, on the euro (EUR) exchange rate are examined using a Bayesian Proxy Vector Autoregressive (VAR) model fed with high-frequency data. Contractionary monetary policy shocks result...
Persistent link: https://www.econbiz.de/10012180641
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Exchange rate volatility and cross-border travel : theory and empirics
Wisarut Suwanprasert - 2021
Persistent link: https://www.econbiz.de/10012605965