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Bubble Thy Neighbor : Portfolio Effects and Externalities from Capital Controls
Forbes, Kristin J. - 2012
We use changes in Brazil's tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and …. We find that an increase in Brazil's tax on foreign investment in bonds causes investors to significantly decrease their … portfolio allocations to Brazil in both bonds and equities. Investors simultaneously increase allocations to other countries …
Persistent link: https://www.econbiz.de/10013103299
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Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar
Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios - 2021
market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank's desire to hold a sizable …
Persistent link: https://www.econbiz.de/10013317364
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - 2006
Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited...
Persistent link: https://www.econbiz.de/10011604628
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Does fiscal policy matter for the trade account? A panel cointegration study
Funke, Katja; Nickel, Christiane - 2006
This paper analyses the empirical relationship between fiscal policy and the trade account. Research prior to this paper did not consider that the components of private and public demand in the import demand equation exhibit different elasticities. Using pooled mean group estimation for annual...
Persistent link: https://www.econbiz.de/10011604666
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10011604707
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Fiscal convergence before entering the EMU
Onorante, Luca - 2006
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10011604710
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Expansionary fiscal consolidations in Europe: new evidence
Afonso, António - 2006
In order to assess the existence of expansionary fiscal consolidations in Europe, panel data models for private consumption are estimated for the EU15 countries, using annual data over the period 1970–2005. Three alternative approaches to determine fiscal episodes are used, and the level of...
Persistent link: https://www.econbiz.de/10011604721
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Economic growth and budgetary components: a panel assessment for the EU
Afonso, António; González Alegre, Juan - 2008
In this paper we test whether a reallocation of government budget items can enhance long-term GDP growth in a set of European countries. We apply modern panel data techniques to the period 1970-2006, and we use three alternative dependent variables in a growth regression: economic growth, total...
Persistent link: https://www.econbiz.de/10011604894
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Government size, composition, volatility and economic growth
Afonso, António; Furceri, Davide - 2008
This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government...
Persistent link: https://www.econbiz.de/10011604895
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What are the effects of fiscal policy shocks? A VAR-based comparative analysis
Caldara, Dario; Kamps, Christophe - 2008
The empirical literature using vector autoregressive models to assess the effects of fiscal policy shocks strongly disagrees on even the qualitative response of key macroeconomic variables to government spending and tax shocks. We provide new evidence for the U.S. over the period 1955-2006. We...
Persistent link: https://www.econbiz.de/10011604923