Showing 1 - 10 of 77
A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy...
Persistent link: https://www.econbiz.de/10005142039
A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy...
Persistent link: https://www.econbiz.de/10005599180
We estimate equilibrium dollar wages for 15 transition economies of Central and Eastern Europe (CEE) and the former Soviet Union. Equilibrium dollar wages are interpreted as full employment wages consistent with a country's physical and human capital endowment, and estimated by regressing actual...
Persistent link: https://www.econbiz.de/10008915035
Uncovered interest parity (UIP) has been almost universally rejected in studies of exchange rate movements. In contrast to previous studies, which have used short-horizon data, we test UIP using interest rates on longer-maturity bonds for the Group of Seven countries. These long-horizon...
Persistent link: https://www.econbiz.de/10009018585
This paper uses a multiregion overlapping generations model with perfect capital mobility to simulate the general equilibrium effects of projected population trends on international capital flows. It finds that retirement saving by aging baby boomers will raise the supply of capital...
Persistent link: https://www.econbiz.de/10005080270
This article explores the behavior of emerging market mutual funds using a novel database covering the holdings of individual funds over the period January 1996 to December 2000. The degree of herding among funds is statistically significant, but moderate. Herding is more widespread among...
Persistent link: https://www.econbiz.de/10005252992
This paper develops a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil lies in the facts that (1) macroeconomic fundamentals were relatively sound in the wake of the crisis (e.g., a nonnegligible primary surplus, a relatively low debt-GDP...
Persistent link: https://www.econbiz.de/10005825589
This paper uses a multiregion overlapping generations model with perfect capital mobility to simulate the general equilibrium effects of projected population trends on international capital flows. It finds that retirement saving by aging baby boomers will raise the supply of capital...
Persistent link: https://www.econbiz.de/10005768687
The transition economies in Europe and the former Soviet Union between 1991 and 1999 differed widely in terms of total capital flows and the share and composition of private flows. With some exceptions (notably Russia), the main source of private inflows was foreign direct investment. Portfolio...
Persistent link: https://www.econbiz.de/10005768700
Based on industry-level data for majority-owned U.S. foreign affiliates in 49 countries, this paper identifies the determinants of the cross-country distribution of fixed capital within multinational companies. Controlling for market size and trade openness, it is shown that U.S.-owned capital...
Persistent link: https://www.econbiz.de/10005141992