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Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries
Kpodar, Kangni - 2019
sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth … volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades … away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock …
Persistent link: https://www.econbiz.de/10012871772
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Terms-of-Trade Shocks are Not All Alike
Di Pace, Federico; Juvenal, Luciana; Petrella, Ivan - 2021
When analyzing terms-of-trade shocks, it is implicitly assumed that the economy responds symmetrically to changes in export and import prices. Using a sample of developing countries our paper shows that this is not the case. We construct export and import price indices using commodity and...
Persistent link: https://www.econbiz.de/10013250081
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Emerging Economy Business Cycles : Financial Integration and Terms of Trade Shocks
Bhattacharya, Rudrani - 2017
This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle...
Persistent link: https://www.econbiz.de/10012950443
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Global Food Price Inflation and Policy Responses in Central Asia
Sumlinski, Mariusz A. - 2012
This paper examines the implications of elevated global food prices for inflation in select Central Asian economies - Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. The findings suggest that global food inflation has significant short-run effects that build over time. Inflation...
Persistent link: https://www.econbiz.de/10013107077
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Are Foreign Aid and Remittance Inflows a Hedge Against Food Price Shocks?
Combes, Jean-Louis - 2013
This paper explores the role of foreign aid and remittance inflows in the mitigation of the effects of food price shocks. Using a large sample of developing countries and mobilising dynamic panel data specifications, the econometric results yield two important findings. First, remittance and aid...
Persistent link: https://www.econbiz.de/10013091296
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On the First-Round Effects of International Food Price Shocks : The Role of the Asset Market Structure
Portillo, Rafael - 2015
We develop a tractable small open-economy model to study the first-round effects of international food price shocks in developing countries. We define first-round effects as changes in headline inflation that, holding core inflation constant, help implement relative price adjustments. The model...
Persistent link: https://www.econbiz.de/10013025650
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Imported Food Price Shocks and Socio-Political Instability : Do Fiscal Policy and Remittances Matter?
Meyimdjui, Carine - 2021
Using a panel of 101 low- and middle-income countries with data covering the period 1980-2012, this paper applies various econometric approaches that deal with endogeneity issues to assess the impact of food price shocks on socio-political instability once fiscal policy and remittances have been...
Persistent link: https://www.econbiz.de/10013252035
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Food Price Shocks and Household Consumption in Developing Countries : The Role of Fiscal Policy
Meyimdjui, Carine; Combes, Jean-Louis - 2021
This paper studies whether fiscal policy plays a stabilizing role in the context of import food price shocks. More precisely, the paper assesses whether fiscal policy dampens the adverse effect of import food price shocks on household consumption. Based on a panel of 70 low and middle-income...
Persistent link: https://www.econbiz.de/10013243071
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Bank Asset Quality in Emerging Markets : Determinants and Spillovers
De Bock, Reinout - 2012
This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an exchange rate depreciation, weaker terms of trade and a fall in debt-creating...
Persistent link: https://www.econbiz.de/10013108615
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Testing the Prebisch-Singer Hypothesis Since 1650 : Evidence from Panel Techniques that Allow for Multiple Breaks
Arezki, Rabah - 2013
In this paper, we re-examine two important aspects of the dynamics of relative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting as far back as 1650 and powerful panel data stationarity tests that allow for...
Persistent link: https://www.econbiz.de/10013076320