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Financial and Business Cycles in Brazil
Krznar, Ivo - 2017
This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazilian economy. An advantage of using the model-based approach is that financial and...
Persistent link: https://www.econbiz.de/10012962153
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Hysteresis and Business Cycles
Cerra, Valerie - 2020
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012830838
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Boosting Competitiveness to Grow Out of Debt Can Ireland Find a Way Back to its Future?
Nkusu, Mwanza - 2013
This paper investigates the prospects for Ireland to grow its economy against the backdrop of high indebtedness. The … fiscal performance. The emerging conclusion is that Ireland, which has regained cost competitiveness following the crisis … conclusion. First, external demand is an important driver of exports and also the single most important determinant of Ireland …
Persistent link: https://www.econbiz.de/10013086311
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Corporate Sector Vulnerabilities in Ireland
Klein, Nir - 2016
The paper uses both macro- and micro-level data to assess how has the financial health of the Irish non-financial corporate (NFC) sector changed in the post financial crisis period. The analysis suggests that vulnerabilities have generally declined in recent years, but the NFC sector and...
Persistent link: https://www.econbiz.de/10012977757
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Great Recession and Fiscal Squeeze at U.S. Subnational Government Level
Jonas, Jiri - 2012
The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the...
Persistent link: https://www.econbiz.de/10013098614
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Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis
Chan-Lau, Jorge A. - 2012
This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by deteriorating funding conditions and investor sentiment....
Persistent link: https://www.econbiz.de/10013098630
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Do Asset Price Drops Foreshadow Recessions?
Bluedorn, John C. - 2013
This paper examines the usefulness of asset prices in predicting recessions in the G-7 countries. It finds that asset price drops are significantly associated with the beginning of a recession in these countries. In particular, the marginal effect of an equity/house price drop on the likelihood...
Persistent link: https://www.econbiz.de/10013073778
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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis : Causes, Impacts, and Challenges
Papaioannou, Michael G. - 2013
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a...
Persistent link: https://www.econbiz.de/10013074694
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Accounting for Macrofinancial Fluctuations and Turbulence
Vitek, Francis - 2018
This paper investigates the sources of macrofinancial fluctuations and turbulence within the framework of an approximate linear dynamic stochastic general equilibrium model of the world economy, augmented with structural shocks exhibiting potentially asymmetric generalized autoregressive...
Persistent link: https://www.econbiz.de/10012906882
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Mitigating the Deadly Embrace in Financial Cycles : Countercyclical Buffers and Loan-to-Value Limits
Beneš, Jaromír - 2016
This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how household demand for housing, house prices, and bank mortgages are intertwined in what we call a...
Persistent link: https://www.econbiz.de/10012977752