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Unintended Consequences of U. S. Monetary Policy Shocks : Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies
Yépez, Juan F. - 2022
Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and...
Persistent link: https://www.econbiz.de/10013306761
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Demographics, Pension Systems and the Saving-Investment Balance
Chai, Hua - 2019
This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic...
Persistent link: https://www.econbiz.de/10012895118
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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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The Transmission of External Shocks in Asia : Country Characteristics and Policy Responses
Deb, Pragyan; Nadeem, Sanaa; Peiris, Shanaka - 2021
Asian economies are increasingly integrated to the global economy through trade and financial linkages, exposing them to the international financial cycle. This paper explores how external shocks are transmitted to Asian economies and whether the use of policies, such as the monetary policy...
Persistent link: https://www.econbiz.de/10013238139
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Bank Balance Sheets and External Shocks in Asia : The Role of Fxi, Mpms and Cfms
Chen, Zefeng; Nadeem, Sanaa; Peiris, Shanaka - 2021
by banks and investment. For example, a capital outflow shock leads to a deprecation that reduces the net worth and … intermediation capacity of banks exposed to foreign currency liabilities. In such cases, the exchange rate acts as shock amplifier … exchange rate serves as a shock absorber, and any FXI that weakens that function can be costly. We also explore the …
Persistent link: https://www.econbiz.de/10013243072
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Preemptive Policies and Risk-Off Shocks in Emerging Markets
Das, Mitali; Gopinath, Gita; Kalemli-Ozcan, Sebnem - 2022
the shock compared to countries which did not have such preemptive policies in place. We use the episodes of Taper Tantrum … effects where preemptive policies are ex-ante by construction and cannot be put in place as a response to the shock ex …
Persistent link: https://www.econbiz.de/10013295150
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How Do Climate Shocks Affect the Impact of FDI, ODA and Remittances on Economic Growth?
Drabo, Alassane - 2022
The three main financial inflows to developing countries have largely increased during the last two decades, despite the large debate in the literature regarding their effects on economic growth which is not yet clear-cut. An emerging literature investigates the dependence of their effects on...
Persistent link: https://www.econbiz.de/10013306770
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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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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