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The COVID-19 pandemic and associated policy responses triggered a historically large wave of capital reallocation between markets and asset classes. Using high-frequency country-level data, this paper examines if and how the number of COVID cases, the stringency of the lockdown, and the fiscal...
Persistent link: https://www.econbiz.de/10013234704
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...
Persistent link: https://www.econbiz.de/10013250070
The COVID-19 pandemic has brought the relationship between sovereigns and banks—the so-called sovereign-bank nexus—in emerging market economies to the fore as bank holdings of domestic sovereign debt have surged. This paper examines the empirical relevance of this nexus to assess how it...
Persistent link: https://www.econbiz.de/10014237880
income distributions. Using novel high-frequency household panel data for Georgia and the Kyrgyz Republic and a difference … Kyrgyz Republic were more adversely affected than their non-remittance-receiving counterparts. In contrast, in Georgia …
Persistent link: https://www.econbiz.de/10014350412
macreconomic impact of de-cashing would depend on the balance of growth-enhancing and growth-constraining factors. Starting from a …
Persistent link: https://www.econbiz.de/10012956485
effect on growth, investment, and leverage. The results are robust to different definitions of investment irreversibility …
Persistent link: https://www.econbiz.de/10012895106
This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment, the paper finds that increased public investment raises output in the short and...
Persistent link: https://www.econbiz.de/10012943953
This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007-08. Sluggish investment was a key channel through which these losses...
Persistent link: https://www.econbiz.de/10012869286
In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro...
Persistent link: https://www.econbiz.de/10013057311
We assess the ongoing reform efforts in Japan in terms of inclusive growth. We use prefectural level panel data to … regress a measure of inclusive growth, which incorporates both average income growth and income inequality, on macroeconomic … effect on average income growth, but an adverse effect on income equality. The package of structural reforms planned under …
Persistent link: https://www.econbiz.de/10013024424