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This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series....
Persistent link: https://www.econbiz.de/10010790397
Central America experienced moderate growth during the last decade, including in the years leading up to the global … imply that these trends will continue. What can be done to spur higher growth in Central America? We bring new data to bear …-country panel regression of economic growth using System GMM captures the importance to growth of conditional convergence, factor …
Persistent link: https://www.econbiz.de/10009369454
on economic growth. However, we find sizable welfare gains, 1 to 28 percent of permanent consumption though, consistent … with the literature, the gain in the economic growth is ambiguous, -0.2 to 0.7 percent. We apply a canonical growth model …
Persistent link: https://www.econbiz.de/10005825717
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...
Persistent link: https://www.econbiz.de/10005825794
This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGrattan, 2007) in which output fluctuations are decomposed into four sources: total...
Persistent link: https://www.econbiz.de/10005826407
slightly more than one percentage point in Canada's real GDP growth after 3 quarters. That decline can be decomposed into three … raising capital in the United States; the indirect financial channel, where growth is hampered as financial conditions in …
Persistent link: https://www.econbiz.de/10005826463
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...
Persistent link: https://www.econbiz.de/10010790358
This paper examines the evolution of market structure in emerging market banking systems during the 1990s. While significant bank consolidation has been taking place in these countries, reflected in a sharp decline in the number of banks, this process has not systematically been associated with...
Persistent link: https://www.econbiz.de/10005264153
This paper is an empirical analysis of competitiveness in the banking system of four out of the five East African Community (EAC) countries2. The results show that the degree of competition is low due to a combination of structural and socio-economic factors. By way of preview, the analysis...
Persistent link: https://www.econbiz.de/10009650623
This paper investigates the degree of bank competition in the euro area, the U.S. and U.K. before and after the recent financial crisis, and revisits the issue whether the introduction of EMU and the euro have had any impact on bank competition. The results suggest that the level of bank...
Persistent link: https://www.econbiz.de/10009151235