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Trade Liberalization, Intermediate Inputs, and Productivity; Evidence From Indonesia

Amiti, Mary; Konings, Jozef - International Monetary Fund (IMF) - 2005

This paper estimates the effects of trade liberalization on plant productivity. In contrast to previous studies, we … distinguish between productivity gains arising from lower tariffs on final goods relative to lower tariffs on intermediate inputs …. Lower output tariffs can produce productivity gains by inducing tougher import competition whereas cheaper imported inputs …

Persistent link: https://www.econbiz.de/10005769329

Nonlinear Exchange Rate Models; A Selective Overview

Sarno, Lucio - International Monetary Fund (IMF) - 2003

This paper provides a selective overview of nonlinear exchange rate models recently proposed in the literature and assesses their contribution to understanding exchange rate behavior. Two key questions are examined. The first question is whether nonlinear autoregressive models of real exchange...

Persistent link: https://www.econbiz.de/10005825647

Bayesian Vars; A Survey of the Recent Literature with An Application to the European Monetary System

Ciccarelli, Matteo; Rebucci, Alessandro - International Monetary Fund (IMF) - 2003

This paper reviews recent advances in the specification and estimation of Bayesian Vector Autoregressive models (BVARs). After describing the Bayesian principle of estimation, we first present the methodology originally developed by Litterman (1986) and Doan et al. (1984) and review alternative...

Persistent link: https://www.econbiz.de/10005825693

Credit Rationing in Emerging Economies' Access to Global Capital Markets

Zoli, Edda - International Monetary Fund (IMF) - 2004

This paper tests empirically the theoretical prediction that the country premium paid by emerging economies on sovereign debt increases with the amount of debt up to a certain critical level, above which the supply of foreign funds becomes fixed. The results confirm this theoretical prediction....

Persistent link: https://www.econbiz.de/10005825963

An Empirical Reassessment of the Relationship Between Finance and Growth

Favarra, Giovanni - International Monetary Fund (IMF) - 2003

This paper reexamines the empirical relationship between financial development and economic growth. It presents evidence based on cross-section and panel data using an updated dataset, a variety of econometric methods, and two standard measures of financial development: the level of liquid...

Persistent link: https://www.econbiz.de/10005826253

Barriers to Retail Competition and Prices; Evidence From Spain

Hoffmaister, Alexander W. - International Monetary Fund (IMF) - 2006

Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in regional barriers to entry in retail distribution. This paper develops a Cournot-Nash model of imperfect competition to illustrate the effect of barriers on prices. A unique data...

Persistent link: https://www.econbiz.de/10005826506

An Option-Based Approach to Bank Vulnerabilities in Emerging Markets

Jobert, Arnaud; Kong, Janet; Chan-Lau, Jorge A. - International Monetary Fund (IMF) - 2004

We measure bank vulnerability in emerging markets using the distance-to-default, a risk-neutral indicator based on Merton's (1974) structural model of credit risk. The indicator is estimated using equity prices and balance-sheet data for 38 banks in 14 emerging market countries. Results show it...

Persistent link: https://www.econbiz.de/10005826670

Macrofinance Model of the Czech Economy; Asset Allocation Perspective

International Monetary Fund (IMF); International … - 2012

The paper developes a VAR macrofinance model of the Czech economy. It shows that yield misalignments from the yields implied by the macrofinance model partially determine subsequent yield changes over three to nine months. These yield misalignments tend to persist for a number of months. This...

Persistent link: https://www.econbiz.de/10011242415

Identifying Fiscal Policy Transmission in Stochastic Debt Forecasts

Kawakami, Kei; Romeu, Rafael - International Monetary Fund (IMF) - 2011

A stochastic debt forecasting framework is presented where projected debt distributions reflect both the joint realization of the fiscal policy reaction to contemporaneous stochastic macroeconomic projections, and also the second-round effects of fiscal policy on macroeconomic projections. The...

Persistent link: https://www.econbiz.de/10009019604

Credit Growth and Bank Soundness; Fast and Furious?

Igan, Deniz; Pinheiro, Marcelo - International Monetary Fund (IMF) - 2011

We examine the risks to bank soundness associated with credit booms in a large set of countries. Using bank-level data in 90 countries between 1995 and 2005, we analyze the relationship between credit growth and bank soundness taking into account the potential two-way causality. We find that,...

Persistent link: https://www.econbiz.de/10009370547

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