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Financial Sector Debt Bias
Luca, Oana - 2016
Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect … financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for … investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …
Persistent link: https://www.econbiz.de/10014408098
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Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies.
Poghosyan, Tigran - 2012
cointegration techniques. The application of cointegration methodology allows distinguishing between long-run (debt-to-GDP ratio …
Persistent link: https://www.econbiz.de/10012690164
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Broad Money Demand and Asset Substitution in China
Wu, Ge - 2009
Recent changes to China's financial system, in particular ongoing interest rate liberalization, gradual movement toward a more flexible exchange rate regime, and rapid development of capital markets, have changed substantially the environment in which monetary policy operates. In light of these...
Persistent link: https://www.econbiz.de/10012677797
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Cointegrated TFP Processes and International Business Cycles
Tuesta, Vicente - 2009
A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the ""rest of the world,"" is characterized by a vector error...
Persistent link: https://www.econbiz.de/10012677880
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The Impact of Public Capital, Human Capital, and Knowledgeon Aggregate Output
Joutz, Frederick L.; Abdih, Yasser - International Monetary Fund (IMF) - 2008
in human capital or skill. Using Johansen's (1988 and 1991) multivariate cointegration analysis, we find a positive and …
Persistent link: https://www.econbiz.de/10005263996
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Country Insurance Using Financial Instruments
Ricci, Luca Antonio; Chamon, Marcos; Zhang, Yuanyan Sophia - International Monetary Fund (IMF) - 2011
The availability of financial instruments related to indices that track global financial conditions and risk appetite can potentially offer countries alternative options to insure against external shocks. This paper shows that while these instruments can explain much of the in-sample variation...
Persistent link: https://www.econbiz.de/10009203536
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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
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Economic Growth and total Factor Productivity in Niger
Nachega, Jean-Claude; Fontaine, Thomson - International Monetary Fund (IMF) - 2006
This paper investigates empirically the sources of aggregate output growth and the determinants of total factor productivity (TFP) in Niger between 1963 and 2003. A growth accounting analysis indicates that the erosion in output per capita over the sample period is due to the negative growth of...
Persistent link: https://www.econbiz.de/10005826119
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Once Again, is Openness Good for Growth?
International Monetary Fund (IMF); International … - 2004
Rodriguez and Rodrik (2000) argue that the relation between openness and growth is still an open question. One of the main problems in the assessment of the effect is the endogeneity of the relation. In order to address this issue, this paper applies the identification through heteroskedasticity...
Persistent link: https://www.econbiz.de/10005768790
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Growth Convergence and Spillovers Among Indian States; What Matters? What Does Not?
Sodsriwiboon, Piyaporn; Kalra, Sanjay - International Monetary Fund (IMF) - 2010
Convergence and spillovers across countries and within countries are old, but recurrent policy concerns, and India is no exception to this rule. This paper examines convergence and spillovers across Indian states using non-stationary panel data techniques. Results on convergence among Indian...
Persistent link: https://www.econbiz.de/10008470398