Intro -- Contents -- I. INTRODUCTION -- II. DATA -- III. ECONOMETRIC PRELIMINARIES -- IV. "INTERNATIONAL R&D SPILLOVERS" REVISITED -- V. INSTITUTIONS AND INTERNATIONAL R&D SPILLOVERS -- VI. CONCLUSIONS -- APPENDIX A: ALTERNATIVE SPECIFICATION -- APPENDIX B: DATA SOURCES AND DEFINITIONS --...

This paper studies how output fluctuations in Russia are transmitted internationally. Using vector autoregression (VAR) and dynamic panel models, the paper finds that Russia's output fluctuations are an important driver of output fluctuations of countries in the region, especially for oil...

This paper articulates and, using newly-assembled data, explores how international taxation affects aggregate tangible cross-border investment. Spillovers from statutory tax rates abroad seem: As sizable as effects from the host's rate; larger than previous consensus values (attributed to a...

Intro -- Contents -- I. INTRODUCTION -- II. THE MAIN STYLIZED FACTS: AGGREGATE DATA -- III. THE MAIN STYLIZED FACTS: BILATERAL DATA -- IV. CAPITAL FLOWS AND EXTERNAL ADJUSTMENT -- V. CONCLUDING REMARKS -- REFERENCES.

Intro -- Contents -- I. INTRODUCTION -- II. MEASURING THE QUASI-FISCAL DEFICIT -- III. MACROECONOMIC RELEVANCE OF QUASI-FISCAL DEFICITS -- IV. ENERGY SECTOR CONDITIONALITY -- V. OUTCOMES AND LESSONS LEARNED -- VI. POLICY OPTIONS -- VII. EPILOGUE -- References.

Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region's business cycles, and spillovers from regional economies are more important for PICs than from advanced...

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...

Shocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of Brazil's influence on its neighboring economies, documenting trade linkages over the last two...

Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping...

Real estate investment accounts for a quarter of total fixed asset investment (FAI) in China. The real estate sector's extensive industrial and financial linkages make it a special type of economic activity, especially where the credit creation process relies primarily on collateral, like in...