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This paper analyzes the impact of the globalization of financial markets on developing and transition economies. Differences between the responses of competitive and imperfectly competitive banking sectors cause them to affect economic activity differently. While nonbank financial markets and...
Persistent link: https://www.econbiz.de/10014403407
pattern of international trade and production on the overall productivity growth of a developing country. A key result is that … productivity growth. The authors also find that a production-share weighted average of (technological leaders’) sectoral … productivity growth rates has a significant effect on the rate of aggregate productivity growth …
Persistent link: https://www.econbiz.de/10014399806
; (iv) ultimately, a superior option-for both the world's climate and growth prospects-is the development of clean energy …
Persistent link: https://www.econbiz.de/10012795135
Income differences across countries primarily reflect differences in total factor productivity (TFP). More …
Persistent link: https://www.econbiz.de/10013235631
The global crisis highlights the continued vulnerability of developing countries to shocks from advanced economies. Just a few years after the global crisis, the eurozone sovereign debt crisis has emerged as the single biggest threat to the global outlook. In this paper, we apply the event study...
Persistent link: https://www.econbiz.de/10013091076
Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...
Persistent link: https://www.econbiz.de/10012786498
Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a...
Persistent link: https://www.econbiz.de/10012392641
This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how household demand for housing, house prices, and bank mortgages are intertwined in what we call a...
Persistent link: https://www.econbiz.de/10011705673
Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit,...
Persistent link: https://www.econbiz.de/10011705714
Ideological debates on the role of government in development have focused on two contrasting prescriptions: one calling for large scale government interventions to solve problems of massive market failures, the other for the unfettering of markets, with the dynamic forces of capitalism naturally...
Persistent link: https://www.econbiz.de/10013219988