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Fair Weather or Foul? : The Macroeconomic Effects of El Niño

Cashin, Paul A. - 2015

This paper employs a dynamic multi-country framework to analyze the international macroeconomic transmission of El Niño weather shocks. This framework comprises 21 country/region-specific models, estimated over the period 1979Q2 to 2013Q1, and accounts for not only direct exposures of countries...

Persistent link: https://www.econbiz.de/10014412120

Government Spending, Taxes, and Economic Growth

Cashin, Paul A. - 1994

This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth-enhancing effects of investment in public capital and transfer payments are modeled, as is the growth-inhibiting influence...

Persistent link: https://www.econbiz.de/10014396020

Are Australia's Current Account Deficits Excessive?

McDermott, C. John - 1996

This paper compares the evolution of the Australian current account balance over the period 1954–94 against an optimal current account derived from a consumption-smoothing model. The findings indicate that the Australian current account was not used to smooth consumption optimally in the...

Persistent link: https://www.econbiz.de/10014397836

International Integration of Equity Markets and Contagion Effects

Cashin, Paul A. - 1995

This paper investigates empirically the degree of international integration of industrial and emerging country equity markets. It analyzes two issues: first, the extent to which equity prices have tended to move similarly across countries and regions in the long run; and second, the strength of...

Persistent link: https://www.econbiz.de/10014397857

Informational Efficiency in Developing Equity Markets

McDermott, C. John - 1995

The issue of informational efficiency in the evolution of asset prices is examined using data on equity markets in Jordan, Turkey and Pakistan over the period 1986–93. The analysis is carried out in two steps. The parameters of agents’ dynamic consumption and investment decisions are first...

Persistent link: https://www.econbiz.de/10014397956

Finance, growth, and inequality

Levine, Ross - 2021

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this...

Persistent link: https://www.econbiz.de/10012612328

International Financial Integration and Economic Growth

Sløk, Torsten - 2002

, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of …

Persistent link: https://www.econbiz.de/10014399567

Financial Liberalization and Financial Fragility

Detragiache, Enrica - 1998

crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of … corruption, and good contract enforcement are relevant institutional characteristics. The data also show that, after …

Persistent link: https://www.econbiz.de/10014400719

Bank Fragility and International Capital Mobility

Detragiache, Enrica - 1999

The paper examines the effects of increased financial integration on the economy and, specifically, the welfare of … depositors and the business sector. A simple model of a small open economy with a fragile banking sector and imperfect capital …, the overall effect on the economy depends on the size of foreign assets held relative to the costs of bank crises …

Persistent link: https://www.econbiz.de/10014401021

An Unbiased Appraisal of Purchasing Power Parity

McDermott, C. John - 2001

Univariate studies of the hypothesis of unit roots in real exchange rates have yielded consensus point estimates of the half-life of deviations from purchasing power parity of between three to five years. However, least squares-based estimates of half-lives are biased downward. Accordingly, we...

Persistent link: https://www.econbiz.de/10014401232