Showing 1 - 10 of 1,121
-term forecasts for 38 advanced and emerging market economies. If transitory deviations around a trend dominate output fluctuations …
Persistent link: https://www.econbiz.de/10011878713
This paper derives a structural import demand equation and estimates it for a large number of countries, using recent time series techniques that address the problem of nonstationarity. Because the statistical properties of the different estimators have been derived only asymptotically,...
Persistent link: https://www.econbiz.de/10014400203
Should a closed economy open its trade to all countries or limit itself to participation in regional trade agreements (RTAs)? Based on time-series evidence for a data set for 1950-92, this paper estimates and compares the growth performance of countries that liberalized broadly and those that...
Persistent link: https://www.econbiz.de/10014400671
The paper estimates export demand elasticities for a large number of developing and developed countries, using time-series techniques that account for the nonstationarity in the data. The average long-run price and income elasticities are found to be approximately -1 and 1.5, respectively. Thus,...
Persistent link: https://www.econbiz.de/10014400714
Using the longest dataset publicly available (The Economist''s index of industrial commodity prices), we analyze the behavior of real commodity prices over the period 1862-99, and have two main findings. First, while there has been a downward trend in real commodity prices of 1.3 percent per...
Persistent link: https://www.econbiz.de/10014401723
of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six … cointegrated. The results suggest that there are long-run equilibrium relationships among the stock market prices. Subsample and … greater stock market integration amid the increasing liberalization and globalization of capital markets …
Persistent link: https://www.econbiz.de/10014395829
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …
Persistent link: https://www.econbiz.de/10012102163
prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the … United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold … those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based …
Persistent link: https://www.econbiz.de/10014402640
Why do countries hold so much international reserves? Global reserve holdings (excluding gold) were equivalent to 17 …
Persistent link: https://www.econbiz.de/10014399658
This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions …, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is … dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market …
Persistent link: https://www.econbiz.de/10014395862