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The Role of Stock Markets in Current Account Dynamics : Evidence From the United States
Mercereau, Benoît - 2003
This paper tests a model of the role of stock markets in current account dynamics, developed in a companion paper. With U.S. data, the model performs better than the same model without stock markets. An insight given by the model is that the current account might help predict future stock market...
Persistent link: https://www.econbiz.de/10014401280
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The Role of Stock Markets in Current Account Dynamics : A Time Series Approach
Mercereau, Benoît - 2004
This paper develops a simple model to study the impact of stock markets on the current account. A closed-form solution for the current account is derived from the optimal portfolio and consumption/saving choices of a representative agent. Formally, the model can be seen as a stock...
Persistent link: https://www.econbiz.de/10014402005
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IMF-supported programs and income convergence in low-income countries
Pradhan, Tejesh; Al-Sadiq, Ali J. - 2018
Continuing the empirical debate on the effects of IMF-supported programs on participating countries' macroeconomic performance, we focus on the issue of whether these programs accelerate conditional AY-convergence among low-income countries (LICs). We use an unbalanced panel dataset for 85 LICs...
Persistent link: https://www.econbiz.de/10011978702
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Institutions Rule : The Primacy of Institutions Over Integration and Geography in Economic Development
Subramanian, Arvind - 2002
We estimate the respective contributions of institutions, geography, and trade in determining cross-country income levels using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions ""trumps"" everything else. Controlling for...
Persistent link: https://www.econbiz.de/10014401492
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The Role of Domestic Debt Markets in Economic Growth : An Empirical Investigation for Low-Income Countries and Emerging Markets
Abbas, S. M. Ali - 2007
We develop a new public domestic debt (DD) database covering 93 low-income countries and emerging markets over the 1975-2004 period to estimate the growth impact of DD. Moderate levels of non-inflationary DD, as a share of GDP and bank deposits, are found to exert a positive overall impact on...
Persistent link: https://www.econbiz.de/10014399633
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The Impact of Public Education Expenditureon Human Capital, Growth, and Poverty in Tanzania and Zambia : A General Equilibrium Approach
Thorbecke, Erik - 2001
for two Heavily Indebted Poor Countries (HIPCs), Tanzania and Zambia. The simulation results suggest that education …
Persistent link: https://www.econbiz.de/10014400106
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Challenging the Empirical Evidence From Present Value Models of the Current Account
Miniane, Jacques - 2004
Under near-singularity conditions typically generated by persistence in current account data the predictions of present value models become extremely sensitive to small sample estimation error. Moreover, traditional Wald tests will distort the likelihood that the model is true. Using OECD data...
Persistent link: https://www.econbiz.de/10014404141
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Cointegration of International Stock Market Indices
Chou, Ray Yeu-Tien - 1994
In this paper, we derive evidence on the integration of international stock markets from the cointegration properties … of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six … subgroup analyses also indicate that the cointegration relationships have become stronger over time. This is consistent with …
Persistent link: https://www.econbiz.de/10014395829
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The Equilibrium Real Exchange Rate of the Malagasy Franc : Estimation and Assessment
Cady, John - 2003
Employing cointegration techniques, the long-run determinants of Madagascar''s real exchange rate are examined from a …
Persistent link: https://www.econbiz.de/10014404020
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Determinants of Growth in an Error : Correction Model for El Salvador
Méndez Morales, Armando - 1998
An error-correction model identifies determinants of growth consistent with results from panel regressions based on a standard Cobb-Douglas production function for El Salvador for 1970-1995, with structural factors affecting the technology variable and macroeconomics and expectations explaining...
Persistent link: https://www.econbiz.de/10014403408