Showing 1 - 10 of 3,143
We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis....
Persistent link: https://www.econbiz.de/10012760479
Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several … commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need … to evaluate these risks within China's unique economic and financial systems, in which the state and non-state sectors …
Persistent link: https://www.econbiz.de/10012929553
best, particularly in comparison with that of China. Comparing these countries and reviewing the literature, we conclude … gained from trade, and by some measures, more so than China. We sketch out a theory in which developing countries can grow … continuing reforms, Chinese growth is likely to slow down sharply, perhaps leaving China at a level less than Mexico's real GDP …
Persistent link: https://www.econbiz.de/10013135399
China, Japan, and South Korea, and estimate the economic burden of chronic conditions in five domains (cardiovascular … non-communicable diseases over the period 2010-2030 are $16 trillion for China (measured in real USD with the base year …-effectiveness analysis by identifying some intervention strategies to reduce disease prevalence in China that are cost beneficial and …
Persistent link: https://www.econbiz.de/10012951354
This paper provides estimates of the economic impact of non-communicable diseases (NCDs) in China and India for the … five main NCDs will total USD 27.8 trillion for China and USD 6.2 trillion for India (in 2010 USD). For both countries, the … that the costs are much larger in China than in India mainly because of China's higher income and older population. Rough …
Persistent link: https://www.econbiz.de/10013077651
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10013134890
This paper presents a modeling framework that delivers joint forecasts of indicators of systemic real risk and systemic financial risk, as well as stress-tests of these indicators as impulse responses to structural shocks identified by standard macroeconomic and banking theory. This framework is...
Persistent link: https://www.econbiz.de/10013125917
Sparked by the recent "great recession" and the role of financial markets, considerable interest exists among researchers within both the academic community and the public sector in modeling and measuring systemic risk. In this essay I draw on experiences with other measurement agendas to place...
Persistent link: https://www.econbiz.de/10013098478
This paper has three parts. Part 1 constructs a classical economic model of inflation, augmented by a complete set of financial markets; I call this the core monetary model. Part 2 develops a series of calibrated examples to illustrate how the core monetary model explains the history of...
Persistent link: https://www.econbiz.de/10013107515
While the direct effect of lender-of-last-resort (LOLR) facilities is to forestall the default of financial firms that lose funding liquidity, an indirect effect is to allow these firms to minimize deleveraging sales of illiquid assets. This unintended consequence of LOLR facilities manifests...
Persistent link: https://www.econbiz.de/10013071299