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Fiscal and monetary policies and the cost of sudden stops
Hutchison, Michael M.; Noy, Ilan; Wang, Lidan - 2007
This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop" in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...
Persistent link: https://www.econbiz.de/10010285311
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Financial Liberalization and Volatility in Emerging Market Economies
Aghion, Philippe; Bacchetta, Philippe; Banerjee, Abhijit - 1998
The recent East Asian crisis has highlighted the relationship between financial development and output volatility. In … volatility only occurs at intermediate levels of financial development; second, that whilst full financial liberalization …, including an unrestricted opening to foreign lending, can destabilize an emerging market economy, in contrast output volatility …
Persistent link: https://www.econbiz.de/10011430002
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International reserves and fiscal policy in developing countries
Zhou, Yan - 2007
This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for...
Persistent link: https://www.econbiz.de/10010285350
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A DSGE model for a SOE with systematic interest and foreign exchange policies in wich policymakers exploit the risk premium for stabilization purposes
Escudé, Guillermo - 2013
This paper builds a DSGE model for a SOE in which the central bank systematically intervenes both the domestic currency bond and the FX markets using two policy rules: a Taylor-type rule and a second rule in which the operational target is the rate of nominal currency depreciation. For this, the...
Persistent link: https://www.econbiz.de/10010325096
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Exploring OECD SDGs Pilot City's 50-Year Time Series Data and Its Environmental Kuznets Curves
Vuong, Quan Hoang - 2019
Can green growth policies help protect the environment while keeping the industry growing and infrastructure expanding? This study applies Auto-Regressive Distributed Lag (ARDL) method on the 50-years' time series data, from 1967 to 2015, of Kitakyushu City, Japan, and found mixed evidence for...
Persistent link: https://www.econbiz.de/10012865070
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Structural Volatility in Mexico: A Policy Report
Caballero, Ricardo J. - 2000
This paper surveys Mexico`s economic weaknesses and provides related policy recommendations. Current problems include weak international financial links and external conditions, a recurrent credit crunch and financial underdevelopment problem, with particularly fragile banks, a weak fiscal...
Persistent link: https://www.econbiz.de/10010327130
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The fiscal stimulus of 2009-10: Trade openness, fiscal space and exchange rate adjustment
Aizenman, Joshua; Jinjarak, Yothin - 2011
This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...
Persistent link: https://www.econbiz.de/10010287745
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The fiscal stimulus of 2009-10: Trade openness, fiscal space and exchange rate adjustment
Aizenman, Joshua; Jinjarak, Yothin - 2011
This paper studies the cross-country variation of the fiscal stimulus and the exchange rate adjustment propagated by the global crisis of 2008-9, identifying the role of economic structure in accounting for the heterogeneity of response. We find that greater de facto fiscal space prior to the...
Persistent link: https://www.econbiz.de/10010288159
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China in the global economy
Sen, Sunanda - 2010
China occupies a unique position among developing countries. Its success in achieving relative stability in the financial sector since the institution of reforms in 1979 has given way to relative instability since the beginning of the current global financial crisis. Over the last few years,...
Persistent link: https://www.econbiz.de/10010286512
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Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - 2011
, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …
Persistent link: https://www.econbiz.de/10010288117