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Deconstructing China's and India's growth : the role of financial policies
Aziz, Jahangir (contributor) - 2008
This paper uses the standard one-sector neoclassical growth model to investigate why China’s consumption has been low … one form or the other, these distortions have implied significant transfers from households to firms. If China is to … market development could, therefore, turn out to be key. -- Business cycle accounting ; rebalancing growth ; financial …
Persistent link: https://www.econbiz.de/10003758478
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Unequal transition : the widening wealth gap amidst China's rapid growth
Jiang, Yangtian; Zheng, Yu; Zhu, Lijun - 2023
We propose a quantitative theory of wealth creation and distribution during China's transitional growth from the early … the model matches the rise in urban China’s wealth inequality since 1995 almost exactly. We further quantify the relative …
Persistent link: https://www.econbiz.de/10014314291
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Labor share decline and intellectual property products capital
Koh, Dongya; Santaeulàlia-Llopis, Raül; Zhen, Yu - 2018
We study the behavior of the US labor share over the past 70 years. We find that the capitalization of intellectual property products in the national income and product accounts entirely explains - in a purely accounting sense - the observed decline of the US labor share. We assess the...
Persistent link: https://www.econbiz.de/10011932539
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Capital goods trade, relative prices, and economic development
Mutreja, Piyusha; Ravikumar, B.; Sposi, Michael - 2017
International trade in capital goods has quantitatively important effects on economic development through capital formation and TFP. Capital goods trade enables poor countries to access more efficient technologies, leading to lower relative prices of capital goods and higher capital-output...
Persistent link: https://www.econbiz.de/10011690972
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Financing costs and development
Cavalcanti, Tiago; Kaboski, Joseph Paul; Martins, Bruno … - 2023
Most aggregate theories of financial frictions model credit available at a cost of financing equal to the savings rate but rationed. However, using a comprehensive firm-level credit registry, we document both high levels and high dispersion in ex post credit spreads to Brazilian firms. We...
Persistent link: https://www.econbiz.de/10014550802
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Firms' investment and savings in Latin America : stylized facts from the enterprise survey
Kawamura, Enrique; Ronconi, Lucas - 2015
This paper describes the share of investment in fixed capital and working capital financed by retained earnings using a harmonized dataset from the World Bank Enterprise Survey. The sample includes firms across countries in Latin America and the Caribbean. Descriptive statistics are presented...
Persistent link: https://www.econbiz.de/10011473027
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Reverse causality between oil policy and fiscal policy? : the Venezuelan experience
Manzano, Osmel; Saboin, José Luis - 2021
This paper uses a model of intergenerational accounting to simulate the intergenerational distribution of oil wealth in Venezuela. Venezuelan oil production does not seem to follow an optimal extraction path. Nevertheless, this is true if we do not consider what the government does with the...
Persistent link: https://www.econbiz.de/10012583980
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International credit markets and global business cycles
Pintus, Patrick A.; Wen, Yi; Xin, Xiaochuan - 2018 - This version: May 14, 2018
This paper stresses a new channel through which global financial linkages contribute to the co-movement in economic activity across countries. We show in a two-country setting with borrowing constraints that international credit markets are subject to self-fulfilling variations in the world real...
Persistent link: https://www.econbiz.de/10011911509
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Mortgage debt, consumption, and llliquid housing markets in the Great Recession
Garriga, Carlos; Hedlund, Aaron - 2017
Using a model with housing search, endogenous credit constraints, and mortgage default, this paper accounts for the housing crash from 2006 to 2011 and its implications for aggregate and cross-sectional consumption during the Great Recession. Left tail shocks to labor market uncertainty and...
Persistent link: https://www.econbiz.de/10011782612
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Credit and saving constraints in general equilibrium : evidence from survey data
Granda Carvajal, Catalina; Hamann S., Franz A.; Tamayo, … - 2017
In this paper, we build a heterogeneous agents-dynamic general equilibrium model wherein saving constraints interact with credit constraints. Saving constraints in the form of fixed costs to use the financial system lead households to seek informal saving instruments (cash) and result in lower...
Persistent link: https://www.econbiz.de/10011656466