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This paper examines the importance of credit market shocks in driving global business cycles over the period 1988:1-2009:4. We first estimate common components in various macroeconomic and financial variables of the G-7 countries. We then evaluate the role played by credit market shocks using a...
Persistent link: https://www.econbiz.de/10008864974
The seven largest emerging market economies -- China, India, Brazil, Russia, Mexico, Indonesia, and Turkey -- constituted more than one-quarter of global output and more than half of global output growth during 2010-15. These emerging markets, called EM7, are also closely integrated with other...
Persistent link: https://www.econbiz.de/10012570134
This paper analyzes the relationship between fiscal multipliers and fiscal positions of governments using an Interactive Panel Vector Auto Regression model and a large data-set of advanced and developing economies. The methodology permits tracing the endogenous relationship between fiscal...
Persistent link: https://www.econbiz.de/10012571017
This paper presents a systematic analysis of the availability and use of fiscal space in emerging and developing economies. These economies built fiscal space in the run-up to the Great Recession of 2008-09, which was then used for stimulus. This reflects a more general trend over the past three...
Persistent link: https://www.econbiz.de/10012571026
This article presents a systematic analysis of the availability and use of fiscal space in emerging and developing economies. We report two major results. First, emerging and developing economies built fiscal space in the run-up to the Great Recession of 2008-2009, which was then used for...
Persistent link: https://www.econbiz.de/10012702232
Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...
Persistent link: https://www.econbiz.de/10010859370
Some countries’ business cycles are in sync with the world’s, while other countries’ cycles follow the ups and downs just of their neighbors’. This regional connection is even more prevalent if a region is defined not by geography but by common cultures and institutions.
Persistent link: https://www.econbiz.de/10011261861
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