Showing 1 - 10 of 17
Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...
Persistent link: https://www.econbiz.de/10013104021
Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...
Persistent link: https://www.econbiz.de/10013086639
A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in a large number of...
Persistent link: https://www.econbiz.de/10013072573
This paper analyzes the effects on teacher retention and between-school mobility of a program that rewards excellence in pedagogical practice in Chile. Teachers apply voluntarily for the award and those who succeed on a set of assessments receive a 6 percent annual wage increase for up to 10...
Persistent link: https://www.econbiz.de/10012896366
We document a considerable increase in foreign financing by the corporate sector in emerging economies (EMEs) since the early 2000s, mainly in the form of bond issuance, and claim that it has opened up an important channel by which external financial factors can drive economic activity in these...
Persistent link: https://www.econbiz.de/10012945430
This paper presents a new dataset of capital controls by inflows and outflows for 10 asset categories in 100 countries during 1995-2013. Building on the data in Schindler (2009) and other datasets based on the analysis of the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions...
Persistent link: https://www.econbiz.de/10012868375
Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, we develop a dynamic open economy model where...
Persistent link: https://www.econbiz.de/10012968483
Most existing studies of the macroeconomic effects of global shocks assume that they are mediated by a single intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This paper presents an empirical framework in which multiple...
Persistent link: https://www.econbiz.de/10012979352
This paper presents a new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries over the period 1995 to 2013. Building on the data in Schindler (2009) and other datasets based on the analysis of the IMF's Annual Report on Exchange...
Persistent link: https://www.econbiz.de/10013022271
This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...
Persistent link: https://www.econbiz.de/10013023205