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Contagion and Spillovers: New Insights from the Crisis
Backé, Peter; Feldkircher, Martin; Gnan, Ernest; … - 2010
On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...
Persistent link: https://www.econbiz.de/10011689946
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Reservas internacionais para o Brasil: Custos fiscais e patamares ótimos
Vonbun, Christian - 2008
This paper shows estimates of the optimal level of foreign reserves for Brazil between the first quarter of 1998 and the same trimester of 2008, by applying the Jeanne e Ranciére (2006) framework, using different scenarios. We also estimate the fiscal costs of holding this asset, as well as the...
Persistent link: https://www.econbiz.de/10010330830
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Current account benchmarks for central and eastern Europe: a desperate search?
Ca' Zorzi, Michele; Chudik, Alexander; Dieppe, Alistair - 2009
This paper examines two competing approaches for calculating current account benchmarks, i.e. the external sustainability approach á la Lane and Milesi-Ferretti (LM) versus the structural current accounts literature (SCA) based on panel econometric techniques. The aim is to gauge the medium...
Persistent link: https://www.econbiz.de/10011605041
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International Debt Deleveraging
Fornaro, Luca - 2013
episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a … in the world interest rate are ampli_ed. Hence, monetary unions are especially prone to hit the zero lower bound on the …
Persistent link: https://www.econbiz.de/10013370099
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The relationship between debt and output
Kim, Yun Jung; Zhang, Jing - 2020
In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the period 1970-2014 using a vector autoregression (VAR). We document two puzzling empirical findings that contrast with what is predicted by a standard small open economy model by...
Persistent link: https://www.econbiz.de/10012653028
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Capital liberalization and the US external imbalance
Prades, Elvira; Rabitsch, Katrin - 2009
the presence of borrowing and lending constraints on that bond. In a US versus the rest of the world (RoW) scenario, we … consumption risk relative to the rest of the world, and therefore decreases its motives for precautionary asset holdings relative … to the rest of the world. As a result of these asymmetric shifts in countries' barriers to capital mobility, the US runs …
Persistent link: https://www.econbiz.de/10010322494
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The Three Debts: A Look from the East
Gligorov, Vladimir; Landesmann, Michael - 2010
The pressures on fiscal consolidation have mounted dramatically in the wake of the Greek and then the 'contagion' crisis which followed it (across the so-called 'weakest links' Portugal, Spain, Italy, Ireland). It led to the setting-up of the 750 billion euro stabilisation package widely seen as...
Persistent link: https://www.econbiz.de/10012100211
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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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The Modality of Fiscal Consolidation and Current Account Adjustment
Adam, Antonis; Moutos, Thomas - 2015
In this paper we argue that supply-side adjustments (i.e. the reallocation of productive resources between the traded and non-traded sectors) can be an important determinant of the output costs of current account adjustment. The argument relies on the fact that tax evasion is more prevalent in...
Persistent link: https://www.econbiz.de/10011307123
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"Twin deficits" in Greece: In search of causality
Nikiforos, Michalis; Carvalho, Laura; Schoder, Christian - 2014
The paper discusses the trajectories of the Greek public deficit andsovereign debt between 1980 and 2010 and its connection to thepolitical and economic environment of the same period. We payspecial attention to the causality between the public and the externaldeficit in the period after 1995,...
Persistent link: https://www.econbiz.de/10010520615