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dataset on economic crises after the Second World War. Results show that, in terms of the real economy, developing countries …
Persistent link: https://www.econbiz.de/10012855488
There is an ongoing debate about austerity and stimulus in the Euro zone. Moreover, given the fiscal and financial problems in the region, a default has appeared likely at times. In this context, this paper develops a dynamic stochastic quantitative model of sovereign default with fiscal policy,...
Persistent link: https://www.econbiz.de/10010370901
Persistent link: https://www.econbiz.de/10013176798
simple open economy model where increased foreign exchange reserves reduce the costs of liquidity risk. Given the amount of … investment and economic growth. We provide empirical support for our theoretical analysis using panel data from the Penn World …
Persistent link: https://www.econbiz.de/10003982936
sourced from World Development Indicators (WDI, 2021), and CBN Statistical Bulletin (2020) were used. The study employed two …
Persistent link: https://www.econbiz.de/10014566183
The sharp, secular decline in the world real interest rate of the past thirty years suggests that the surge in global … made the world economy more vulnerable to financial crises. These findings are the quantitative predictions of a two …
Persistent link: https://www.econbiz.de/10013537726
This paper presents new empirical results on the macroeconomic impact of sovereign debt restructurings with official-sector creditors. Using a novel dataset on Paris Club restructurings and Local Projection methods, we find that Paris Club treatments can have a significant impact on economic...
Persistent link: https://www.econbiz.de/10012955713
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in … bargaining are introduced. We find that a negative total factor productivity shock primarily has effects on the economy … significantly reduces the initial response of the unemployment rate. In case of a temporary productivity shock, sticky wages imply …
Persistent link: https://www.econbiz.de/10013123217
The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in … bargaining are introduced. We find that a negative total factor productivity shock primarily has effects on the economy … significantly reduces the initial response of the unemployment rate. In case of a temporary productivity shock, sticky wages imply …
Persistent link: https://www.econbiz.de/10009153857
Emerging market economies were major beneficiaries of the economic boom before 2007. More recently, they have become victims of the global financial crisis. Their future development depends, to a large extent, on global economic prospects. Today the global economy and the European economy are...
Persistent link: https://www.econbiz.de/10008664983