Purpose – This paper aims to investigate the integrational properties of real GDP for 125 countries. Design/methodology/approach – The paper applies the Kwiatkowski et al. univariate test and a KPSS-type univariate test that accounts for multiple structural breaks – a test procedure...

Remarks by President Dudley at the Brooklyn Chamber of Commerce Brooklyn Borough Hall, Brooklyn, New York.

Remarks by President Dudley at the Foreign Policy Association Corporate Dinner, New York City.

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that explains how asset shortage develop, and then econometrically...

The aim of this paper is to analyses the trajectory of the gross domestic product in Brazil and in Bahia, between 1990 and 2005, and also to describe the segments and sub-complex of the agribusiness, as well as its relations and economic flows. Using Input-Output modeling it was possible to...

Gross Domestic Product (GDP) per capita is often used as an indicator of standard of living in an economy. GDP per capita observed over the years can be modelled using time series models. A new class of GARMA has been introduced in the time series literature to reveal some hidden features in...

The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations....

In this paper we assess the implications of precautionary savings for global imbalances by considering a world economy model composed by the US, the Euro Area, Japan, China, oil-exporting countries, and the rest of the world. These areas are assumed to differ only with respect to GDP volatility...

This paper examines how durable goods and financial frictions shape the business cycle of a small open economy subject to shocks to trend and transitory shocks. In the data, nondurable consumption is not as volatile as income for both developed and emerging market economies. The simulation of...

The objectives of this article are to clarify definitions and to produce estimates of the eight aggregate measures of income and product (gross domestic product, gross domestic income, gross national product, gross national income, net domestic product, net domestic income, net national product...