This paper applies quantile regression techniques to investigate how the impact of trade openness on the growth rate of per capita income varies with the conditional distribution of growth. Using formal robustness analyses, we first identify robust variables affecting economic growth...

In this paper, we investigate different views of equilibrium exchange rates within a single, stock-flow adjustment framework. We then compare FEER and BEER estimations of equilibrium exchange rates based on the same, econometric model of the net foreign asset position, with special focus on the...

The aim of this paper is to investigate the links between oil prices and various macroeconomic and financial variables for a large set of countries, including both oilimporting and exporting countries. Both short-run and long-run interactions are analyzed through the implementation of causality...

The exact maximum likelihood (EML) procedure can be used as a residual-based test of the hypothesis of no cointegration against the alternative of fractional cointegration. Since the corresponding asymptotic properties have not yet been established, this paper provides simulated critical values,...

This paper studies the impact of global financial turmoil on the exchange rate policies in emerging countries. Many emerging countries have loosened the link of their currencies to the US dollar since the bursting of the subprime crisis in July 2007. Spillovers from advanced financial markets to...

This paper aims at investigating the interactions between three key macroeconomic imbalances, namely current-account discrepancies (external imbalances), output gaps (internal imbalances), and exchange-rate misalignments. To this end, we rely on the estimation of a panel VAR model for a sample...

The importance linked to the economic effects of raw materials prices movements has led the G20 to address for the first time the issue of excessive fluctuations and volatility of commodity prices. Thus, during the September 2009 Pittsburgh summit, the commitment was taken to improve the...