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How to Evaluate Gdp-Linked Warrants : Price and Repayment Capacity

Miyajima, Ken - 2006

Following a brief review of the recent history of GDP-linked instruments, this paper proposes a set of tools to examine … the quantitative properties of GDP-linked warrants. It argues that trigger conditions should be clearly identifiable and … payment amounts easily calculable. Based on a design that includes these features and historical data for the main EMBI …

Persistent link: https://www.econbiz.de/10014400393

Output Decline in Transition : The Case of Kazakhstan

International Monetary Fund - 1998

decline is documented at the aggregate and sectoral levels, and the quality of the available data is reviewed. A growth …

Persistent link: https://www.econbiz.de/10014400556

Output Volatility and Large Output Drops in Emerging Market and Developing Countries

Hakura, Dalia - 2007

This paper establishes that output volatility and the size of output drops have declined across all countries over the past three decades, but remain considerably higher in developing countries than in industrial countries. The paper employs a Bayesian latent dynamic factor model to decompose...

Persistent link: https://www.econbiz.de/10014400573

Multiple Equilibrium, Variability, and the Development Process

Carranza, Luis - 1998

Per capita output is more volatile in middle-income economies than in both low-income and high-income economies. We examine this pattern in a two-period overlapping generations model with two productive sectors (a developed sector and a subsistence sector) and a credit sector. In the early and...

Persistent link: https://www.econbiz.de/10014400770

Sri Lanka's Sources of Growth

Duma, Nombulelo - 2007

This paper uses the growth accounting framework to assess Sri Lanka''s sources of growth. It finds that while labor was the dominant factor contributing to growth in the 1980s, labor''s contribution declined over time and was overtaken, to a large extent, by total factor productivity (TFP) and,...

Persistent link: https://www.econbiz.de/10014400892

Output Drops and the Shocks That Matter

Mauro, Paolo - 2006

often through ensuing, prolonged growth slowdowns. Using a century of data, we document that output drops are more frequent …

Persistent link: https://www.econbiz.de/10014402289

Remittances : An Automatic Output Stabilizer?

Hakura, Dalia - 2009

Remittance flows appear to be falling worldwide for the first time in decades as a result of the ongoing financial turmoil. It is suspected that the drop in remittance income into developing and emerging markets will have a destabilizing effect on these economies. The paper estimates the impact...

Persistent link: https://www.econbiz.de/10014402504

Reviving the Case for GDP-Indexed Bonds

Borensztein, Eduardo - 2002

the emergence of a market for these bonds include the verifiability of GDP data, the trade-off between insurance and moral …This paper seeks to revive the case for countries to self-insure against economic growth slowdowns by issuing GDP …-indexed bonds. We simulate the effects of GDP-indexed bonds under different assumptions about fiscal policy reaction functions and …

Persistent link: https://www.econbiz.de/10014402603

Still Minding the Gap : Inflation Dynamics During Episodes of Persistent Large Output Gaps

Meier, André - 2010

This paper studies inflation dynamics during 25 historical episodes in advanced economies where output remained well below potential for an extended period. We find that such episodes generally brought about significant disinflation, underpinned by weak labor markets, slowing wage growth, and,...

Persistent link: https://www.econbiz.de/10014402668

Output and Unemployment Dynamics During the Great Recession : A Panel Unobserved Components Analysis

Vitek, Francis - 2010

This paper analyzes the sources of output and unemployment dynamics in the world economy during the Great Recession. This analysis is based on a panel unobserved components model of the world economy, disaggregated into its fifteen largest national economies. We find that excess supply pressure...

Persistent link: https://www.econbiz.de/10014402708