Empirical evidence demonstrates that credit standards, including lending margins and collateral requirements, move in a countercyclical direction. In this study, we construct a small open economy model with financial frictions to generate the countercyclical movement in credit standards. Our...

This paper presents a framework for quantifying uncertainty around point forecasts for GDP, inflation and house prices in Norway. The framework combines quantile regressions using a broad set of uncertainty indicators with a skewed t-distribution, allowing for time-variation and asymmetry in the...

The 2023 Sustainable Development Goals (SDGs) encompass a specific objective that is to 'end hunger, achieve food security, enhance agriculture, and improve nutrition'. The realization of this goal relies heavily on efficient agriculture sector management in developing countries. Consequently,...

This paper analyzes the evolution of the Lebanese GDP growth rate over the period 1970- 2019 by estimating two kinds of switching models: The Smooth Transition Autoregressive (STAR) model and the model of the Markov process. These models show, on the one hand, asymmetries in the evolution of GDP...

Purpose - This paper investigates the crucial role that the trade of intermediate goods plays in elucidating trade-output synchronization. We specifically highlight the significance of incorporating intermediate trade, particularly concerning the dominance of forward linkages in the global value...

The subject of this paper is the contemporary trend in residential real estate markets in European countries and their impact on the quality of banks' housing loan portfolios. Due to the fact that these are the markets that still have not fully recovered from the previous financial crisis, and...

The choice of instruments for mitigating economic volatility is a serious consideration for policymakers and important question in government and economics. Using a DSGE model with endogenous technology creation, we show that efficient financial markets are more effective than conventional...

In this paper, we aim to compare the anatomy of the impact of the COVID-19 outbreak and the Great Financial Crisis (GFC) in the context of an emerging market economy. To this end, we develop a small open economy DSGE model with the Bernanke-Gertler-Gilchrist financial accelerator that features...

Despite the notable progress made in the development of digital financial services in sub-Saharan Africa, no comprehensive measure is currently available to quantify this progress. Therefore, we constructed a digital financial inclusion index using a parametric approach. Our findings show an...