Showing 1 - 10 of 209
Interest rates fell sharply after Mexico's Brady deal, and private investment and growth recovered. We show, econometrically, that debt relief influenced the macroeconomy mostly though its favourable impact on uncertainty. While the impact of the <MI>variability<D> of the future net transfer is...</d></mi>
Persistent link: https://www.econbiz.de/10005504273
This paper develops a model for pricing sovereign debt under continuous time uncertainty, allowing creditors to carry out debt reductions. Focusing on the sovereign’s willingness to pay rather than on their ability to pay, it models debt reductions as a non-cooperative game. The formulae...
Persistent link: https://www.econbiz.de/10005123716
140% of exports. Second, we depart from reduced form growth regressions and perform direct tests of the theory on the thus …
Persistent link: https://www.econbiz.de/10005123812
This paper surveys the broad patterns of world trade in manufactures since about 1960. While the bulk of manufactured exports came initially from relatively few large industrial countries, developing countries have encroached seriously upon their markets in recent years. The newly industrialized...
Persistent link: https://www.econbiz.de/10005504516
predicted by the theory. …
Persistent link: https://www.econbiz.de/10005504639
We present an analysis of the determinants of de jure and de facto exchange rate regimes based on a panel probit model with simultaneous equations. The model is estimated using simulation-based maximum likelihood methods. The empirical results suggest a triangular structure of the model such...
Persistent link: https://www.econbiz.de/10005497731
Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main cross-country variations in the share of dollars to be explained in terms of national policies...
Persistent link: https://www.econbiz.de/10005497830
Exporters’ performance in a particular market may affect their future exports to the rest of the world. Importers may base their future transaction decisions upon the information revealed by exporters’ past performance in other countries. Similarly, exporters acquire valuable information on...
Persistent link: https://www.econbiz.de/10005497848
The purpose of this paper is to measure the impact of the 1979 oil price "hike" on a selected group of developing countries. The model used for this exercise is an adaptation of a straightforward income-determination model in which domestic oil revenues are treated as a "tax" revenue from oil...
Persistent link: https://www.econbiz.de/10005497859
This paper traces the links from trade shocks to poverty in developing countries. It considers the determinants of household and individual welfare (including potential differences between household members) and then identifies six trade-to-poverty links: the extent to which prices change and...
Persistent link: https://www.econbiz.de/10005497893