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Reform, Uncertainty and Spillovers - A Gravity Model Approach

Fidrmuc, Jan - 2012

Reforms often occur in waves, seemingly cascading from country to country. We argue that such reform waves may be driven by informational spillovers: uncertainty about the outcome of reform is reduced by learning from the experience of similar countries. We motivate this hypothesis with a simple...

Persistent link: https://www.econbiz.de/10013109753

US Monetary Policy in a Globalized World

Cuaresma, Jesús Crespo - 2016

policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international … shock to foreign real GDP growth …

Persistent link: https://www.econbiz.de/10012994181

The VARying Effect of Foreign Shocks in Central and Eastern Europe

Jiménez-Rodríguez, Rebeca - 2013

This paper investigates the impact of international shocks – interest rate, commodity price and industrial production shocks – on key macroeconomic variables in ten Central and Eastern European (CEE) countries by using near-VAR models and monthly data from the early 1990s to 2009. In...

Persistent link: https://www.econbiz.de/10013094654

Pegxit Pressure : Evidence from the Classical Gold Standard

Mitchener, Kris - 2017

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...

Persistent link: https://www.econbiz.de/10012965714

Financial Development and Sectoral Output Growth in 19th Century Germany

Diekmann, Katharina - 2010

In this paper we re-evaluate the hypothesis that the development of the financial sector was an essential factor behind economic growth in 19th century Germany. We apply a structural VAR framework to a new annual data set from 1870 to 1912 that was initially recorded by Walther Hoffmann (1965)....

Persistent link: https://www.econbiz.de/10013134887

Dutch Disease Scare in Kazakhstan : Is it Real?

Égert, Balázs; Leonard, Carol Scott - 2021

In this paper we explore the evidence that would establish that Dutch disease is at work in, or poses a threat to, the Kazakh economy. Assessing the mechanism by which fluctuations in the price of oil can damage non-oil manufacturing and thus long-term growth prospects in an economy that relies...

Persistent link: https://www.econbiz.de/10013317109

Preferences, Rent Destruction and Multilateral Liberalisation : The Building Block Effect of CUSFTA

Ketterer, Tobias - 2012

If a free trade agreement (FTA) is characterized by the exchange of market access with a large and competitive trading partner, the agreement can cause a leakage of protectionist benefits to domestic industry from lobbying against external tariff cuts. This rent destruction effect of an FTA can...

Persistent link: https://www.econbiz.de/10013098332

Firm Dynamics and Residual Inequality in Open Economies

Felbermayr, Gabriel - 2016

Increasing wage inequality between similar workers plays an important role for overall inequality trends in industrialized societies. To analyze this pattern, we incorporate directed labor market search into a dynamic model of international trade with heterogeneous firms and homogeneous workers....

Persistent link: https://www.econbiz.de/10013006606

Did Globalization Influence Credit Market Deregulation?

Eppinger, Peter S. - 2015

We investigate whether globalization influenced credit market deregulation over the period 1970-2010. Globalization is … measured by the KOF indices of globalization. Credit market deregulation is measured by the credit market freedom indicators of … positive correlation between globalization and credit market deregulation. We account for reverse causality by using predicted …

Persistent link: https://www.econbiz.de/10013021420

Uncertainty and Monetary Policy in Good and Bad Times

Caggiano, Giovanni - 2017

We investigate the role played by systematic monetary policy in tackling the real effects of uncertainty shocks in U.S. recessions and expansions. We model key indicators of the business cycle with a nonlinear VAR that allows for different dynamics in busts and booms. Uncertainty shocks are...

Persistent link: https://www.econbiz.de/10012947523