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Ganelli, Giovanni; Tervala, Juha - 2012

This paper studies tariff-tax reforms in a calibrated two-region global New Keynesian model composed of a developing and an advanced region. In our baseline calibration, a revenue-neutral reform that lowers tariffs in developing countries can reduce domestic welfare. The reason is that the...

Persistent link: https://www.econbiz.de/10009615785

Pricing of sovereign credit risk : evidence from advanced economies during the financial crisis

Alper, C. Emre; Forni, Lorenzo; Gerard, Marc - 2012

We investigate the pricing of sovereign credit risk over the period 2008-2010 for selected advanced economies by examining two widely-used indicators: sovereign credit default swap (CDS) and relative asset swap (RAS) spreads. Cointegration analysis suggests the existence of an imperfect market...

Persistent link: https://www.econbiz.de/10009423923

Walking hand in hand : fiscal policy and growth in advanced economies

Cottarelli, Carlo; Jaramillo, Laura - 2012

Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal...

Persistent link: https://www.econbiz.de/10009615787

Local governments’ fiscal balance, privatization, and banking sector reform in transition countries

Crivelli, Ernesto - 2012

liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances … over 19 years to address a central question of fact: Did privatization help to promote local governments' fiscal discipline …? The answer is clearly 'no' for privatization considered in isolation. However, privatization and subnational f …

Persistent link: https://www.econbiz.de/10009618582

Foreign banks : trends, impact and financial stability

Claessens, Stijn; Horen, Neeltje van - 2012

This paper introduces a comprehensive database on bank ownership for 137 countries over 1995-2009, and reviews foreign … bank behavior and impact. It documents substantial increases in foreign bank presence, with many more home and host … foreign bank presence negatively related with domestic credit creation. During the global crisis foreign banks reduced …

Persistent link: https://www.econbiz.de/10009424698

Recession and policy transmission to Latin American tourism : does expanded travel to Cuba offset crisis spillovers?

Romeu, Rafael; Wolfe, Andy - 2011

This study measures the impact of changing economic conditions in OECD countries on tourist arrivals to countries/destinations in Latin America and the Caribbean. A model of utility maximization across labor, consumption of goods and services at home, and consumption of tourism services across...

Persistent link: https://www.econbiz.de/10009487105

What determines government spending multipliers?

Corsetti, Giancarlo; Meier, André; Müller, Gernot J. - 2012

This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate...

Persistent link: https://www.econbiz.de/10009618568

Evolution of debt sustainability analysis in low-income countries : some aggregate evidence

Baduel, Benedicte; Price, Robert W. - 2012

The Debt Sustainability Analysis (DSA) for low-income countries (LICs) is a standardized analytical tool to monitor debt sustainability. This paper uses DSAs from three periods around the time of the global economic crisis to analyze the projected trajectories of debt ratios for a sample of...

Persistent link: https://www.econbiz.de/10009618505

Monetization in low- and middle-income countries

McLoughlin, Cameron; Kinoshita, Noriaki - 2012

The degree of an economy's monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal GDP--...

Persistent link: https://www.econbiz.de/10009618525

Public investment, growth, and debt sustainability : putting together the pieces

Buffie, Edward E.; Berg, Andrew; Pattillo, Catherine A.; … - 2012

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv)...

Persistent link: https://www.econbiz.de/10009618586