Showing 1 - 10 of 428
I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel … of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative … skewness of the growth process. The increase in output skewness appears to come from a more negatively skewed distribution of …
Persistent link: https://www.econbiz.de/10011605414
indicators. In a growth regression framework, we find that higher financial integration tends to be associated with an increase … in per capita real GDP growth in euro area countries. This correlation is found to be stronger the higher a country …'s growth opportunities. …
Persistent link: https://www.econbiz.de/10012142163
-varying relationship between openness and growth over time: countries tend to gain in the short-term, immediately following capital account …No empirical evidence has yet emerged for the existence of a robust positive relationship between financial openness … and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time …
Persistent link: https://www.econbiz.de/10011604394
-based indicators. In a growth regression framework, we find that higher financial integration tends to be associated with an increase … in per capita real GDP growth in euro area countries. This correlation is found to be stronger the higher a country …'s growth opportunities …
Persistent link: https://www.econbiz.de/10013315337
I analyze output growth, volatility, and skewness as the joint outcomes of financial openness. Using an industry panel … of 53 countries over 45 years, I find that financial openness increases simultaneously mean growth and the negative … skewness of the growth process. The increase in output skewness appears to come from a more negatively skewed distribution of …
Persistent link: https://www.econbiz.de/10013315990
growth and output trend. Our main finding is that currency collapses are associated with a permanent output loss relative to … output. More generally, we also find that the likelihood of a positive growth rate in the year of the collapse is over two … times more likely than a contraction, and that positive growth rates in the years that follow such episodes are the norm …
Persistent link: https://www.econbiz.de/10011605272
growth and output trend. Our main finding is that currency collapses are associated with a permanent output loss relative to … output. More generally, we also find that the likelihood of a positive growth rate in the year of the collapse is over two … times more likely than a contraction, and that positive growth rates in the years that follow such episodes are the norm …
Persistent link: https://www.econbiz.de/10013141498
This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic...
Persistent link: https://www.econbiz.de/10012142099
We analyse the interaction between monetary and macroprudential policies in the euro area by means of a two-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro area countries (i.e. Germany, France, Italy, and Spain),...
Persistent link: https://www.econbiz.de/10012142104
In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same...
Persistent link: https://www.econbiz.de/10012142124