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Bubble thy neighbor: portfolio effects and externalities from capital controls
Forbes, Kristin; Fratzscher, Marcel; Kostka, Thomas; … - 2012
We use changes in Brazil’s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil’s tax on...
Persistent link: https://www.econbiz.de/10011605501
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Bubble Thy Neighbor : Portfolio Effects and Externalities from Capital Controls
Forbes, Kristin - 2012
We use changes in Brazil's tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil's tax on foreign...
Persistent link: https://www.econbiz.de/10013103299
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Globalisation, domestic inflation and global output gaps: Evidence from the euro area
Calza, Alessandro - 2008
This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the … for domestic consumer price inflation in the euro area. Based on these findings, the prescription that central banks …
Persistent link: https://www.econbiz.de/10011604936
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Globalisation, Domestic Inflation and Global Output Gaps : Evidence from the Euro Area
Calza, Alessandro - 2015
This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the … power for domestic consumer price inflation in the euro area. Based on these findings, the prescription that central banks …
Persistent link: https://www.econbiz.de/10012750226
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The dynamics of non-performing loans during banking crises: A new database
Ari, Anil; Chen, Sophia; Ratnovski, Lev - 2020
This paper presents a new dataset on the dynamics of non-performing loans (NPLs) during 88 banking crises since 1990. The data show similarities across crises during NPL build-ups but less so during NPL resolutions. We find a close relationship between NPL problems-elevated and unresolved...
Persistent link: https://www.econbiz.de/10012422057
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Expenditure reform in industrialised countries: a case study approach
Hauptmeier, Sebastian; Heipertz, Martin; Schuknecht, Ludger - 2006
This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...
Persistent link: https://www.econbiz.de/10011604680
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Optimal level of government debt - matching wealth inequality and the fiscal sector
Vogel, Edgar - 2014
effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that … the government should hold negative debt. Due to the high degree of wealth and income dispersion ex ante lifetime utility … increases with increasing wages (falling interest rates) by around 6% of lifetime consumption at optimal debt levels. The …
Persistent link: https://www.econbiz.de/10011605710
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Optimal Level of Government Debt - Matching Wealth Inequality and the Fiscal Sector
Vogel, Edgar - 2014
effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that … the government should hold negative debt. Due to the high degree of wealth and income dispersion ex ante lifetime utility … increases with increasing wages (falling interest rates) by around 6% of lifetime consumption at optimal debt levels. The …
Persistent link: https://www.econbiz.de/10013056838
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Market power and fiscal policy in OECD countries
Afonso, António; Costa, Luís F. - 2010
We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...
Persistent link: https://www.econbiz.de/10011605219