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Two Tales of Adjustment : East Asian Lessons for European Growth
Chari, Anusha - 2014
stimulus to austerity in Europe was quite abrupt. The difference in fiscal stance helps explain the difference in the post …
Persistent link: https://www.econbiz.de/10013060259
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Financial development, integration and stability : evidence from Central, Eastern and South-Eastern Europe
Liebscher, Klaus (contributor) - 2006
This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. This … financial integration / Cesare Calari -- Financial globalization, corporate governance and Eastern Europe / René M. Stulz … -- Does the financial sector need Europe? / Gertrude Tumpel-Gugerell -- The Central and Eastern European financial sector …
Persistent link: https://www.econbiz.de/10011851237
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The Gatt'S Contribution to Economic Recovery in Post-War Western Europe
Irwin, Douglas A. - 2021
(GATT) in promoting economic recovery and growth in Europe in the decade after World War II. The formation of the GATT does … not appear to have stimulated a particularly rapid liberalization of world trade in the decade after 1947. It is therefore …
Persistent link: https://www.econbiz.de/10013252315
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Institutional and Non-Institutional Explanations of Economic Differences
Engerman, Stanley L.; Sokoloff, Kenneth L. - 2022
Although we cannot conceive of processes of economic growth that do not involve institutional change, in this essay we outline some reasons why one should be cautious about grounding a theory of growth on institutions. We emphasize how very different institutional structures have often been...
Persistent link: https://www.econbiz.de/10013323986
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Financial Openness, Sudden Stops and Current Account Reversals
Edwards, Sebastian - 2011
In this paper I use a panel data set to investigate the mechanics of sudden stops of capital inflows and current account reversals. I am particularly interested in four questions: (a) What is the relationship between sudden stops and current account reversals? (b) To what extent does financial...
Persistent link: https://www.econbiz.de/10013133169
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International Differences in Fiscal Policy During the Global Crisis
Bénétrix, Agustín S. - 2010
We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...
Persistent link: https://www.econbiz.de/10013138322
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Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010
Aizenman, Joshua - 2011
We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging markets became more integrated into the international...
Persistent link: https://www.econbiz.de/10013119605
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Flexibility of Adjustment to Shocks : Economic Growth and Volatility of Middle-Income Countries Before and after the Global Financial Crisis of 2008
Aizenman, Joshua - 2017
The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to shocks. Our empirical analysis shows that the associations of growth level, growth volatility,...
Persistent link: https://www.econbiz.de/10012954940
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Decomposing the Effects of Financial Liberalization : Crises vs. Growth
Rancière, Romain G. - 2010
We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis....
Persistent link: https://www.econbiz.de/10012760479
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Recovery from Financial Crises : Evidence from 100 Episodes
Reinhart, Carmen - 2014
We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about eight years to reach the pre-crisis level of income; the median is about 6 1⁄2 years. Five to six years...
Persistent link: https://www.econbiz.de/10013060679