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A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the ""rest of the world,"" is characterized by a vector error...
Persistent link: https://www.econbiz.de/10012677880
carbon-intensive energy sources. Using household surveys, we study how a carbon tax may affect households in the Asia Pacific …
Persistent link: https://www.econbiz.de/10015060363
The growth literature has had problems explaining the ""sub-Saharan African growth dummy"" in cross-country regressions. Instead of taking the usual approach of focusing on long-run growth and assuming that sub-Saharan countries have homogenous parameters in growth regressions, we concentrate...
Persistent link: https://www.econbiz.de/10012677469
This paper assesses how pro-poor and inclusive Asia's recent growth has been, and what factors have been driving these …, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia … policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to …
Persistent link: https://www.econbiz.de/10014409435
There is good reason and much evidence to suggest that the real exchange rate matters for economic growth, but why? The "Washington Consensus" (WC) view holds that real exchange rate misalignment implies macroeconomic imbalances that are themselves bad for growth. In contrast, Rodrik (2008)...
Persistent link: https://www.econbiz.de/10008519476
This paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been...
Persistent link: https://www.econbiz.de/10012677553
Large reductions in global emissions are needed for the world to be on track to meet global temperature goals. Asia … overcome the obstacles to carbon pricing, and discusses experiences with carbon pricing relevant for Asia-Pacific economies …
Persistent link: https://www.econbiz.de/10015080197
Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased … economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would …
Persistent link: https://www.econbiz.de/10009618544
Growing remittance flows to emerging and developing economies may lead to real exchange rate appreciation and weaken their competitiveness. While the empirical literature finds mixed results about the relevance of this relationship, it does not delve into understanding the interplay of two...
Persistent link: https://www.econbiz.de/10015452168
-U.S. dollar, euro, renminbi, and the CFA franc. Using panel and single-country unit-root, cointegration, error …
Persistent link: https://www.econbiz.de/10015452186