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How do trade and financial integration affect the relationship between growth and volatility?
Kose, M. Ayhan; Prasad, Eswar S.; Terrones, Marco E. - 2006
The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization a term typically used to...
Persistent link: https://www.econbiz.de/10010268058
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Trade and Capital Flows: Substitutes or Complements? An Empirical Investigation
Belke, Ansgar H.; Domnick, Clemens - 2019
the positive relationship. Interestingly, the trade-finance nexus does not differ among countries belonging to the EMU …
Persistent link: https://www.econbiz.de/10012141201
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Enlarging the EMU to the East: What Effects on Trade?
Belke, Ansgar; Spies, Julia - Institute for the Study of Labor (IZA) - 2008
The purpose of this paper is to assess the implications of the Economic and Monetary Union (EMU) accession of eight … Central and Eastern European Countries (CEECs) on their share in EMU-12 imports. Overcoming biases related to endogeneity …, omitted variables and sample selection, our results indicate that the common currency has boosted intra-EMU imports by 7 …
Persistent link: https://www.econbiz.de/10005822129
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How Do Trade and Financial Integration Affect the Relationship between Growth and Volatility?
Kose, M. Ayhan; Prasad, Eswar S.; Terrones, Marco E. - Institute for the Study of Labor (IZA) - 2006
The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom – that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization – a term typically used...
Persistent link: https://www.econbiz.de/10005233764
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The finnish great depression: from Russia with love
Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L. - 2009
During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the...
Persistent link: https://www.econbiz.de/10010268947
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How Does Globalization Affect the Synchronization of Business Cycles?
Kose, M. Ayhan; Prasad, Eswar; Terrones, Marco E. - 2003
This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of...
Persistent link: https://www.econbiz.de/10010276292
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Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials
Abbritti, Mirko; Mueller, Andreas I. - 2012
How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...
Persistent link: https://www.econbiz.de/10010282566
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How Does Globalization Affect the Synchronization of Business Cycles?
Kose, M. Ayhan; Prasad, Eswar E.; Terrones, Marco E. - Institute for the Study of Labor (IZA) - 2003
This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of...
Persistent link: https://www.econbiz.de/10005762165
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Global Business Cycles: Convergence or Decoupling?
Kose, M. Ayhan; Otrok, Christopher; Prasad, Eswar - Institute for the Study of Labor (IZA) - 2008
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups – industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then...
Persistent link: https://www.econbiz.de/10005566406
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The Finnish Great Depression: From Russia with Love
Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L. - Institute for the Study of Labor (IZA) - 2009
During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the 1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union, because it induced a costly restructuring of the...
Persistent link: https://www.econbiz.de/10005566654