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Reserve Requirements in the Brave New Macroprudential World

Cordella, Tito; Federico, Pablo; Végh, Carlos A.; … - 2014

Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool in developing countries. The appeal of reserve requirements lies in the pro-cyclical behavior of...

Persistent link: https://www.econbiz.de/10012573862

Placing Bank Supervision in the Central Bank : Implications for Financial Stability Based on Evidence from the Global Crisis

Melecký, Martin; Podpiera, Anca Maria - 2015

Although keeping bank supervision independent from macroprudential supervision may ensure more checks and balances, placing bank supervision in the central bank could exploit synergies with macroprudential supervision. This paper studies whether placing microprudential supervision of banks,...

Persistent link: https://www.econbiz.de/10012571807

How is the Slowdown Affecting Households in Latin America and the Caribbean?

Calvo-Gonzalez, Oscar; Castaneda, R. Andres; Farfan, … - 2017

This paper shows evidence that suggests the economic slowdown in Latin America and the Caribbean has already translated into slowing social gains, including decelerating poverty reduction, stagnating growth of the middle class, and lower income growth. The countries of South America outperformed...

Persistent link: https://www.econbiz.de/10012570611

Export Shocks and the Volatility of Returns to Schooling : Evidence from Twelve Latin American Economies

Lederman, Daniel; Rojas, Diego - 2014

This paper builds on previous studies to uncover evidence suggesting that cyclical fluctuations in returns to schooling are determined by fluctuations in foreign demand, which tend to be positively correlated with returns to schooling. The effect of export fluctuations (driven by changes in...

Persistent link: https://www.econbiz.de/10012572028

Evolving Wage Cyclicality in Latin America

Gambetti, Luca; Messina, Julián - 2014

A vector autoregression model with time-varying coefficients is used to examine the evolution of wage cyclicality in four Latin American economies: Brazil, Chile, Colombia and Mexico, during the period 1980-2010. Wages are highly pro-cyclical in all countries up to the mid-1990s except in Chile....

Persistent link: https://www.econbiz.de/10012572504

Output Fluctuations in Latin America : What Explains the Recent Slowdown?

Herrera Aguilera, Santiago; Perry, Guillermo; Quintero, … - 2000

The authors explain Latin America's growth slowdown in 1998-1999. To do so, they use two complementary methodologies. The first aims at determining how much of the slowdown can be explained by specific external factors: the terms of trade, international interest rates, spreads on external debt,...

Persistent link: https://www.econbiz.de/10012572746

Regime-Switching in Exchange Rate Policy and Balance Sheet Effects

Fiess, Norbert M.; Shankar, Rashmi - 2012

The authors apply regime-switching methods to a monetarist model of exchange rates and identify well-defined intervention policy cycles. The policy response indices include a standard exchange market pressure-based index and a model-based volatility ratio that is endogenized relative to Japan,...

Persistent link: https://www.econbiz.de/10012554106

The Global Trade Slowdown : Cyclical or Structural?

Constantinescu, Cristina; Mattoo, Aaditya; Ruta, Michele - 2015

This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses …

Persistent link: https://www.econbiz.de/10012572013

Bank Ownership and Credit over the Business Cycle : Is Lending by State Banks Less Procyclical?

Bertay, Ata Can; Demirguc-Kunt, Asli; Huizinga, Harry - 2012

This paper finds that lending by state banks is less procyclical than lending by private banks, especially in countries with good governance. Lending by state banks in high-income countries is even countercyclical. On the liability side, state banks expand potentially unstable non-deposit...

Persistent link: https://www.econbiz.de/10012572467

The Great Recession and the Future of Cities

Dethier, Jean-Jacques; Morrill, Curtis - 2012

This paper describes the serious fiscal crisis faced by cities around the world following the Great Recession of 2008 …. Section 1 summarizes how the crisis was triggered and how it unfolded in the US, then spread to the rest of world … and expenditure, and the stimulus programs and recovery plans devised as a short term response by cities around the world …

Persistent link: https://www.econbiz.de/10012572472