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The Location of Domestic and Foreign Production Affiliates by French Multinational Firms

Méjean, Isabelle; Mayer, Thierry; Nefussi, Benjamin - International Monetary Fund (IMF) - 2010

Economists interested in location choices usually focus their attention on investments abroad. This neglects the fact that multinational enterprises continue to invest domestically while undertaking foreign expansion. This paper compares investments at home and abroad. Our firm-level dataset...

Persistent link: https://www.econbiz.de/10011242345

Credit Growth and Bank Soundness; Fast and Furious?

Igan, Deniz; Pinheiro, Marcelo - International Monetary Fund (IMF) - 2011

We examine the risks to bank soundness associated with credit booms in a large set of countries. Using bank-level data in 90 countries between 1995 and 2005, we analyze the relationship between credit growth and bank soundness taking into account the potential two-way causality. We find that,...

Persistent link: https://www.econbiz.de/10009370547

Slowdown of Credit Flows in Jordan in the Wake of the Global Financial Crisis; Supply or Demand Driven?

Poghosyan, Tigran - International Monetary Fund (IMF) - 2010

This paper estimates a disequilibrium model of credit supply and demand to evaluate the relative role of these factors in the slowdown of credit flows in the Jordanian economy in the wake of the global financial crisis. The empirical analysis suggests that the credit stagnation is mainly driven...

Persistent link: https://www.econbiz.de/10008727793

On the Estimation of Term Structure Models and An Application to the United States

International Monetary Fund (IMF); International … - 2010

This paper discusses the estimation of models of the term structure of interest rates. After reviewing the term structure models, specifically the Nelson-Siegel Model and Affine Term- Structure Model, this paper estimates the terms structure of Treasury bond yields for the United States with...

Persistent link: https://www.econbiz.de/10008727797

Structural Breaks in Fiscal Performance; Did Fiscal Responsibility Laws Have Anything to Do with them?

Medina, Leandro; Caceres, Carlos; Corbacho, Ana - International Monetary Fund (IMF) - 2010

In recent years, many countries have adopted Fiscal Responsibility Laws to strengthen fiscal institutions and promote fiscal discipline in a credible, predictable and transparent manner. Still, results on the effectiveness of these laws remain tentative. In this paper, we test empirically...

Persistent link: https://www.econbiz.de/10008727801

Deconstructing the International Business Cycle; Why Does a U.S. Sneeze Give the Rest of the World a Cold?

International Monetary Fund (IMF); International … - 2010

The 2008 crisis underscored the interconnectedness of the international business cycle, with U.S. shocks leading to the largest global slowdown since the 1930s. We estimate spillover effects across major advanced country regions in a structural VAR (SVAR) using pre-crisis data. Our new method...

Persistent link: https://www.econbiz.de/10008727802

The Missing Link Between Financial Constraints and Productivity

Badia, Marialuz Moreno; Slootmaekers, Veerle - International Monetary Fund (IMF) - 2009

the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of …

Persistent link: https://www.econbiz.de/10004999959

Limited Information Bayesian Model Averaging for Dynamic Panels with Short Time Periods

Mirestean, Alin; Tsangarides, Charalambos G.; Chen, Huigang - International Monetary Fund (IMF) - 2009

appear as regressors. We propose a Limited Information Bayesian Model Averaging (LIBMA) methodology and then test it using … simulated data. Simulation results suggest that asymptotically our methodology performs well both in Bayesian model selection … our methodology is well suited for inference in dynamic panel data models with short time periods in the presence of …

Persistent link: https://www.econbiz.de/10004999975

Government Spending, Legislature Size, and the Executive Veto

Baqir, Reza - International Monetary Fund (IMF) - 2001

Recent work on the political economy of fiscal policy has asked how budgetary institutions affect fiscal outcomes. But what determines the budgetary institutions? In this paper I consider one such institution: the executive veto. A simple theoretical framework predicts that jurisdictions with...

Persistent link: https://www.econbiz.de/10005768732

Autocorrelation-Corrected Standard Errors in Panel Probits; An Application to Currency Crisis Prediction

Berg, Andrew; Coke, Rebecca N. - International Monetary Fund (IMF) - 2004

Many estimates of early-warning-system (EWS) models of currency crisis have reported incorrect standard errors because of serial correlation in the context of panel probit regressions. This paper documents the magnitude of the problem, proposes and tests a solution, and applies it to previously...

Persistent link: https://www.econbiz.de/10005768958