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Fiscal and monetary policies and the cost of sudden stops
Hutchison, Michael M.; Noy, Ilan; Wang, Lidan - 2007
This article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop" in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003...
Persistent link: https://www.econbiz.de/10010285311
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Growth, Convergence and EU Membership
Cuaresma, Jesus Crespo; Dimitz, Maria Antoinette; … - 2002
present study suggests an asymmetric, convergence-stimulating impact of EU membership on long-term growth. …
Persistent link: https://www.econbiz.de/10013369979
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Globalization and the sustainability of large current account imbalances: Size matters
Aizenman, Joshua; Sun, Yi - 2007
This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...
Persistent link: https://www.econbiz.de/10010285339
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The financial crisis and sizable international reserves depletion: From "fear of floating" to the "fear of losing international reserves"?
Aizenman, Joshua; Sun, Yi - 2009
This paper studies the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs relied on depleting their international reserves as part...
Persistent link: https://www.econbiz.de/10010287786
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The financial crisis and sizable international reserves depletion: From "fear of floating" to the "fear of losing international reserves"?
Aizenman, Joshua; Sun, Yi - 2009
This paper studies the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs relied on depleting their international reserves as part...
Persistent link: https://www.econbiz.de/10010288129
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Hobbes and the political economy of power
Wittman, Donald - 2006
This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...
Persistent link: https://www.econbiz.de/10010322714
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Die Deutsche Wiedervereinigung und die europäische Schuldenkrise im Lichte der Theorie optimaler Währungsräume
Schnabl, Gunther; Zemanek, Holger - 2011
Der Beitrag analysiert die inner-europäischen Leistungsbilanzungleichgewichte auf der Grundlage der Theorie der optimalen Währungsräume. Wir zeigen, dass die deutsche Wiedervereinigung nicht nur zur EWS-Krise 1992/93 führte, sondern auch der Ursprung der derzeitigen europäischen...
Persistent link: https://www.econbiz.de/10010305581
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Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Druedahl, Jeppe; Martinello, Alessandro - 2017
Long-run saving dynamics are a crucial component of consumption-saving behavior. This paper makes two contributions to … the consumption literature. First, we exploit inheritance episodes to provide novel causal evidence on the long … after a decade. These dynamics are qualitatively consistent with convergence to a buffer-stock target. Second, we analyze …
Persistent link: https://www.econbiz.de/10013208751
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007
We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...
Persistent link: https://www.econbiz.de/10010292101
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Identifying the depreciation rate of durables from marginal spending responses
Cao, Jin; Cui, Chao; Dinger, Valeriya; Holm, Martin Blomhoff - 2022
This paper presents a novel method to estimate the depreciation rate of durable goods using a combination of identified marginal and average spending shares. We apply our method to Chinese spending responses to disposable income changes induced by monetary policy in 2008-2009. The marginal...
Persistent link: https://www.econbiz.de/10013373831