Fiscal policy, default and emerging market business cycles

... investigate and understand the dynamics and linkage between emerging market business cycles and the conduct of fiscal policy in these small open economies. Developing open economy business cycle ... a good job replicating observed emerging market business cycles. Aguiar and Gopinath (2006b) report similar findings and among other candidates Chang and Fern´andez (201...

Ngày tải lên: 01/06/2014, 14:00

... swap market, moreover, is one of the largest and most liquid financial markets in the world. 17 It was among the first financial markets to become integrated following European monetary union, and quickly ... principal outstanding, over-the- counter markets for euro and US dollar denominated interest rate derivatives are the largest financial markets in the world. The euro interest ra...

Ngày tải lên: 22/03/2014, 23:20

... 15:12 9in x 6in b808-ch01 2 Business Cycles: Fact, Fallacy and Fantasy measurement and identification of business cycles. During this time, Burns and Mitchell [50] and researchers at the National ... dating business cycles and present the basic facts regarding business cycles. Much of the early work on business cycles was implemented for the US economy. However, the...

Ngày tải lên: 09/12/2013, 10:56

... - 1 Chapter 23 Monetary and Fiscal Policy in the ISLM Model Copyright  2011 Pearson Canada Inc. 23 - 10 Response to a Change in Fiscal Policy II • The excess demand for money pushes the ... and Interest Rate Targets When IS Curve is Unstable and LM Curve is Stable Copyright  2011 Pearson Canada Inc. 23 - 19 Money Supply and Interest Rate Targets When LM Curve is Unstabl...

Ngày tải lên: 05/01/2014, 17:00

... ECB, and Sveriges Riksbank, and two anonymous referees for helpful comments and discussions, and to Garry Tang for excellent research assistance. The views expressed are those of the authors and ... may impair financial -market functioning. We look for evidence of such impairment by exam- ining the behavior of financial markets in the United States, the euro area, and New Zealand i...

Ngày tải lên: 17/02/2014, 03:20

... factors, such as bank runs and international monetary stringency. Changes in Business Cycles 35 The Beneficial Effects of Postwar Policy The rise of aggregate demand management and other reforms have ... Phillips curve model of Samuelson and Solow—deserve considerable blame. Fiscal and monetary policymakers may have overexpanded simply because they did not understand the trade-of...

Ngày tải lên: 17/02/2014, 21:20

... Responsible Business Enterprise Responsible Business Conduct in an Emerging Market Economy 3 Evolution to a Market Economy Tr ansition to a Market Economy The Individual Business in an Emerging Market ... a market economy. Responsible Business Conduct in an Emerging Market Economy 1 •Evolution to a Market Economy • Transition to a Market Economy • The Individu...

Ngày tải lên: 18/02/2014, 00:20

... note and 14 The opposite result is obtained by Roley and Sellon (1999), looking at one-day changes on FOMC 17 Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market Kenneth ... Mike Fleming, Jim Moser, and Vance Roley for their comments, and to Mike Anderson for excellent research assistance. The views expressed here are soley those of the author,...

Ngày tải lên: 06/03/2014, 02:21

... GDP per capita grew at a yearly rate of 3.7% and 4.8% (before and after World War I) during expansions, and real loans per capita at a rate of 4.4% and 1.5% respectively; that is, real GDP per ... happen during downturns and to answer that question in detail, we now focus on recessions and recoveries. 3 The Credit in the Boom and the Severity of the Recession With our business...

Ngày tải lên: 06/03/2014, 08:20

... results for emerging market equity returns (see for e.g., Bekaert and Harvey (1995, 2000), Henry (2000)) emerging market currency returns are characterized by high volatility with standard deviations ... and 1990s (Altig and Humpage (1999)). The significant positive market and size betas in the second sub-period indicate that Chile’s currency market is not integrated...

Ngày tải lên: 06/03/2014, 14:20