Fiscal policy, default and emerging market business cycles
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 inthese 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 (2010)’s Bayesian encompassing ... to8Publicly accessible Penn DissertationsUniversity of Pennsylvania Year FISCAL POLICY, DEFAULT AND EMERGING MARKET BUSINESS CYCLES Omer K. ParmaksizUniversity of Pennsylvania, okp@econ.upenn.eduThis...
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WORKING PAPER SERIES NO. 303 / FEBRUARY 2004: FISCAL POLICY EVENTS AND INTEREST RATE SWAP SPREADS: EVIDENCE FROM THE EU pdf
... swap market, moreover,is one of the largest and most liquid financial markets in the world.17 It was among thefirst 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 largestfinancial markets in the world. The euro interest rate swap market has ... Germany and Portugal in February, and the Council’s decisionnot to issue such a warning was considered a lost opportunity to enforce the Stability and Growth Pact as the existing procedure of fiscal...
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Sumru G. Altuğ Business Cycles Fact, Fallacy and Fantasy (2009)
... 15:12 9in x 6in b808-ch012 Business Cycles: Fact, Fallacy and Fantasymeasurement 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 USeconomy. However, the European or euro area business ... business cycles has persisted to this day. The Norwegian economist Ragnar Frisch [95]developed the notions of impulse and propagation mechanisms for describing business cycles, and modeled business...
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monetary and fiscal policy in the ISLM model
... - 1Chapter 23Monetary and Fiscal Policyin the ISLM Model Copyright 2011 Pearson Canada Inc.23 - 10Response 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 - 19Money Supply and Interest Rate Targets When LM Curve is Unstable and ... 11Response of Aggregate Output and Interest Rate to Expansionary Fiscal Policy Copyright 2011 Pearson Canada Inc.23 - 12Effects from Factors That Shift the IS and LM Curves Copyright ...
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Tài liệu Central Bank Policy Rate Guidance and Financial Market Functioning∗ doc
... ECB, and Sveriges Riksbank, and two anonymous refereesfor helpful comments and discussions, and to Garry Tang for excellent researchassistance. 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 in light of the ... increases and decreases in implied volatility to beequal, a restriction accepted by the data.Central Bank Policy Rate Guidance and Financial Market Functioning∗Richhild Moessnera and William...
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Tài liệu Changes in Business Cycles: Evidence and Explanations ppt
... factors, such as bank runs and international monetary stringency.Changes in Business Cycles 35The Beneficial Effects of Postwar PolicyThe rise of aggregate demand management and other reforms have ... Phillips curve model of Samuelson and Solow—deserve considerableblame. Fiscal and monetary policymakers may have overexpanded simply because theydid not understand the trade-offs they faced. Finally, ... 1–19.Burns, Arthur F. and Wesley C. Mitchell. 1946.Measuring Business Cycles. New York: NBER.Calomiris, Charles W. and R. Glenn Hubbard.1989. “Price Flexibility, Credit Availability, and Economic Fluctuations:...
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Tài liệu Business Ethics: A MANUAL FOR MANAGING A RESPONSIBLE BUSINESS ENTERPRISE IN EMERGING MARKET ECONOMIES pptx
... Responsible Business EnterpriseResponsible Business Conduct in an Emerging Market Economy 3Evolution to a Market EconomyTr ansition to a Market EconomyThe Individual Business in an Emerging Market ... a market economy. Responsible Business Conduct in an Emerging Market Economy1•Evolution to a Market Economy• Transition to a Market Economy• The Individual Business in an Emerging Market ... find the right balance between emerging glob-al norms, values, and standards and local cultures, business practices, and community needs.7Businesses in emerging market economies face many challenges,...
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Monetary Policy Surprises and Interest Rates: Evidence from the Fed Funds Futures Market doc
... note and 14The opposite result is obtained by Roley and Sellon (1999), looking at one-day changes on FOMC17Monetary 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 thoseof the author, and not necessarily those ... between Fed actions and long-term interestrates appears much looser and more variable.” These studies did not distinguish betweenanticipated and unanticipated actions, however, and it turns out...
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When Credit Bites Back: Leverage, Business Cycles, and Crises pptx
... GDP per capita grew at ayearly rate of 3.7% and 4.8% (before and after World War I) during expansions, and real loansper capita at a rate of 4.4% and 1.5% respectively; that is, real GDP per ... happen duringdownturns 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 RecessionWith our business cycle dating ... 1, and the output path is still below zero in years 2 and 3. The differencesbetween these paths in years 1 to 3 is statistically significant. But in years 4 and 5 that is nolonger the case, and...
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Emerging Market Liberalization and the Impact on Uncovered Interest Rate Parity potx
... 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 in the world capital market, ... of liberalization on theintegration of emerging markets capital markets into world financial markets are confined to equity markets,ignoring currency markets that arguably are more important...
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