IMF Staff Papers, Volume 56, No. 4 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook IMF Staff Papers, Volume 56, No. 4 write by International Monetary Fund. Research Dept.. This book was released on 2009-11-04. IMF Staff Papers, Volume 56, No. 4 available in PDF, EPUB and Kindle. This paper empirically evaluates four types of costs that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises.
IMF Staff Papers, Volume 56, No. 3
IMF Staff Papers, Volume 56, No. 3 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook IMF Staff Papers, Volume 56, No. 3 write by International Monetary Fund. Research Dept.. This book was released on 2009-07-31. IMF Staff Papers, Volume 56, No. 3 available in PDF, EPUB and Kindle. Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.
IMF Staff Papers, Volume 56, No. 1
IMF Staff Papers, Volume 56, No. 1 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook IMF Staff Papers, Volume 56, No. 1 write by International Monetary Fund. Research Dept.. This book was released on 2009-06-01. IMF Staff Papers, Volume 56, No. 1 available in PDF, EPUB and Kindle. This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization. Contributors include Kenneth Rogoff, Maurice Obstfeld, Dani Rodrik, and Frederic S. Mishkin.
IMF Staff Papers, Volume 56, No. 2
IMF Staff Papers, Volume 56, No. 2 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook IMF Staff Papers, Volume 56, No. 2 write by International Monetary Fund. Research Dept.. This book was released on 2009-06-03. IMF Staff Papers, Volume 56, No. 2 available in PDF, EPUB and Kindle. China’s growth performance since the start of economic reforms in 1978 has been impressive, but the gains have not been distributed equally across provinces. We use a nonparametric approach to analyze the variation in labor productivity growth across China’s provinces. This approach imposes less structure on the data than the standard growth accounting framework and allows for a breakdown of labor productivity into efficiency gains, technological progress, and capital deepening. We have the following results. First, we find that on average capital deepening accounts for about 75 percent of total labor productivity growth, while efficiency and technological improvements account for about 7 and 18 percent, respectively. Second, technical change is not neutral. Third, whereas improvement in efficiency contributes to convergence in labor productivity between provinces, technical change contributes to productivity disparity across provinces. Finally, we find that foreign direct investment has a positive and significant effect on efficiency growth and technical progress.
Finance & Development, December 2019
Finance & Development, December 2019 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Finance & Development, December 2019 write by International Monetary Fund. Communications Department. This book was released on 2019-12-06. Finance & Development, December 2019 available in PDF, EPUB and Kindle. This issue of Finance & Development looks at the economic and financial impact of climate policy choices. It points to concrete solutions that offer growth opportunities, driven by technological innovation, sustainable investment, and a dynamic private sector. The private sector can stop supporting or subsidizing industries and activities that damage the planet and instead invest in sustainable development. Governments can roll out policies to fight climate change and the destruction of nature. The paper highlights that technological change and innovations are central to longer-term efforts to mitigate climate change by developing alternatives to fossil fuels. A new, sustainable financial system is under construction. It is funding the initiatives and innovations of the private sector and amplifying the effectiveness of governments’ climate policies—it could even accelerate the transition to a low-carbon economy. The Bank of England’s latest survey finds that almost three-quarters of banks are starting to treat the risks from climate change like other financial risks—rather than viewing them simply as a corporate social responsibility. Banks have begun to consider the most immediate physical risks to their business models—from the exposure of mortgage books to flood risk to the impact of extreme weather events on sovereign risk.
