-
作者：Catao, Luis A. V.; Fostel, Ana; Kapur, Sandeep
作者单位：International Monetary Fund; George Washington University; University of London; Inter-American Development Bank
摘要：We show how vicious circles in countries' credit histories arise in a model where output persistence is coupled with asymmetric information about output shocks. In such an environment, default signals the borrower's vulnerability to adverse shocks and creates a pessimistic growth outlook. This translates into higher interest spreads and debt servicing costs relative to income, raising the cost of future repayments, thereby creating default traps. We build a long and broad cross-country dataset...
-
作者：Turnovsky, Stephen J.; Basher, Md. A.
作者单位：University of Washington; University of Washington Seattle; Willamette University
摘要：This paper develops a two-sector model of a developing economy and examines the role of the informal sector in limiting the government's ability to increase tax revenues. A key feature is the introduction of auditing of the informal sector and degree of tax enforcement in that sector. We emphasize the interdependence between tax policy and enforcement in achieving a developing economy's fiscal objectives and show that by judicious policy choices the presence of the informal sector need not hin...
-
作者：Robertson, Raymond; Kumar, Anil; Dutkowsky, Donald H.
作者单位：Macalester College; Federal Reserve System - USA; Federal Reserve Bank - Dallas; Syracuse University
摘要：This paper investigates long-run Purchasing Power Parity (PPP) between the US and Mexico. We use a panel of disaggregated price data between the US and Mexico with a long time series to look at two types of aggregation bias. The first is examined in Imbs et al. - which we refer to as estimator aggregation bias - and the second is put forth by Broda and Weinstein - hereafter, data aggregation bias. The findings indicate substantial estimator aggregation bias and data aggregation bias. Although ...
-
作者：Noy, Ilan
作者单位：University of Hawaii System; University of Hawaii Manoa
摘要：Natural disasters have a statistically observable adverse impact on the macro-economy in the short-run and costlier events lead to more pronounced slowdowns in production. Yet, interestingly, developing countries, and smaller economies, face much larger output declines following a disaster of similar relative magnitude than do developed countries or bigger economics. A close study of the determinants of these adverse macroeconomic output costs reveals several interesting patterns. Countries wi...
-
作者：Demir, Firat
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：Using firm level panel data, we analyze the impacts of rates of return gap between financial and fixed investments under uncertainty on real investment performance in three emerging markets, Argentina, Mexico and Turkey. Employing a portfolio choice model to explain the low fixed investment rates in developing countries during the 1990s, we suggest that rather than investing in irreversible long-term fixed investments, firms may choose to invest in reversible short-term financial investments d...
-
作者：Hidalgo Cabrillana, Ana
作者单位：Universidad Carlos III de Madrid
摘要：In this paper, capital market imperfections are endogenized considering an adverse selection problem between banks and borrowers. We develop a growth model with linear OLG wealth dynamics, where agents are heterogeneous in terms of observable wealth and ability, which is private information. We show that banks react to this informational asymmetry by granting higher loans to talented borrowers. This, in turn, helps poor and talented agents to become educated and catch up with the rich agents. ...
-
作者：Malik, Adeel; Temple, Jonathan R. W.
作者单位：University of Bristol; University of Oxford; University of Oxford
摘要：This paper examines the structural determinants of output volatility in developing countries, and especially the roles of geography and institutions. We investigate the volatility effects of market access, climate variability, the geographic predisposition to trade, and various measures of institutional quality. We find an especially important role for market access: remote countries are more likely to have undiversified exports and to experience greater volatility in output growth. Our result...
-
作者：Frensch, Richard; Wittich, Vitalija Gaucaite
作者单位：University of Regensburg; University of Regensburg
摘要：Motivated by growth models based on the variety of capital goods, recent empirical studies have established links between productivity and several trade-based measures of product variety, carrying the implication that these measures may represent technology. We study this implication by explicitly proposing the variety of capital goods available for production as a direct measure of the state of technology. Within a simple growth and development framework, we derive a 'conditional technologica...
-
作者：Ito, Takahiro
作者单位：Hitotsubashi University
摘要：This paper is in empirical attempt to quantify caste-based discrimination in the labor market using household data taken from rural North India. In the regression analysis, transaction costs associated with entry into the labor market and reservation wages are estimated simultaneously along with market wages. The estimation results provide evidence of the existence of transaction costs in the labor market and discrimination against backward classes with regard to access to regular employment. ...
-
作者：Di Maria, Corrado; Stryszowski, Piotr
作者单位：University College Dublin; Organisation for Economic Co-operation & Development (OECD)
摘要：We study how the possibility of migration changes the composition of human capital in sending countries, and how this affects development. In our model, growth is driven by productivity growth, which occurs via imitation or innovation. Both activities use the same types of skilled labour as input, albeit with different intensities. Heterogenous agents accumulate skills in response to economic incentives. Migration distorts these incentives, and the accumulation of human capital. This slows dow...
