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作者：Liu, Haiyong; Mroz, Thomas; Adair, Linda
作者单位：Clemson University; University of North Carolina; East Carolina University; University of North Carolina; University of North Carolina Chapel Hill
摘要：A dynamic optimization model of parents choosing investments in their children's health motivates an empirical model of parents' choices of health inputs for their children and the impacts of these decisions on their children's subsequent health. Estimates of the child health input demand functions and the child health production functions from the Cebu Longitudinal Health and Nutrition Survey accord with the prediction that optimizing behavior results in higher levels of aggregate child healt...
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作者：Joyce, Joseph P.; Nabar, Malhar
作者单位：Wellesley College
摘要：We evaluate whether financial openness leaves emerging market economies vulnerable to the adverse effects of capital reversals (sudden stops) on domestic investment. We investigate this claim in a broad sample of emerging markets during the period 1976-2002. If the banking sector does not experience a systemic crisis, sudden stop events fail to have a significant impact on investment. Bank crises, on the other hand, have a significant negative effect on investment even in the absence of a cont...
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作者：Benigno, Pierpaolo
摘要：Recent studies have emphasized the role of valuation effects due to exchange rate movements in easing the process of adjustment of the external balance of a country. This paper asks to what extent valuation effects are desirable from a global perspective as a mean to achieve an efficient allocation of resources. In a frictionless world, it is desirable to have large movements in prices and exchange rates. But once a small degree of price rigidity is introduced not only should prices be stabili...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; University of British Columbia; University of St Andrews; University of St Andrews; Centre for Economic Policy Research - UK
摘要：Since the crises of the late 1990's, most emerging market economies have built up substantial positive holdings of US dollar treasury bills, while at the same time experiencing a boom in FDI capital inflows. This paper develops a DSGE model of the interaction between an emerging market economy and an advanced economy which incorporates two-way capital flows between the economies. The novel aspect of the paper is to make use of new methods for analyzing portfolio choice in DSGE models. We compa...
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作者：Mishkin, Frederic S.
作者单位：Federal Reserve System - USA
摘要：This paper argues that globalization is a key factor in stimulating institutional reforms in developing countries that promote financial development and economic growth. Advanced countries can help in this process by supporting the opening of their markets to goods and services from emerging-market countries. By encouraging these countries to increase their participation in global markets, advanced countries can create exactly the right incentives for developing countries to implement the refo...
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作者：Levchenko, Andrei A.; Ranciere, Romain; Thoenig, Mathias
作者单位：University of Michigan System; University of Michigan; University of Geneva
摘要：This paper analyzes the effects of financial liberalization on growth and volatility at the industry level in a large sample of countries. We estimate the impact of liberalization on production, employment, firm entry, capital accumulation, and productivity. In order to overcome omitted variables concerns, we employ a number of alternative difference-in-differences estimation strategies. We implement a propensity score matching algorithm to find a control group for each liberalizing country. I...
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作者：Kose, M. Ayhan; Prasad, Eswar S.; Terrones, Marco E.
作者单位：International Monetary Fund; Cornell University; Brookings Institution
摘要：In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. In this paper, we provide an empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international financial integration has affected the evolution of these patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near...
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作者：Carril, Paul E.; Ponce Jarrin, Juan
作者单位：George Washington University; FLACSO Ecuador
摘要：Many governments provide monetary transfers to low-income families. The mechanism through which these subsidies are distributed may contain several inefficiencies that diminish the net-value obtained by the recipients. In this paper, we build and estimate a behavioral dynamic model that allows us to evaluate the efficiency of current and alternative distribution mechanisms. The proposed model is simple and resembles the individual's decision to collect the transfer. To estimate it, we use data...
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作者：Kehoe, Timothy J.; Ruhl, Kim J.
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：A sudden stop of capital flows into a developing country tends to be followed by a rapid switch from trade deficits to surpluses, a depreciation of the real exchange rate, and decreases in output and total factor productivity. Substantial reallocation takes place from the nontraded sector to the traded sector. We construct a multisector growth model, calibrate it to the Mexican economy, and use it to analyze Mexico's 1994-95 crisis. When subjected to a sudden stop, the model accounts for the t...
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作者：Billger, Sherrilyn M.; Goel, Rajeev K.
作者单位：Illinois State University
摘要：We examine the determinants of corruption using recent cross-sectional data for nearly one hundred countries. While the causes of corruption have drawn economists' interest in recent years, our main contribution is to examine the corruption determinants throughout the conditional distribution of corruption across nations. Are there different causes of corruption in highly corrupt nations compared to the least corrupt countries? For instance, we examine whether greater democracy and more econom...
