Macroeconomic Fluctuations in Developing Countries PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Macroeconomic Fluctuations in Developing Countries PDF full book. Access full book title Macroeconomic Fluctuations in Developing Countries by Mr.Eswar Prasad. Download full books in PDF and EPUB format.
Author: Mr.Eswar Prasad
Publisher: International Monetary Fund
ISBN: 1451845332
Category : Business & Economics
Languages : en
Pages : 46
Get Book Here
Book Description
This paper documents the main stylized features of macroeconomic fluctuations for 12 developing countries. Cross-correlations between domestic industrial output and a large group of macroeconomic variables (including fiscal variables, wages, inflation, money, credit, trade, and exchange rates) are presented. Also analyzed are the effects of industrial country economic conditions on output fluctuations in these countries. The robustness of the results is examined using different detrending procedures. The results indicate many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages; countercyclical variation in government expenditure) and some important differences (countercyclical variation in the velocity of monetary aggregates).
Author: Mr.Eswar Prasad
Publisher: International Monetary Fund
ISBN: 1451845332
Category : Business & Economics
Languages : en
Pages : 46
Get Book Here
Book Description
This paper documents the main stylized features of macroeconomic fluctuations for 12 developing countries. Cross-correlations between domestic industrial output and a large group of macroeconomic variables (including fiscal variables, wages, inflation, money, credit, trade, and exchange rates) are presented. Also analyzed are the effects of industrial country economic conditions on output fluctuations in these countries. The robustness of the results is examined using different detrending procedures. The results indicate many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages; countercyclical variation in government expenditure) and some important differences (countercyclical variation in the velocity of monetary aggregates).
Author: Mr.Alexander W. Hoffmaister
Publisher: International Monetary Fund
ISBN: 1451922124
Category : Business & Economics
Languages : en
Pages : 42
Get Book Here
Book Description
This paper studies the sources of macroeconomic fluctuations in developing countries using a structural VAR approach. Identification of the sources is achieved using long-run restrictions derived from a theoretical model of a small open economy encompassing a large number of macroeconomic paradigms; the short-run dynamics are unrestricted. This framework is applied to Brazil and Korea. The results confirm that supply shocks are the main source of GDP fluctuations, even in the short run. Aggregate demand shocks are shown to be important in the short run in Brazil, but not in Korea. External shocks explain a small fraction of the variance of output, whereas the real exchange rate is driven mainly by fiscal shocks. Nominal shocks appear to have little impact on output and the real exchange rate.
Author: Mr.Alexander W. Hoffmaister
Publisher: International Monetary Fund
ISBN: 1451954743
Category : Business & Economics
Languages : en
Pages : 31
Get Book Here
Book Description
The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.
Author: Pierre-Richard Agénor
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 0
Get Book Here
Book Description
Author: Alexander W. Hoffmaister
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Get Book Here
Book Description
This paper studies the sources of macroeconomic fluctuations in developing countries using a structural VAR approach. Identification of the sources is achieved using long-run restrictions derived from a theoretical model of a small open economy encompassing a large number of macroeconomic paradigms; the short-run dynamics are unrestricted. This framework is applied to Brazil and Korea. The results confirm that supply shocks are the main source of GDP fluctuations, even in the short run. Aggregate demand shocks are shown to be important in the short run in Brazil, but not in Korea. External shocks explain a small fraction of the variance of output, whereas the real exchange rate is driven mainly by fiscal shocks. Nominal shocks appear to have little impact on output and the real exchange rate.
Author: Ahmed R. El-Safty
Publisher:
ISBN:
Category : Egypt
Languages : en
Pages : 246
Get Book Here
Book Description
Author: Pierre-Richard Agénor
Publisher: International Monetary Fund
ISBN: 1451923236
Category : Business & Economics
Languages : en
Pages : 44
Get Book Here
Book Description
The paper develops and tests a model of a developing economy that incorporates trade and capital restrictions, illegal transactions, a parallel foreign exchange market, currency substitution features, and forward-looking rational expectations. Temporary expansionary demand policies are associated with an increase in output and prices, a fall in the stock of net foreign assets, and a depreciation of the parallel exchange rate. The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the premium.
Author: Mr.Enrique G. Mendoza
Publisher: International Monetary Fund
ISBN: 1451852061
Category : Business & Economics
Languages : en
Pages : 61
Get Book Here
Book Description
A three-good, stochastic intertemporal equilibrium model of a small open economy is used to examine the link between terms of trade and business cycles. Equilibrium co-movements of model economies representing industrial and developing countries are computed and compared with the stylized facts of 30 countries. The results show that terms-of-trade shocks account for half of observed output variability and that the model mimics the Harberger-Laursen-Metzler effect and produces large deviations from purchasing power parity. The elasticity of substitution between tradable and nontradable goods and the persistence of the shocks play a key role in producing these results.
Author: Romain Houssa
Publisher: International Monetary Fund
ISBN: 1498310141
Category : Business & Economics
Languages : en
Pages : 34
Get Book Here
Book Description
We examine the role of global and domestic shocks in driving macroeconomic fluctuations for Ghana. We are able to study the impact of exogenous shocks including productivity, credit supply, and commodity price shocks. We identify the shocks with a combination of sign and recursive restrictions within Bayesian VAR models. As a benchmark we provide results for South Africa to document the difference between two economies with similar structures but different levels of development. We find that global shocks play a more dominant role in South Africa than in Ghana. These shocks operate through three channels: trade, credit and commodity prices.
Author: Mr.Ayhan Kose
Publisher: International Monetary Fund
ISBN: 1451875878
Category : Business & Economics
Languages : en
Pages : 39
Get Book Here
Book Description
This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of business cycle fluctuations and a slight increase in the degree of cyclical comovement among industrialized countries over time. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their corresponding world aggregates.
