Search Results

Showing results 1 to 10 of approximately 23.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Ahmed, Shaghil 

Discussion Paper
The Impact of COVID-19 on Emerging Market Economies' Financial Conditions

The emerging market economies (EMEs) – and the lower-income developing economies to an even greater extent – generally are extremely vulnerable to the COVID-19 pandemic. Many EMEs have weak public health systems, poor and financially vulnerable populations, inadequate social safety nets, limited monetary and especially fiscal policy space, and high exposure to global trade and commodity prices.
FEDS Notes , Paper 2020-10-07-1

Journal Article
Does money affect output?

Business Review , Issue Jul , Pages 13-28

Working Paper
Sources of economic fluctuations in Latin America and implications for choice of exchange rate regimes

This paper studies the sources of economic fluctuations in three key Latin American countries (Argentina, Brazil, and Mexico) using a dynamic panel model, distinguishing between external and domestic shocks. The primary motivation is to examine the implications for the choice of monetary and exchange rate regimes, including dollarization. The results do not provide a strong, clear case in favor of a particular policy choice. On the one hand, foreign output shocks, including those of the U.S., appear to have a quite limited role in driving output fluctuations in these Latin countries; this ...
International Finance Discussion Papers , Paper 656

Working Paper
Government budget deficits and trade deficits: are present value constraints satisfied in long-term data?

We undertake tests of whether long term data from the U.S. and U.K. are consistent with the intertemporal government budget constraint and the intertemporal external borrowing constraint being satisfied in expected value terms, both individually and simultaneously. An historical perspective is appropriate for focusing on whether the present value constraints (PVCs) continue to hold in the face of unusual events, such as the outbreak of wars, that cause a structural break in the short-run dynamic behavior of the variables. This provides a very strong test of whether intertemporal budget ...
International Finance Discussion Papers , Paper 494

Working Paper
International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?

We assess the importance of economic fundamentals in the transmission of international shocks to financial markets in various emerging market economies (EMEs). Our analysis covers the so-called taper-tantrum episode of 2013 and six earlier episodes of severe EME-wide financial stress since the mid-1990s. Cross-country regressions lead us to the following results: (1) EMEs with relatively better economic fundamentals suffered less deterioration in financial markets during the 2013 taper-tantrum episode. (2) Differentiation among EMEs set in quite early and persisted throughout this episode. ...
International Finance Discussion Papers , Paper 1135

Working Paper
The importance of the tax system in determining the marginal cost of funds

Working Papers , Paper 92-15

Working Paper
Inflation and the great ratios: long-term evidence from the U.S.

Using over 100 years of U.S. data, we find that the long-run effects of inflation on consumption, investment, and output are positive. Thus, models generating long-term negative effects of inflation on output and consumption (including endogenous growth and RBC models with money) seem to be at odds with data from the moderate inflation rate environment we consider. Also, great ratios like the consumption and investment rates are not independent of inflation, which we interpret in terms of the Fisher effect. However, in the full sample, the variability of the stochastic inflation trend is ...
International Finance Discussion Papers , Paper 628

Working Paper
Are depreciations as contractionary as devaluations? A comparison of selected emerging and industrial economies

According to conventional models, flexible exchange rates play an equilibrating role in open economies, depreciating in response to adverse shocks, boosting net exports, and stimulating aggregate demand. However, critics argue that, at least in developing countries, devaluations are more contractionary and more inflationary than conventional theories would predict. Yet, it is not clear whether devaluations per se have led to adverse outcomes, or rather the disruptive abandonments of pegged exchange-rate regimes associated with devaluations. To explore this hypothesis, we estimate VAR models ...
International Finance Discussion Papers , Paper 737

Working Paper
The role of China in Asia: engine, conduit, or steamroller?

This paper assesses China's role in Asia as an independent engine of growth, as a conduit of demand from the industrial countries, and as a competitor for export markets. We provide both macroeconomic and microeconomic evidence. The macroeconomic analysis focuses on the impact of U.S. and Chinese demand on the output of the Asian economies by estimating growth comovements and VARs. The results suggest an increasing role of China as an independent source of growth. The microeconomic analysis decomposes trade into basic products, parts and components, and finished goods. We find a large role ...
International Finance Discussion Papers , Paper 904

Working Paper
The importance of the tax system in determining the marginal cost of funds

Working Papers , Paper 94-7

FILTER BY year

FILTER BY Content Type

FILTER BY Jel Classification

F30 2 items

E50 1 items

E52 1 items

E60 1 items

F31 1 items

F32 1 items

show more (3)

FILTER BY Keywords

PREVIOUS / NEXT