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Business Cycle Accounting Of The Bric Economies
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Book Synopsis Business Cycle Accounting of the Bric Economies by : Suparna Chakraborty
Download or read book Business Cycle Accounting of the Bric Economies written by Suparna Chakraborty and published by . This book was released on 2015 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: We apply the Business Cycle Accounting methodology developed by Chari, Kehoe and McGrattan (2007) to study the economic resurgence of Brazil, Russia, India and China (BRIC) over the last decade. We document that while efficiency wedges do contribute in a large part to growth, especially in Brazil and Russia, there is an increasing importance of investment wedges especially in the late 2000s, noted in China and India. The results are typically related to the stages of development with Brazil and Russia coming off a crisis to grow in the 2000s, while India and China were on a comparatively stable growth path. Relating wedge patterns to institutional and financial reforms, we ጿind that financial market developments and effective governance in BRICs in the last decade are consistent with improvements in investment and efficiency wedges that led to growth.
Book Synopsis Business Cycles in BRICS by : Sergey Smirnov
Download or read book Business Cycles in BRICS written by Sergey Smirnov and published by Springer. This book was released on 2018-08-15 with total page 505 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume focuses on the analysis and measurement of business cycles in Brazil, Russia, India, China and South Africa (BRICS). Divided into five parts, it begins with an overview of the main concepts and problems involved in monitoring and forecasting business cycles. Then it highlights the role of BRICS in the global economy and explores the interrelatedness of business cycles within BRICS. In turn, part two provides studies on the historical development of business cycles in the individual BRICS countries and describes the driving forces behind those cycles. Parts three and four present national business tendency surveys and composite cyclical indices for real-time monitoring and forecasting of various BRICS economies, while the final part discusses how the lessons learned in the BRICS countries can be used for the analysis of business cycles and their socio-political consequences in other emerging countries.
Book Synopsis The Birth of the Business Cycle (RLE: Business Cycles) by : Philip E. Mirowski
Download or read book The Birth of the Business Cycle (RLE: Business Cycles) written by Philip E. Mirowski and published by Routledge. This book was released on 2015-03-27 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussing economic theory and English economic history from the eighteenth century until the late 1970s this volume discusses among other things fixed capital and problems with the definition of the premodern economy as well as providing a chronology of 18th century business cycles.
Book Synopsis Accounting for Business Cycle Regularities in Emerging Economies by : Hong K. Bahng
Download or read book Accounting for Business Cycle Regularities in Emerging Economies written by Hong K. Bahng and published by . This book was released on 2013 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Chapter 1 documents empirical regularities of emerging economies over the business cycle. Business cycle regularities in emerging economies display distinct features when compared to developed economies. While labor is consistently less volatile, the labor wedge is prevalent and volatile as in developed economies. Furthermore, the interest rates households face are quite different from the ones firms face. Data shows that households face rates which are less volatile. I argue that these empirical observations are difficult to reconcile with the previously explored frameworks in the literature. Chapter 2 develops an economic model to account for business cycle regularities in emerging economies. The model involves three modifications to an otherwise standard small open economy real business cycle model. Preferences are Cobb-Douglas, firms are subject to a working capital friction, and, more importantly, firms and households face differentiated interest rate shocks. The novel feature is the presence of a wedge between the two different interest rates. While the interest rate for firms shifts labor demand via the working capital channel, the rate for households induces countering labor supply responses via Cobb-Douglas preferences. Accordingly, the overall labor response depends on the size of the wedge between the two interest rates. The model replicates the level of labor volatility observed in emerging economies. Model calibration demonstrates that the differentiated interest rates play a critical role in delivering these results. Chapter 3 documents the positive comovement of saving and investment for emerging economies over the business cycle. The model developed in Chapter 2 delivers this correlation while accounting for other key moments. With Cobb-Douglas preferences, the dampened volatility of interest rates for households allows the TFP shock to play a larger role on their saving behavior. Coincidentally, the change in the response of labor from interest rate shocks that households face, extensively argued in Chapter 2, is key in generating this result. Consequently, by devising the TFP shock to be a sizable driving force behind both saving and investment, the model delivers a positive correlation between the two variables"--Pages v-vi.
Book Synopsis Growth and Transformation of Emerging Powers by : Yao Ouyang
Download or read book Growth and Transformation of Emerging Powers written by Yao Ouyang and published by Springer Nature. This book was released on 2019-11-08 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a quantitative and qualitative look at the much-discussed BRICS—Brazil, Russia, India, China and South Africa—and explores how their economic ascent might cause global economic realignments in the 21st century. Providing a Chinese perspective on how the global realignment might impact strategic choices and a data-driven approach to the similarities and differences within the so-called BRICS group, this book will be of great interest to economists, international banking professionals, and political forecasters.
Book Synopsis What Is the Medium-Term Impact of the Bric Countries? by : Mercedes Sobrino Salvá
Download or read book What Is the Medium-Term Impact of the Bric Countries? written by Mercedes Sobrino Salvá and published by GRIN Verlag. This book was released on 2011-04 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2011 in the subject Business economics - Business Management, Corporate Governance, grade: 2:1, Oxford Brookes University, language: English, abstract: The reason for this theme is based on a series of studies that began in 2001 with the Goldman Sachs (GS) Global Economic Teams and their document Dreaming with BRICs: The Path to 2050, which developed the BRIC hypothesis that groups together Brazil, Russia, India and China. Its relevance is based on the fact that the rise of the BRIC economies has been one of the major economic changes over the past few decades, and the fact that the BRICs are predicted by many to become the leading economies by 2050. However, these countries are predicted to be poorer on average than the G6 in per capita terms. The first step of the current dissertation was to conduct a macro-environmental analysis with the purpose of investigating the future prospects of the BRICs, and, therefore, the socio-economic challenges that are believed to be actual and future constraints for the BRICs' sustainable growth. As a result, it can be concluded that Brazil's growth may not be sustainable unless there is a long-term financial shift; Russia's growth sustainability requires an increase in population; India's growth seems sustainable, yet the uneducated population might have negative effects at some point by 2050; and China's growth is not likely to decline by 2020, but the socioeconomic challenges it faces might start to have an effect by 2030, meaning its growth rate might not be as robust as is now by 2050. This study is also based on an economic model developed by the researcher, with the objective of investigating the BRICs' prospects in GDP per capita terms, whose initial findings were analysed considering GS's and PricewaterhouseCoopers' (PwC) studies. As a result of this study, the BRICs are projected not to be the leader economies in per capita terms by 2050. However, considering that the long term and uncerta
Book Synopsis Business Cycles by : Wesley Clair Mitchell
Download or read book Business Cycles written by Wesley Clair Mitchell and published by . This book was released on 1970 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Frontiers of Business Cycle Research by : Thomas F. Cooley
Download or read book Frontiers of Business Cycle Research written by Thomas F. Cooley and published by Princeton University Press. This book was released on 1995-02-26 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting advances in dynamic economic theory and computational methods, it applies concepts to t
Book Synopsis On the Exposure of the BRIC Countries to Global Economic Shocks by : Ansgar Belke
Download or read book On the Exposure of the BRIC Countries to Global Economic Shocks written by Ansgar Belke and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Exposure of the BRIC Countries to Global Economic Shocks by : Ansgar Hubertus Belke
Download or read book On the Exposure of the BRIC Countries to Global Economic Shocks written by Ansgar Hubertus Belke and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis led to a deep recession in many industrial countries. While large emerging countries recovered relatively quickly from the financial crisis, their performance deteriorated in the last years, despite the modest recovery in advanced economies. The higher divergence of business cycles is closely linked to the Chinese transformation. During the crisis, the Chinese fiscal stimulus prevented a decline in GDP growth not only in that country, but also in resource-rich economies. The Chinese shift to consumption-driven growth led to a decline in commodity demand, and the environment became more challenging for many emerging markets. This view is supported by Bayesian VARs specified for the BRIC (Brazil, Russia, India, and China) countries. The results reveal a strong impact of international variables on GDP growth. In contrast to the other countries, China plays a crucial role in determining global trade and oil prices. Hence, the change in the Chinese growth strategy puts additional reform pressure on countries with abundant natural resources.
Book Synopsis International Business Cycle Accounting by : Keisuke Otsu
Download or read book International Business Cycle Accounting written by Keisuke Otsu and published by . This book was released on 2009 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this paper, I extend the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a two-country international business cycle model and quantify the effect of the disturbances in relevant markets on the business cycle correlation between Japan and the US over the 1980-2008 period. This paper finds that disturbances in the labor market and production efficiency are important in accounting for the recent increase in the cross-country output correlation. If international financial market integration is important for considering the recent increase in cross-country output correlation, it must operate through an increase in the cross-country correlation of disturbances in the labor market and production efficiency, and not in the domestic investment market."--Author's abstract.
Book Synopsis Economic Cycles by : Solomos Solomou
Download or read book Economic Cycles written by Solomos Solomou and published by Manchester University Press. This book was released on 1998 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ups and downs of booms and slumps, often referred to as business cycles, are features of all modern economies. This book considers business cycles over three epochs 1870-1913, 1919-1938 and the post-World War II period. It provides an analysis of the key macroeconomic questions relating to economic fluctuations. Why are the ups and down more volatile in some epochs than others? Why are some business cycle shocks more persistent in their effects? Is there an international business cycle? Can present business cycle features predict future patterns? What impact will institutional changes, such as EMU have on future fluctuations?
Book Synopsis Accounting for Business Cycles by : Pedro Brinca
Download or read book Accounting for Business Cycles written by Pedro Brinca and published by . This book was released on 2016 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We elaborate on the business cycle accounting method proposed by Chari, Kehoe, and McGrattan (2007), clear up some misconceptions about the method, and then apply it to compare the Great Recession across OECD countries as well as to the recessions of the 1980s in these countries. We have four main findings. First, with the notable exception of the United States, Spain, Ireland, and Iceland, the Great Recession was driven primarily by the efficiency wedge. Second, in the Great Recession, the labor wedge plays a dominant role only in the United States, and the investment wedge plays a dominant role in Spain, Ireland, and Iceland. Third, in the recessions of the 1980s, the labor wedge played a dominant role only in France, the United Kingdom, Belgium, and New Zealand. Finally, overall in the Great Recession the efficiency wedge played a more important role and the investment wedge played a less important role than they did in the recessions of the 1980s
Book Synopsis Business Cycle Theory by : Lutz G. Arnold
Download or read book Business Cycle Theory written by Lutz G. Arnold and published by Oxford University Press on Demand. This book was released on 2002 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business cycle theory is a broad and disparate field. Different schools of thought offer alternative explanations for cycles, often using different mathematical methods. This book provides academics and graduate students of economics with a compact and accessible exposition of business cycle theory since Keynes. The author places the main theories -- Keynesian economics, monetarism, new classical economics, the real business cycles theory, and new Keynesian economics -- in an historical context by presenting them in the chronological order of their appearance and highlighting their differences and commonalities. He minimizes the necessary mathematical prerequisites by using a unifying mathematical approach: stochastic second-order difference equations, which is explained in detail. Throughout the book, the international dimension of business cycles is acknowledged. The theoretical results obtained are set alongside empirical facts in separate boxes. Each chapter finishes with a set of problems designed to deepen the reader's understanding of the theories presented, and further reading sections which provide access to related material.
Book Synopsis Business Cycle Accounting by : V. V. Chari
Download or read book Business Cycle Accounting written by V. V. Chari and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose and demonstrate a simple method for guiding researchers in developing quantitative models of economic fluctuations. We show that a large class of models are equivalent to a prototype growth model with time-varying wedges that resemble time-varying productivity, labor taxes, and capital income taxes. We use data to measure these wedges, called efficiency, labor, and investment wedges, and then feed their measured values back into the model. We assess the fraction of fluctuations in output, employment, and investment accounted for by these wedges during the Great Depression and the 1982 recession. For the Depression, the efficiency and labor wedges together account for essentially all of the fluctuations; investment wedges play no role. For the recession, the efficiency wedge plays the most important role; the other two, minor roles. These results are not sensitive to alternative measures of capital utilization or alternative labor supply elasticities.
Book Synopsis Business Cycles and Financial Crises by : A. W. Mullineux
Download or read book Business Cycles and Financial Crises written by A. W. Mullineux and published by . This book was released on 1990 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Rediscovery of the Business Cycle by : Paul A. Volcker
Download or read book The Rediscovery of the Business Cycle written by Paul A. Volcker and published by New York : Free Press. This book was released on 1978 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
