The Exogenous Shock

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Are External Shocks Responsible for the Instability of Output in Low Income Countries?

Author : Claudio E. Raddatz
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4./5 ( download)

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Book Synopsis Are External Shocks Responsible for the Instability of Output in Low Income Countries? by : Claudio E. Raddatz

Download or read book Are External Shocks Responsible for the Instability of Output in Low Income Countries? written by Claudio E. Raddatz and published by World Bank Publications. This book was released on 2005 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic performance of low-income countries. The author quantifies the impact of these different external shocks using a panel vector autoregression (VAR) approach and compares their relative contributions to output volatility in low-income countries vis-à-vis internal factors. He finds that external shocks can only explain a small fraction of the output variance of a typical low-income country. Internal factors are the main source of fluctuations. From a quantitative perspective, the output effect of external shocks is typically small in absolute terms, but significant relative to the historic performance of these countries.

Extreme Events in Nature and Society

Author : Sergio Albeverio
Publisher : Springer Science & Business Media
ISBN 13 : 354028611X
Total Pages : 357 pages
Book Rating : 4.5/5 (42 download)

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Book Synopsis Extreme Events in Nature and Society by : Sergio Albeverio

Download or read book Extreme Events in Nature and Society written by Sergio Albeverio and published by Springer Science & Business Media. This book was released on 2006-02-18 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Significant, and usually unwelcome, surprises, such as floods, financial crisis, epileptic seizures, or material rupture, are the topics of Extreme Events in Nature and Society. The book, authored by foremost experts in these fields, reveals unifying and distinguishing features of extreme events, including problems of understanding and modelling their origin, spatial and temporal extension, and potential impact. The chapters converge towards the difficult problem of anticipation: forecasting the event and proposing measures to moderate or prevent it. Extreme Events in Nature and Society will interest not only specialists, but also the general reader eager to learn how the multifaceted field of extreme events can be viewed as a coherent whole.

Endogenous Business Cycles and the Economic Response to Exogenous Shocks

Author : Stéphane Hallegatte
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (778 download)

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Book Synopsis Endogenous Business Cycles and the Economic Response to Exogenous Shocks by : Stéphane Hallegatte

Download or read book Endogenous Business Cycles and the Economic Response to Exogenous Shocks written by Stéphane Hallegatte and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Debt Restructuring in Emerging Markets

Author : Richard Marney
Publisher : Springer Nature
ISBN 13 : 3030813061
Total Pages : 422 pages
Book Rating : 4.0/5 (38 download)

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Book Synopsis Corporate Debt Restructuring in Emerging Markets by : Richard Marney

Download or read book Corporate Debt Restructuring in Emerging Markets written by Richard Marney and published by Springer Nature. This book was released on 2021-09-02 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic and businesses look to pick up the pieces, this is even more true. For many, the financial hangover of the lockdowns and market disruptions linger and threaten their independence, even their survival. This peril is more acute in the emerging and frontier markets. Weaker economic fundamentals and institutional resiliency often intensify the challenge to return to pre-COVID-19 operating levels and financial sustainability. In this context, borrowers invariably must address the imbalance of substantial existing debt with the “new reality” of their business operations and revenues. This book, using case studies, presents a full, detailed narrative of a fictitious troubled bank in an emerging market, with characters, dialogues, and negotiations. It also includes a series of discussion questions with suggested answers, to draw out key issues from the case. In doing so, this initial narrative offers a substantive analysis of the five main phases and principles of a restructuring: (1) pre-restructuring, (2) the decision to restructure, (3) the case set-up, (4) structuring and negotiation, and lastly (5) implementation. In each chapter, the book outlines the main elements of the phases and shows how the elements are applied in practice. The book also presents separate chapters on exogenous shocks (with a focus on the COVID-19 pandemic as an example of such shocks), macroeconomics, and legal issues present in cross-border restructurings. It will be of interest to the international professional financial and legal community, primarily junior-to mid-level financiers, business people, and lawyers.

The Volatility Curse

Author : Daniela Campello
Publisher : Cambridge University Press
ISBN 13 : 1108841791
Total Pages : 261 pages
Book Rating : 4.1/5 (88 download)

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Book Synopsis The Volatility Curse by : Daniela Campello

Download or read book The Volatility Curse written by Daniela Campello and published by Cambridge University Press. This book was released on 2020-11-05 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic voting is common around the world, but in many developing countries economic performance is dependent on exogenous international factors.

Exogenous Shocks and Growth Crises in Low-Income Countries

Author : Ms.Era Dabla-Norris
Publisher : International Monetary Fund
ISBN 13 : 1475528515
Total Pages : 42 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Exogenous Shocks and Growth Crises in Low-Income Countries by : Ms.Era Dabla-Norris

Download or read book Exogenous Shocks and Growth Crises in Low-Income Countries written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2012-11-02 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new index which provides early warning signals of a growth crisis in the event of large external shocks in low-income countries. Multivariate regression analysis and a univariate signaling approach are used to map information from a parsimonious set of underlying policy, structural, and institutional indicators into a composite vulnerability index. The results show that vulnerabilities to a growth crisis in low-income countries declined significantly from their peaks in the early 1990s, but have risen in recent years as fiscal policy buffers were expended in the wake of the global financial crisis.

Exogenous shocks and the solvency of the economy

Author : Velimir Bole
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (443 download)

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Book Synopsis Exogenous shocks and the solvency of the economy by : Velimir Bole

Download or read book Exogenous shocks and the solvency of the economy written by Velimir Bole and published by . This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

New Directions in the World Economy

Author : Bela Balassa
Publisher : Springer
ISBN 13 : 1349105880
Total Pages : 416 pages
Book Rating : 4.3/5 (491 download)

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Book Synopsis New Directions in the World Economy by : Bela Balassa

Download or read book New Directions in the World Economy written by Bela Balassa and published by Springer. This book was released on 1989-06-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: An attempt to assist policy-makers in developing countries to cope with the challenges they face during the rest of the century and beyond. For this purpose it provides information on the experience of developing, developed and socialist countries.

International Dimensions of Monetary Policy

Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

What is the Impact of an Exogenous Shock to the Wage Share?

Author : Deepankar Basu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis What is the Impact of an Exogenous Shock to the Wage Share? by : Deepankar Basu

Download or read book What is the Impact of an Exogenous Shock to the Wage Share? written by Deepankar Basu and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a novel empirical strategy to present empirical estimates of the effect of an exogenous shock to distribution on demand and accumulation for the US economy from 1973 to 2018. We use recursive vector autoregressions to identify the impact of shocks to the wage share. We impose restrictions motivated by a simple neo-Kaleckian openeconomy model, and build on the recursive identification scheme in Christiano, Eichenbaum and Evans (1999) to show that this small set of plausible and transparent assumptions are sufficient to identify the impact of shocks to distribution. We find that positive shocks to the wage share have long-lasting negative impacts on demand and growth. Our results are robust to the inclusion of additional variables and to differences in specification.

Proposed Reforms to the Exogenous Shocks Facility

Author : International Monetary Fund. Policy Development and Review Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498334369
Total Pages : 18 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Proposed Reforms to the Exogenous Shocks Facility by : International Monetary Fund. Policy Development and Review Dept.

Download or read book Proposed Reforms to the Exogenous Shocks Facility written by International Monetary Fund. Policy Development and Review Dept. and published by International Monetary Fund. This book was released on 2008-07-25 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The review of the ESF is being accelerated in light of experience and worsening global economic conditions, in particular the surge in food and fuel prices. Despite having become effective in 2006, the ESF has yet to be used. Recent discussions with creditors, donors, potential users, and outside observers have highlighted a number of ways to enhance its effectiveness.

Technology Shocks and Aggregate Fluctuations

Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451875657
Total Pages : 68 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal

Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

Exogenous Shocks, Deposit Runs and Bank Soundness

Author : Mr.Mario I. Bléjer
Publisher : International Monetary Fund
ISBN 13 : 1451951736
Total Pages : 32 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Exogenous Shocks, Deposit Runs and Bank Soundness by : Mr.Mario I. Bléjer

Download or read book Exogenous Shocks, Deposit Runs and Bank Soundness written by Mr.Mario I. Bléjer and published by International Monetary Fund. This book was released on 1997-07-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a model where all banks are initially solvent, an exogenous shock affects confidence, causing a flight from deposits into domestic and foreign currency. Real interest rates increase unexpectedly, affecting firms and raising the share of the banks’ nonperforming assets. This increase causes genuine solvency problems and accelerates the bank run. Policy simulations show that compensatory monetary policy (increasing currency supply when deposits fall) mitigates the bank run but causes inflation and external imbalances. Combining compensatory monetary policy with tight fiscal policies also slows the bank run and mitigates insolvency, but at a lower macroeconomic cost. A devaluation is shown to have little positive impact.

Dynamic Responses to Policy and Exogenous Shocks in an Empirical Developing-Country Model with Rational Expectations

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451920741
Total Pages : 54 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Dynamic Responses to Policy and Exogenous Shocks in an Empirical Developing-Country Model with Rational Expectations by : International Monetary Fund

Download or read book Dynamic Responses to Policy and Exogenous Shocks in an Empirical Developing-Country Model with Rational Expectations written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-03-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dynamic responses of a developing economy to a variety of policy and external shocks are studied using an empirical macroeconomic model which embodies rational expectations, perfect capital mobility, and import rationing. These features, which are relatively new in developing-country modelling, prove to be quite important in determining the model’s dynamic properties. This suggests that macroeconomic management in developing countries--such as that involved in short-run stabilization--requires that such features be explicitly taken into account.

Exogenous Shocks, Contagion, and Bank Soundness

Author : Mario I. Blejer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Exogenous Shocks, Contagion, and Bank Soundness by : Mario I. Blejer

Download or read book Exogenous Shocks, Contagion, and Bank Soundness written by Mario I. Blejer and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In a model where all banks are initially solvent, an exogenous shock affects confidence, causing a flight from deposits into domestic and foreign currency. Real interest rates increase unexpectedly, affecting firms and raising the share of the banks nonperforming assets. This contagion causes a bank run. Simulations show that compensatory monetary policy mitigates the bank run but causes macroeconomic imbalances. Combining compensatory monetary policy with tight fiscal policies slows the bank run and mitigates insolvency. A devaluation, combined with compensatory monetary policy, reduces insolvencies and increases the growth of real income, but at the cost of increased inflation.

Guidance Note on the Exogenous Shocks Facility

Author : International Monetary Fund. Policy Development and Review Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498333001
Total Pages : 16 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Guidance Note on the Exogenous Shocks Facility by : International Monetary Fund. Policy Development and Review Dept.

Download or read book Guidance Note on the Exogenous Shocks Facility written by International Monetary Fund. Policy Development and Review Dept. and published by International Monetary Fund. This book was released on 2006-01-27 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ESF, established within the Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF) Trust, complements existing Fund instruments for providing timely support, including financing at more appropriate terms, to low-income members that are facing sudden and exogenous shocks but do not have a PRGF arrangement in place. In particular, the ESF: (i) facilitates quick access to more concessional financing than the Fund’s Emergency Assistance and the Compensatory Financing Facility (CFF);1 (ii) helps members design and implement a policy framework adequate for adjustment to shocks while ensuring adequate safeguards for the use of the Trust resources; and (iii) plays a catalytic role for further and more concessional donor financing.

The Volatility Curse

Author : Daniela Campello
Publisher : Cambridge University Press
ISBN 13 : 1108896944
Total Pages : 261 pages
Book Rating : 4.1/5 (88 download)

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Book Synopsis The Volatility Curse by : Daniela Campello

Download or read book The Volatility Curse written by Daniela Campello and published by Cambridge University Press. This book was released on 2020-11-05 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Volatility Curse examines the conditions under which economic voting can (and cannot) function as a mechanism of democratic accountability, challenging existing theories that are largely based on experiences in developed democracies. Drawing on cross-national data from around the world and micro-level evidence from Latin America, Daniela Campello and Cesar Zucco make two broad, related arguments. First, they show that economic voting is pervasive around the world, but in economically volatile developing democracies that are dependent on commodity exports and inflows of foreign capital, economic outcomes are highly contingent on conditions beyond government control, which nonetheless determine relevant political outcomes like elections, popular support, and government transitions. Second, politicians are aware of these misattribution patterns and are often able to anticipate their electoral prospects well before elections. This reduces incumbents' incentives to maximize voter welfare, as anticipated by economic voting theories, and increases the likelihood of shirking, waste, and corruption.