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  1. Predicting real exchange rates from real interest rate differentials and net foreign asset stocks
    evidence for the mark dollar parity
    Autor*in: Meier, Carsten-Patrick
    Erschienen: 1999
    Verlag:  Inst. of World Economics, Kiel

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  2. Globalization, market power, and the natural interest rate
    Autor*in: Natal, Jean-Marc; Stoffels, Nicolas
    Erschienen: 2019
    Verlag:  International Monetary Fund, [Washington, DC]

    We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate-i.e. the interest rate consistent with... mehr

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    We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate-i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and-as globalization forces mature and may even go into reverse, leading to incrementally rising market power-its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization

     
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  3. Managing growth in a volatile world
    Erschienen: June 2012
    Verlag:  The World Bank, Washington, DC

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial... mehr

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    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial production, trade and capital goods sales all returned to positive territory, following the slow growth of the fourth quarter of 2011. Although debt levels in developing countries are lower, several countries (notably Jordan, India, and Pakistan) must reduce their structural fiscal balances to reduce debt to 40 percent of Gross domestic Product (GDP) by 2020 (or prevent debt-to-GDP ratios from rising further). As a result, sharp swings in investor sentiment and financial conditions will continue to complicate the conduct of macroeconomic policy in developing countries. In these conditions, policy in developing countries needs to be less reactive to short-term changes in external conditions, and more responsive to medium-term domestic considerations. A return to more neutral macroeconomic policies would also help developing countries reduce their vulnerabilities to external shocks, by rebuilding fiscal space, reducing short-term debt exposures and recreating the kinds of buffers that allowed them to react so resiliently to the 2008/09 crisis.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10986/12106
    Schriftenreihe: Global economic prospects ; volume 5 (June 2012)
    Schlagworte: Wirtschaftslage; Welt; Global Economic Prospects; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade
    Umfang: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  4. Assuring growth over the medium term
    Erschienen: January 2013
    Verlag:  The World Bank, Washington, DC

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the... mehr

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    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates, they will need to focus on productivity-enhancing domestic policies rather than demand stimulus. Although the major risks to the global economy are similar to those of a year ago, the likelihood that they will materialize has diminished, as has the magnitude of estimated impacts should these events occur. Major downside risks include the loss of access to capital markets by vulnerable Euro Area countries, lack of agreement on U.S. fiscal policy and the debt ceiling, and commodity price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries to avoid pro-cyclical policy and to rebuild macroeconomic buffers so that authorities can react in the case of new external or domestic shocks.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9780821398821
    Weitere Identifier:
    hdl: 10986/12124
    Schriftenreihe: Global economic prospects ; volume 6 (January 2013)
    Schlagworte: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; Global Economic Prospects; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances
    Umfang: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  5. On secular stagnation and low interest rates
    demography matters
    Autor*in: Neri, Stefano; Ferrero, Giuseppe; Groß, Marco
    Erschienen: [2017]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1137(September 2017)
    Schlagworte: secular stagnation; demographic developments; real interest rates; monetary policy
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  6. The information in the joint term structures of bond yields
    Autor*in: Meldrum, Andrew; Raczko, Marek; Spencer, Peter D.
    Erschienen: December 2018
    Verlag:  Bank of England, London

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    Format: Online
    Schriftenreihe: Staff working paper / Bank of England ; no. 772
    Schlagworte: Affine term structure model; international interest rate co-movement; real interest rates
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  7. Consumption volatility risk and the inversion of the yield curve
    Autor*in: Grasso, Adriana; Natoli, Filippo
    Erschienen: [2018]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1169 (March 2018)
    Schlagworte: yield curve inversion; consumption volatility risk; real interest rates; macroeconomic uncertainty; habits
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  8. Income inequality, mortgage debt and house prices
    Autor*in: Kösem, Sevim
    Erschienen: May 2021
    Verlag:  Bank of England, London

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    Schriftenreihe: Staff working paper / Bank of England ; no. 921
    Schlagworte: Income inequality; mortgage lending; mortgage default; house prices; real interest rates; risk taking; shift-share instruments
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  9. Global real rates
    a secular approach
    Autor*in: Gourinchas, Pierre-Olivier; Rey, Hélène
    Erschienen: June 2019
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Beteiligt: Kalemli-Ozcan, Sebnem (KommentarverfasserIn); Benigno, Gianluca (KommentarverfasserIn)
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: Th‘is Version: June 18, 2018
    Schriftenreihe: BIS working papers ; no 793
    Schlagworte: Realzins; Privater Konsum; Vermögen; Schock; Dekompositionsverfahren; USA; Großbritannien; Deutschland; Frankreich; real interest rates; consumption-wealth ratio; financial boom-bust cycle
    Umfang: 1 Online-Ressource (circa 79 Seiten), Illustrationen
    Bemerkung(en):

    The 17th BIS Annual Conference took place in Zurich, Switzerland, on 22 June 2018. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Ten years after the Great Financial Crisis: what has changed?". The papers presented at the conference and the discussants' comments are released as BIS Working Papers No 790, 791, 792 and 793
  10. Why are fiscal multipliers moderate even under monetary accommodation?
    Autor*in: Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas
    Erschienen: March 2021
    Verlag:  ECONtribute, Bonn

    The COVID-19 pandemic forced much of the world to adapt suddenly to severe restrictions. In this study, we attempt to quantify the impact of the pandemic on student performance in higher education. To collect data on important covariates, we... mehr

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    The COVID-19 pandemic forced much of the world to adapt suddenly to severe restrictions. In this study, we attempt to quantify the impact of the pandemic on student performance in higher education. To collect data on important covariates, we conducted a survey among first-year students of Microeconomics at the University of Cologne. In contrast to other studies, we are able to consider a particularly suitable performance measure that was not affected by the COVID-19 restrictions implemented shortly before the start of the summer term 2020. While the average performance improves in the first term affected by the restrictions, this does not apply to students with a low socioeconomic background. Trying to identify more specific channels explaining this finding, interestingly, our data yield no evidence that the average improvement results from the altered teaching formats, suggesting instead that the enhanced performance stems from an increase in available study time.

     
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    hdl: 10419/237319
    Auflage/Ausgabe: This version: March 23, 2021
    Schriftenreihe: ECONtribute discussion paper ; no. 074
    Schlagworte: Fiscal multiplier; monetary policy; real interest rates; liquidity premium; zero lower bound
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  11. Globalization, market power, and the natural interest rate
    Autor*in: Natal, Jean-Marc; Stoffels, Nicolas
    Erschienen: 2019
    Verlag:  International Monetary Fund, [Washington, DC]

    We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate-i.e. the interest rate consistent with... mehr

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    We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate-i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and-as globalization forces mature and may even go into reverse, leading to incrementally rising market power-its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization

     
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  12. Functional shocks to inflation expectations and real interest rates and their macroeconomic effects
    Autor*in: Anderl, Christina; Caporale, Guglielmo Maria
    Erschienen: September 2023
    Verlag:  CESifo, Munich, Germany

    This paper applies a recently developed method (Inoue and Rossi, 2021) to estimate functional inflation expectations and ex-ante real interest rate shocks, and then examines their macroeconomic effects in the context of a Functional Vector... mehr

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    This paper applies a recently developed method (Inoue and Rossi, 2021) to estimate functional inflation expectations and ex-ante real interest rate shocks, and then examines their macroeconomic effects in the context of a Functional Vector Autoregressive model with exogenous variables (Functional VARX). Monthly data from January 1998 to May 2023 for the US, the UK and the euro area are used for the analysis. The estimated impulse responses show significant effects of the functional shocks on both inflation and output. In addition, threshold functional local projections indicate that the effects are nonlinear and depend on central bank credibility. Further, inflation expectations shocks have similar effects to supply (demand) ones when they are driven by long-term (short-term) changes. In the presence of an inverted (steepening) real interest rate term structure, the effects are inflationary (deflationary) and expansionary (recessionary). Finally, the responses of inflation, output and the policy rate are driven primarily by the slope and curvature factors of the term structure shocks, which contain important information not captured by traditional scalar shocks.

     
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    hdl: 10419/282344
    Schriftenreihe: CESifo working papers ; 10656 (2023)
    Schlagworte: inflation expectations; term structure; real interest rates; functional shocks
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  13. Real interest rates, bank borrowing, and fragility
    Autor*in: Ahnert, Toni; Anand, Kartik; König, Philipp Johann
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank's optimal borrowing trades off the benefit from investing additional funds into profitable assets with... mehr

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    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank's optimal borrowing trades off the benefit from investing additional funds into profitable assets with the cost of greater risk of a run by bank creditors. Changes in the interest rate affect the price and amount of borrowing, both of which influence bank fragility in opposite directions. Thus, the marginal impact of changes to the interest rate on bank fragility depends on the level of the interest rate. Finally, we derive testable implications that may guide future empirical work.

     
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    ISBN: 9789289954037
    Weitere Identifier:
    hdl: 10419/278243
    Schriftenreihe: Working paper series / European Central Bank ; no 2755 (December 2022)
    Schlagworte: bank borrowing; rollover risk; fragility; real interest rates; global games; funding liquidity risk channel
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  14. Real interest rates, bank borrowing, and fragility
    Autor*in: Ahnert, Toni; Anand, Kartik; König, Philipp Johann
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank’s optimal borrowing trades off the benefit from investing additional funds into profitable assets with... mehr

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    How do real interest rates affect financial fragility? We study this issue in a model in which bank borrowing is subject to rollover risk. A bank’s optimal borrowing trades off the benefit from investing additional funds into profitable assets with the cost of greater risk of a run by bank creditors. Changes in the interest rate affect the price and amount of borrowing, both of which influence bank fragility in opposite directions. Thus, the marginal impact of changes to the interest rate on bank fragility depends on the level of the interest rate. Finally, we derive testable implications that may guide future empirical work.

     
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    ISBN: 9783957299277
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    hdl: 10419/266683
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 48
    Schlagworte: bank borrowing; rollover risk; fragility; real interest rates; global games; funding liquidity risk channel
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  15. Real interest rates and the ECB's monetary policy stance
    Autor*in: Bernardini, Marco; D'Arrigo, Lara; Lin, Alessandro; Tiseno, Andrea
    Erschienen: [2024]
    Verlag:  Banca d'Italia, [Rom]

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    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 857 (June 2024)
    Schlagworte: monetary policy stance; real interest rates; natural rate; inflation expectations
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  16. Predicting real exchange rates from real interest rate differentials and net foreign asset stocks : evidence for the mark/dollar parity
    Autor*in: Meier, Carsten-Patrick
    Erschienen: 1999
    Verlag:  Kiel Institute for the World Economy (IfW), Kiel

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  17. Managing growth in a volatile world
    Erschienen: June 2012
    Verlag:  The World Bank, Washington, DC

    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial... mehr

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    The year began on a positive note. A marked improvement in market sentiment, combined with monetary policy easing in developing countries, was reflected in a rebound in economic activity in both developing and advanced countries. Industrial production, trade and capital goods sales all returned to positive territory, following the slow growth of the fourth quarter of 2011. Although debt levels in developing countries are lower, several countries (notably Jordan, India, and Pakistan) must reduce their structural fiscal balances to reduce debt to 40 percent of Gross domestic Product (GDP) by 2020 (or prevent debt-to-GDP ratios from rising further). As a result, sharp swings in investor sentiment and financial conditions will continue to complicate the conduct of macroeconomic policy in developing countries. In these conditions, policy in developing countries needs to be less reactive to short-term changes in external conditions, and more responsive to medium-term domestic considerations. A return to more neutral macroeconomic policies would also help developing countries reduce their vulnerabilities to external shocks, by rebuilding fiscal space, reducing short-term debt exposures and recreating the kinds of buffers that allowed them to react so resiliently to the 2008/09 crisis.

     
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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 10986/12106
    Schriftenreihe: Global economic prospects ; volume 5 (June 2012)
    Schlagworte: Wirtschaftslage; Welt; Global Economic Prospects; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade
    Umfang: 1 Online-Ressource (circa 162 Seiten), Illustrationen
  18. Assuring growth over the medium term
    Erschienen: January 2013
    Verlag:  The World Bank, Washington, DC

    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the... mehr

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    More than four years after the global financial crisis hit, high-income countries struggle to restructure their economies and regain fiscal sustainability. Developing countries, where growth is 1-2 percentage points below what it was during the pre-crisis period, have been affected by the weakness in high-income countries. To regain pre-crisis growth rates, they will need to focus on productivity-enhancing domestic policies rather than demand stimulus. Although the major risks to the global economy are similar to those of a year ago, the likelihood that they will materialize has diminished, as has the magnitude of estimated impacts should these events occur. Major downside risks include the loss of access to capital markets by vulnerable Euro Area countries, lack of agreement on U.S. fiscal policy and the debt ceiling, and commodity price shocks. In an environment of slow growth and continued volatility, a steady hand is required in developing countries to avoid pro-cyclical policy and to rebuild macroeconomic buffers so that authorities can react in the case of new external or domestic shocks.

     
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    ISBN: 9780821398821
    Weitere Identifier:
    hdl: 10986/12124
    Schriftenreihe: Global economic prospects ; volume 6 (January 2013)
    Schlagworte: Wirtschaftswachstum; Produktivitätsentwicklung; Entwicklungsländer; Global Economic Prospects; current account deficit; current account deficits; debt; Debt data; debt flows; debt levels; debt obligations; debt restructuring; debt stocks; debts; decline in investment; deposits; developing countries; developing country; Developing country Equity; developing economies; developing economy; domestic markets; downside scenario; durable; durables; Economic developments; Emerging Markets; Emerging-market; Equities; equity issuance; Equity Issues; Equity market; Equity markets; exchange rate; Exchange Rates; expenditure; expenditures; export growth; export value Interest Rates; exporter; exporters; exposures; external shocks; financial crises; financial crisis; financial institutions; financial integration; financial market; financial markets; financial sector; financial sector developments; financial sectors; financial systems; financing requirements; fiscal consolidation; fiscal deficits; fiscal policies; fiscal policy; food price; food prices; foreign banks; foreign currency; Global Economy; global finance; global financial markets; global financial systems; global output; global trade; Government account; government accounts; Government budget; government debt; government deficit; government deficits; government expenditure; government expenditures; government revenue; government revenues; government spending; Gross debt; growth rate; growth rates; High-Income Countries; high-income country; household savings; human capital; import; import demand; Income; income growth; incomes; Inflation; inflation rates; inflationary pressures; interest rates; International Bank; international business; International capital; International capital flows; international financial institutions; international financial markets; international reserves; International Settlements; International Trade; investing; investment activity; investment spending; lenders; level of risk; loan; local currency; low-income countries; macroeconomic policies; macroeconomic policy; Macroeconomic vulnerabilities; market conditions; market price; market prices; Market regulators; maturity; middle-income countries; Monetary Fund; monetary policies; monetary policy; natural disasters; Net capital; oil commodities; oil price; oil prices; Output; Output Gap; output gaps; political stability; political uncertainty; Portfolio; portfolio capital; post-crisis period; power parity; private banks; Private creditors; Private debt; private inflows; public spending; purchasing power; purchasing power parity; rate of growth; real interest; real interest rates; Regional trade; regulators; remittances; reserve; return; risk assessments; risk aversion; savings; savings rate; short-term debt; small countries; sovereign debt; stock markets; sustainable growth; technological change; trade deficit; trade finance; trading; transition countries; Treasury; Treasury Yields; value index; volatile capital; volatility; weights; withdrawal; world economy; World Trade; accounting; arbitrage; assets; bailout; bank lending; Bank Loans; banking systems; basis points; binding constraint; bond; bond issuance; Bond Issues; bond spreads; Bond Yields; bonds; borrowing costs; budget constraint; buffers; business confidence; capacity constraints; capital constraints; capital goods; capital inflows; capital markets; Capital outflows; capital requirements; capitalization; CDS; central bank; Commodities; commodity; commodity markets; commodity price; commodity prices; commodity traders; consumer demand; consumer goods; consumer spending; Copyright Clearance; Copyright Clearance Center; country capital; country debt; country Equity; Credit Default; Credit Default Swap; credit squeeze; credit squeezes; crisis countries; Current account balance; current account balances
    Umfang: 1 Online-Ressource (circa 178 Seiten), Illustrationen
  19. Search for yield
    Autor*in: Martinez-Miera, David; Repullo, Rafael
    Erschienen: 2015
    Verlag:  CEMFI, Madrid

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    Schriftenreihe: CEMFI working paper ; 1507
    Schlagworte: Savings glut; real interest rates; credit spreads; bank monitoring; shadow banks; financial stability; banking crises; boom and bust cycles
    Umfang: Online-Ressource (44 S.), graph. Darst.