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On the Properties of Various Estimators for Fiscal Reaction Functions

On the Properties of Various Estimators for Fiscal Reaction Functions »

Source: On the Properties of Various Estimators for Fiscal Reaction Functions

Volume/Issue: 2006/182

Series: IMF Working Papers

Author(s): Oya Celasun , and Joong Kang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2006

ISBN: 9781451864427

Keywords: Fiscal reaction functions, panel data, dynamic models, equation, fiscal reaction, equations, public debt, National Deficit Surplus,

This paper evaluates the bias of the least-squares-with-dummy-variables (LSDV) method in fiscal reaction function estimations. A growing number of studies estimate fiscal policy reaction functions-that is, relation...

Capital Inflows and the Real Exchange Rate

Capital Inflows and the Real Exchange Rate »

Source: Capital Inflows and the Real Exchange Rate : Can Financial Development Cure the Dutch Disease?

Volume/Issue: 2009/20

Series: IMF Working Papers

Author(s): Christian Saborowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

ISBN: 9781451871678

Keywords: Financial Market Development, Real Exchange Rate, Dynamic Panel Data Models, exchange rate, stock market,

This paper argues that, in improving the efficient allocation of resources, financial sector development could dampen the appreciation effect of capital inflows. Using dynamic panel data techniques, the paper finds...

Technological Adaptation, Trade, and Growth

Technological Adaptation, Trade, and Growth »

Source: Technological Adaptation, Trade, and Growth

Volume/Issue: 2000/161

Series: IMF Working Papers

Author(s): Alberto Chong , and Luisa Zanforlin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451857801

Keywords: Growth, Assimilation, Technology, Imitation, Dynamic Panel Data, intermediate inputs, correlation, international trade, statistics, unskilled labor

This paper extends Grossman and Helpman’s seminal work (1991), and presents an endogenous growth model where innovations created in a high-tech sector may be assimilated or adapted by a low-tech sector. Appl...

Firm Investment and Balance-Sheet Problems in Japan

Firm Investment and Balance-Sheet Problems in Japan »

Source: Firm Investment and Balance-Sheet Problems in Japan

Volume/Issue: 1999/111

Series: IMF Working Papers

Author(s): Toshitaka Sekine

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1999

ISBN: 9781451853452

Keywords: credit channel, dynamic panel data, bond, bank of japan, bond issuing, bank bond, deposit insurance

This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller n...

Effects of Capital Flow Liberalization

Effects of Capital Flow Liberalization »

Source: Effects of Capital Flow Liberalization : What is the Evidence from Recent Experiences of Emerging Market Economies?

Volume/Issue: 2012/275

Series: IMF Working Papers

Author(s): Tahsin Saadi Sedik , and Tao Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2012

ISBN: 9781589068032

Keywords: Capital flow liberalization, emerging market economies, dynamic panel data specification, simulations, capital flow, capital adequacy, Models with Panel Data, Government Policy and Regulation,

This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The res...

Income and Democracy

Income and Democracy »

Source: Income and Democracy : Lipset's Law Revisited

Volume/Issue: 2012/295

Series: IMF Working Papers

Author(s): Anke Hoeffler , Robert H. Bates , and Ghada Fayad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2012

ISBN: 9781475596649

Keywords: democracy, dynamic panel data, parameter heterogeneity, cross-section dependence, time series, democratization, error correction coefficient, econometrics, political institutions, Models with Panel Data

We revisit Lipset‘s law, which posits a positive and significant relationship between income and democracy. Using dynamic and heterogeneous panel data estimation techniques, we find a significant and negative relat...

On the Heterogeneity Bias of Pooled Estimators in Stationary VAR Specifications

On the Heterogeneity Bias of Pooled Estimators in Stationary VAR Specifications »

Source: On the Heterogeneity Bias of Pooled Estimators in Stationary VAR Specifications

Volume/Issue: 2003/73

Series: IMF Working Papers

Author(s): Alessandro Rebucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451849486

Keywords: Dynamic Panel Data Models, Monte Carlo Simulation, Heterogeneity Bias, VARs, time series, finite sample, sample bias, econometrics, equation, Multiple or Simultaneous Equation Models: Models with Panel Data

This paper studies asymptotically the bias of the fixed effect (FE) estimator induced by cross-section heterogeneity in the slope parameters of stationary vector autoregressions (VARs). The paper also compares the...

Corporate Indebtedness and Low Productivity Growth of Italian Firms1

Corporate Indebtedness and Low Productivity Growth of Italian Firms1 »

Source: Corporate Indebtedness and Low Productivity Growth of Italian Firms

Volume/Issue: 2018/33

Series: IMF Working Papers

Author(s): Gareth Anderson , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2018

ISBN: 9781484343265

Keywords: Productivity, Europe, Italy, Corporate debt, dynamic heterogeneous panel threshold models, cross-sectional dependence, Models with Panel Data, Firm Behavior: Empirical Analysis, General

Productivity growth in Italy has been persistently anemic and has lagged that of the euro area over the period 1999-2015, while the indebtedness of its corporate sector has increased. Using the ORBIS firm-level dat...

Growth Empirics Under Model Uncertainty

Growth Empirics Under Model Uncertainty »

Source: Growth Empirics Under Model Uncertainty : Is Africa Different?

Volume/Issue: 2005/18

Series: IMF Working Papers

Author(s): Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2005

ISBN: 9781451860375

Keywords: growth regressions, Bayesian model averaging, dynamic panel estimation, debt, probability, samples, debt service, external debt, Bayesian Analysis, Multiple or Simultaneous Equation Models: Models with Panel Data

This paper attempts to identify robust patterns of cross-country growth behavior in the world as a whole and Africa. It employs a novel methodology that incorporates a dynamic panel estimator, and Bayesian Model Av...

Is There a Debt-threshold Effect on Output Growth?1

Is There a Debt-threshold Effect on Output Growth?1 »

Source: Is There a Debt-threshold Effect on Output Growth?

Volume/Issue: 2015/197

Series: IMF Working Papers

Author(s): Alexander Chudik , Kamiar Mohaddes , M. Pesaran , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 September 2015

ISBN: 9781513513355

Keywords: Panel tests of threshold effects, long-run relationships, estimation and inference, large dynamic heterogeneous panels, cross-section dependence, and inflation, variables, gdp, cd, inflation

This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and e...