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Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1

Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1 »

Source: Correcting 'Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances

Volume/Issue: 2015/109

Series: IMF Working Papers

Author(s): Estelle Liu , Todd Mattina , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2015

ISBN: 9781513520551

Keywords: asset price, equity market, housing market, panel data econometrics, prices, price, equity, Asset Pricing, Deficit, panel data econometrics.,

This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in ass...

The Role of Risk and Information for International Capital Flows

The Role of Risk and Information for International Capital Flows »

Source: The Role of Risk and Information for International Capital Flows : New Evidence from the SDDS

Volume/Issue: 2012/242

Series: IMF Working Papers

Author(s): Yuko Hashimoto , and Konstantin Wacker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2012

ISBN: 9781475568660

Keywords: determinants of capital flows, information, panel data, risk, SDDS, FDI, portfolio investment, spatial econometrics, direct investment, Models with Panel Data,

In this paper we investigate whether better information about the macroeconomic environment of an economy has a positive impact on its capital inflows, namely portfolio and foreign direct investment (FDI). The purp...

Does Foreign Aid Reduce Poverty? Empirical Evidence from Nongovernmental and Bilateral Aid

Does Foreign Aid Reduce Poverty? Empirical Evidence from Nongovernmental and Bilateral Aid »

Source: Does Foreign Aid Reduce Poverty? Empirical Evidence from Nongovernmental and Bilateral Aid

Volume/Issue: 2005/100

Series: IMF Working Papers

Author(s): Boriana Yontcheva , and Nadia Masud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2005

ISBN: 9781451861198

Keywords: Official Development Aid, NGOs, Panel Data Econometrics, infant mortality, mortality rates, aid effectiveness,

This paper assesses the effectiveness of foreign aid in reducing poverty through its impact on human development indicators. We use a dataset of both bilateral aid and NGO aid flows. Our results show that NGO aid r...

Africa’s Rising Exposure to China: How Large Are Spillovers Through Trade?

Africa’s Rising Exposure to China: How Large Are Spillovers Through Trade? »

Source: Africa's Rising Exposure to China : How Large Are Spillovers Through Trade?

Volume/Issue: 2013/250

Series: IMF Working Papers

Author(s): Paulo Drummond , and Estelle Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2013

ISBN: 9781484311318

Keywords: spillover, panel data, econometrics, export growth, exporters, oil exporters, total exports, General,

The rapid growth in China's domestic investment in recent decades has generated a large appetite for global goods, including from sub-Saharan Africa (SSA). This paper estimates the impact of changes in China's inve...

Mobilizing Revenue in Sub-Saharan Africa

Mobilizing Revenue in Sub-Saharan Africa »

Source: Mobilizing Revenue in Sub-Saharan Africa : Empirical Norms and Key Determinants

Volume/Issue: 2012/108

Series: IMF Working Papers

Author(s): Paulo Drummond , Wendell Daal , Nandini Srivastava , and Luiz Oliveira

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503296

Keywords: econometric panel estimation, tax revenue, fiscal revenue, tax policy, taxation, tax effort, Subsidies, and Revenue: General, Multiple or Simultaneous Equation Models: Models with Panel Data, Econometric Modeling: Other,

Mobilizing more revenue is a priority for sub-Saharan African (SSA) countries. Countries have to finance their development agendas, and weak revenue mobilization is the root cause of fiscal imbalances in several co...

Estimating the Demand for Reserve Assets Across Diverse Groups of Countries1

Estimating the Demand for Reserve Assets Across Diverse Groups of Countries1 »

Source: Estimating the Demand for Reserve Assets Across Diverse Groups

Volume/Issue: 2018/47

Series: IMF Working Papers

Author(s): Rina Bhattacharya , Katja Mann , and Mwanza Nkusu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2018

ISBN: 9781484345146

Keywords: Central banks, Demand, Foreign exchange, Econometric models, Financial crises, International reserves, Central banks and their policies, Panel data estimation, Models with Panel Data

This paper takes a fresh look at the determinants of reserves holding with the aim of highlighting similarities and differences in the motives for holding reserves among emerging markets (EMs), advanced economies (...

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...

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis1

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis1 »

Source: Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis

Volume/Issue: 2012/174

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , Estelle Liu , and Jochen M. Schmittmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505221

Keywords: equity returns, sovereign debt crisis, regulatory capital, panel data econometrics, banking, tier 1 capital, bank bond, General Financial Markets,

This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk an...

What Influences Bank Lending in Saudi Arabia?

What Influences Bank Lending in Saudi Arabia? »

Source: What Influences Bank Lending in Saudi Arabia?

Volume/Issue: 2017/31

Series: IMF Working Papers

Author(s): Ken Miyajima

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2017

ISBN: 9781475578669

Keywords: Panel analysis, Econometric models, Time series, Saudi Arabia, Loans, Middle East, Bank credit, Banks, Credit expansion, macro-financial linkages

Determinants of bank-level credit growth in Saudi Arabia are investigated by applying a panel approach to data spanning 2000-15. Strong bank balance sheet conditions, economic activity, and oil prices support bank...