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Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses*

Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses* »

Source: Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

Volume/Issue: 2017/222

Series: IMF Working Papers

Author(s): Woon Choi , Taesu Kang , Geun-Young Kim , and Byongju Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2017

ISBN: 9781484325216

Keywords: Global liquidity, Inflation targeting, Panel Factor-Augmented VAR, International Policy Coordination and Transmission

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk aversenes...

Understanding U.S. Wage Dynamics

Understanding U.S. Wage Dynamics »

Source: Understanding U.S. Wage Dynamics

Volume/Issue: 2018/138

Series: IMF Working Papers

Author(s): Yasser Abdih , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2018

ISBN: 9781484362082

Keywords: United States, Western Hemisphere, Productivity, Wage growth, slack, routinization, offshoring, globalization, Aggregate Factor Income Distribution, Forecasting and Simulation

In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips curve model expl...

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence »

Source: Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence

Volume/Issue: 2017/169

Series: IMF Working Papers

Author(s): Mai Chi Dao , Mitali Das , Zsoka Koczan , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

ISBN: 9781484311042

Keywords: labor share, routinization, automation, global value chains, Aggregate Factor Income Distribution, Globalization: Labor, Technological Change: Choices and Consequences

This paper documents the downward trend in the labor share of global income since the early 1990s, as well as its heterogeneous evolution across countries, industries and worker skill groups, using a newly assemble...

The Structural Determinants of the Labor Share in Europe

The Structural Determinants of the Labor Share in Europe »

Source: The Structural Determinants of the Labor Share in Europe

Volume/Issue: 2019/67

Series: IMF Working Papers

Author(s): Dilyana Dimova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2019

ISBN: 9781498302920

Keywords: National income, Labor market reforms, National income accounts, Economic integration, Labor market policy, labor share, technology, employment policies, globalization, employment protection

The labor share in Europe has been on a downward trend. This paper finds that the decline is concentrated in manufacture and among low- to mid-skilled workers. The shifting nature of employment away from full-time...

Explaining High Unemployment in ECCU Countries

Explaining High Unemployment in ECCU Countries »

Source: Explaining High Unemployment in ECCU Countries

Volume/Issue: 2019/144

Series: IMF Working Papers

Author(s): Ronald James , Jemma Lafeuillee , Mike Xin Li , Gonzalo Salinas , and Yevgeniya Savchenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2019

ISBN: 9781498318709

Keywords: Human capital, Labor supply, Social security, Public sector wages, Labor force, Caribbean, labor market factors, unemployment, ECCU, GRD

In recent years, unemployment rates in some ECCU countries have been among the highest globally. This paper evaluates several factors that could explain them, finding that high unit labor costs, in a context of str...

On International Integration of Emerging Sovereign Bond Markets

On International Integration of Emerging Sovereign Bond Markets »

Source: On International Integration of Emerging Sovereign Bond Markets

Volume/Issue: 2018/18

Series: IMF Working Papers

Author(s): Itai Agur , Melissa Chan , Mangal Goswami , and Sunil Sharma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2018

ISBN: 9781484338667

Keywords: Emerging markets, International financial markets, Bond markets, Capital flows, Financial Globalization, Safe Assets, Debt Denomination, Factor Analysis, F21, F65

The paper investigates the international integration of EM sovereign dollar-denominated and local-currency bond markets. Factor analysis is used to examine movements in sovereign bond yields and common sources of y...

Globalization, Market Power, and the Natural Interest Rate

Globalization, Market Power, and the Natural Interest Rate »

Source: Globalization, Market Power, and the Natural Interest Rate

Volume/Issue: 2019/95

Series: IMF Working Papers

Author(s): Jean-Marc Natal , and Nicolas Stoffels

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 May 2019

ISBN: 9781498311410

Keywords: Real interest rates, Market interest rates, Economic integration, Interest rates, Total factor productivity, low interest rate puzzle, globalization, natural interest rate, markups, real interest rate

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....

Capital Flows: The Role of Bank and Nonbank Balance Sheets

Capital Flows: The Role of Bank and Nonbank Balance Sheets »

Source: Capital Flows: The Role of Bank and Nonbank Balance Sheets

Volume/Issue: 2019/85

Series: IMF Working Papers

Author(s): Yuko Hashimoto , and Signe Krogstrup

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2019

ISBN: 9781498311472

Keywords: Bank credit, Central banks, Private capital flows, Foreign currency exposure, International financial markets, foreign exposure, global factor, risk aversion, global financial crisis, forward contract

This paper assesses the role of bank and nonbank financial institutions' balance sheet foreign exposures and risk management practices in driving capital flow responses to global risk. Using a unique and previously...

Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward?

Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward? »

Source: Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward?

Volume/Issue: 2019/37

Series: IMF Working Papers

Author(s): Constance de Soyres , Anna Rogantini Picco , and Randa Sab

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

ISBN: 9781484396247

Keywords: Domestic debt, Real interest rates, Economic growth, Heavily indebted poor countries, Interest rate increases, Debt build-up;Frontier LIDCs;global and country-specific factors;debt-to-GDP ratio;debt-to-GDP;country-specific;federal fund rate;fund rate

This paper focuses on the debt build-up that frontier low-income developing countries (LIDCs) have faced since 2012. First, it documents a 20-percentage point increase in the external and government debt-to-GDP ra...

What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data

What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data »

Source: What Explains the Decline of the U.S. Labor Share of Income? An Analysis of State and Industry Level Data

Volume/Issue: 2017/167

Series: IMF Working Papers

Author(s): Yasser Abdih , and Stephan Danninger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2017

ISBN: 9781484311004

Keywords: United States, Western Hemisphere, Routine tasks, offshoring, labor share, unions, import competition, Aggregate Factor Income Distribution, General, Trade Unions: Objectives

The U.S. labor share of income has been on a secular downward trajectory since the beginning of the new millennium. Using data that are disaggregated across both state and industry, we show the decline in the labor...