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  • Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) x
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Rudrani Bhattacharya
,
Ila Patnaik
, and
Madhavi Pundit
This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle volatility reduces. For an economy with limited financial openness, and a relatively open trade account, a model with exogenous terms of trade shocks is able to replicate the features of the business cycle.
Mr. Troy D Matheson
We develop monthly indicators for tracking growth in 32 advanced and emerging-market economies. We test the historical performance of our indicators and find that they do a good job at describing the business cycle. In a recursive out-of-sample forecasting exercise, we find that the indicators generally produce good GDP growth forecasts relative to a range of time series models.
International Monetary Fund. Research Dept.
The Q&A in this issue features seven questions about emerging markets and the financial crisis (by Ayhan Kose); the research summaries are "Tax Revenue Response to the Business Cycle" (by Cemile Sancak, Ricardo Velloso, and Jing Xing) and "Banking Crisis Resolution: Was this Time Different?" (by Luc Laeven and Fabian Valencia). The issue also lists the contents of the second issue of the IMF Economic Review, Volume 58 Number 2; visiting scholars at the IMF during October-December 2010; and recent IMF Working Papers and Staff Position Notes.
International Monetary Fund. Research Dept.
IMF research summaries on global population aging and pension reform (by Mario Catalán) and on questions about decoupling (by M. Ayhan Kose); country study on the United States (by Koshy Mathai); listing of visiting scholars at the IMF during June–August 2008; listing of contents of Vol. 55 No. 3 of IMF Staff Papers; listing of recent IMF Working Papers; and a listing of recent external publications by IMF staff.
International Monetary Fund. External Relations Dept.
Le numéro de juin 2008 aborde sous différents angles la crise des marchés financiers dans les pays avancés. Les articles se penchent sur les origines de la crise du marché hypothécaire des subprimes aux États-Unis et suivent à la trace ses effets de contagion à d'autres marchés. Les auteurs s'intéressent aux mesures à prendre pour prévenir les crises futures. Les autres articles sont consacrés aux règles de Bâle II en matière d'exigences de fonds propres, au découplage ou à la convergence des pays émergents et des pays industrialisés, aux flux de capitaux vers les pays à faible revenu, aux efforts en vue de réaliser les OMD, et aux interventions sur les marchés des changes. Dans les rubriques habituelles, « L’ABC de l’économie » est consacré aux marchés de gré à gré, « Paroles d'économistes » à Jacques Polak, et « Pleins feux » à la fracture numérique.
International Monetary Fund. External Relations Dept.
En el número de junio de 2008 se analiza la crisis de los mercados financieros en los países industriales desde varios ángulos. En los artículos se examinan los orígenes de la crisis estadounidense de la deuda hipotecaria de alto riesgo y su repercusión en otros mercados. Los autores también examinan las medidas que podrían adoptarse para prevenir futuras crisis. En otros artículos se analizan las normas relativas a la suficiencia de capital y el marco de Basilea II, la cuestión de si hay desacoplamiento o convergencia entre los mercados emergentes y las economías industriales, los flujos de capitales hacia los países de bajo ingreso, los esfuerzos para alcanzar los ODM y las intervenciones monetarias. En “Vuelta a lo esencial” se pasa revista a los mercados extrabursátiles y en “Gente del mundo de la economía” se traza una semblanza de Jacques Polak. En “Bajo la lupa” se examina la brecha digital entre los países.
International Monetary Fund. External Relations Dept.
The June 2008 issue tackles the crisis in financial markets in industrial countries from a number of angles. Articles look at the origins of the crisis in the subprime mortgage market in the United States and track its spillover into other markets. Then authors examine what can be done to prevent future crises. Other articles look at bank capital adequacy rules and Basel II, whether emerging markets and industrial economies are decoupling or converging, capital flows to low-income countries, efforts to achieve the MDGs, and currency intervention. Back to Basics looks at over-the-counter (OTC) markets and the People in Economics column profiles Jacques Polak. Picture This is on the digital divide.
International Monetary Fund. Research Dept.
IMF research summaries on foreign direct investment (by Yuko Kinoshita) and on trade linkages and business cycles (by Julian di Giovanni and Andrei Levchenko); country study on Mexico (by Roberto Garcia-Saltos); listing of visiting scholars at the IMF during February-June 2008; listing of contents of Vol. 55, Issue No. 1 of IMF Staff Papers; listing of recent IMF Working Papers; and a listing of recent external publications by IMF staff.
Miss Cigdem Akin
and
Mr. Ayhan Kose
This paper examines the changing nature of growth spillovers between developed economies, the North, and developing countries, the South, driven by the process of globalization?the phenomenon of rising international trade and financial flows. We use a comprehensive database of macroeconomic and sectoral variables for 106 countries over the period 1960- 2005. We consider the South to be composed of two groups of countries, the Emerging South and the Developing South, based on the extent of their integration into the global economy. Using a panel regression framework, we find that the impact of the Northern economic activity on the Emerging South has declined during the globalization period (1986-2005). In contrast, the growth linkages between the North and Developing South have been rather stable over time. Our findings also suggest that the Northern and Emerging Southern economies have started to exhibit more intensive intra-group growth spillovers.
Mr. Anoop Singh
and
Mr. Martin D. Cerisola
This paper looks at the historical lessons that might serve to entrech Latin America's newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster growing economies. Among these, the paper highlights the importance of stable macroeconomic policies, especially fiscal policy.