 | Competition Policy for Modern Banks Author/Editor: Lev Ratnovski. Release Date:May, 2013 Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this more...
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| Fiscal Multipliers in the ECCU Author/Editor: Jesus Gonzalez-Garcia, Antonio Lemus, Mico Mrkaic. Release Date:May, 2013 The multipliers of taxes, and government consumption and investment expenditure for the Eastern Caribbean Currency Union (ECCU) are estimated using vector autoregression models with panel data. The more...
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| Heterogeneous Bank Lending Responses to Monetary Policy: New Evidence from a Real-time Identification Author/Editor: John C Bluedorn, Christopher Bowdler, Christoffer Koch. Release Date:May, 2013 We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending. Using an exogenous policy measure identified from narratives on FOMC intentions more...
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| Emerging Economy Business Cycles: Financial Integration and Terms of Trade Shocks Author/Editor: Rudrani Bhattacharya, Ila Patnaik, Madhavi Pundit. Release Date:May, 2013 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 more...
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| Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies Author/Editor: Rudrani Bhattacharya, Ila Patnaik. Release Date:May, 2013 How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging more...
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| Financial Structures and Economic Outcomes: An Empirical Analysis Author/Editor: Tom Gole, Tao Sun. Release Date:May, 2013 This paper investigates the potential relationships between financial structures and economic outcomes. The empirical results that withstand a battery of methods suggest that some financial more...
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| Foreign Investors Under Stress: Evidence from India Author/Editor: Ila Patnaik, Ajay Shah, Nirvikar Singh. Release Date:May, 2013 Emerging market policy makers have been concerned about the financial stability implications offinancial globalization. These concerns are focused on behavior under stressed conditions. Do tailevents more...
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| Are the Asia and Pacific Small States Different from Other Small States? Author/Editor: Patrizia Tumbarello, Ezequiel Cabezon, Yiqun Wu. Release Date:May, 2013 The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, more...
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| The Great Recession and the Inflation Puzzle Author/Editor: Troy Matheson, Emil Stavrev. Release Date:May, 2013 Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the more...
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| That Squeezing Feeling: The Interest Burden and Public Debt Stabilization Author/Editor: Xavier Debrun, Tidiane Kinda. Release Date:May, 2013 The paper explores the extent to which the pressure of debt service on other spending items may push governments to embark on fiscal consolidation beyond what is strictly necessary to secure more...
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