Financial development and dynamic investment behavior: Evidence from panel VAR

https://www.nber.org/system/files/working_papers/w8245/w8245.pdf

Does Financial Liberalization Spur Growth

Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

Federal Reserve Bank of New Yorkの制定せる財務諸表様式について

This paper describes the correlations between inequality and the growth rates in cross-country data. Using non-parametric methods, we show that the growth rate is an inverted U-shaped function of net changes in inequality: Changes in inequality (in any direction) are associated with reduced growth in the next period. The estimated relationship is robust to variations in control variables and estimation methods. This inverted U-curve is consistent with a simple political economy model, although, as we point out, efforts to interpret this model causally run into difficult identification problems. We show that this non-linearity is sufficient to explain why previous estimates of the relationship between the level of inequality and growth are so different from one another.

Inequality and Growth: What Can the Data Say?

This is the second edition of the Migration and Remittances Factbook. This report provides a comprehensive picture of emigration, skilled emigration, immigration, and remittance flows for 210 countries and 15 country groups, drawing on authoritative, publicly available data. The current edition of the factbook updates the information in the popular 2008 edition with additional data for 71 countries collected from various sources, including national censuses, labor force surveys, population registers, and other national sources. In addition, it provides selected socioeconomic characteristics such as population, labor force, age dependency ratio, gross national income (GNI) per capita, and poverty headcount for each country and regional grouping. More frequent and timely monitoring of migration and remittance trends can provide policy makers, researchers, and the development community with the tools to make informed decisions. The factbook makes an important contribution to this effort by providing the latest available data and facts on migration and remittance trends worldwide in a comprehensive and readily accessible format.

Migration and Remittances Factbook 2011

This article explores factors that affect the distance between sovereign credit ratings and the ratings assigned to new foreign-currency bonds issued by sub-sovereign entities (such as private non-financial corporations, financial firms, and public sector enterprises) in 47 emerging markets and developing economies. Censored and double-hurdle regression models are used to estimate the relative contributions of bond-level, issuer-level, and macroeconomic factors that determine this distance, separately for those rated at or below the sovereign rating and those rated above. For the three quarters or more of sub-sovereign bond ratings that are constrained by the sovereign rating ceiling, a Tobit regression model shows a smaller distance – suggesting stronger sovereign–corporate linkages – for public sector enterprises and financial firms relative to other firms. Riskier global financial conditions are also associated with sub-sovereign bonds being rated closer to the sovereign rating. For the small n...

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Determinants of the distance between sovereign credit ratings and sub-sovereign bond ratings: Evidence from emerging markets and developing economies

Given Sub-Saharan Africa's enormous resource needs for growth, poverty reduction, and other Millennium Development Goals, the development community has little choice but to continue to explore new sources of financing, innovative private-to-private sector solutions, and public-private partnerships to mobilize additional international financing. The paper suggests several new instruments for improving access to capital. An analysis of country creditworthiness suggests that many countries in the region may be more creditworthy than previously believed. Establishing sovereign rating benchmarks and credit enhancement through guarantee instruments provided by multilateral aid agencies would facilitate market access. Creative financial structuring, such as the International Financing Facility for Immunization, would help front-load aid commitments, although these may not result in additional financing in the long run. Preliminary estimates suggest that Sub-Saharan African countries can potentially raise USD 1-3 billion by reducing the cost of international migrant remittances, USD 5-10 billion by issuing diaspora bonds, and USD 17 billion by securitizing future remittances and other future receivables. African countries that have recently received debt relief however need to be cautious when resorting to market-based borrowing.

Beyond aid: new sources and innovative mechanisms for financing development in Sub-Saharan Africa

Officially recorded remittance flows to developing countries recovered quickly to $325 billion in 2010 after the global financial crisis. But they have not kept pace with rising prices in recipient countries. Remittance flows are expected to grow at lower but more sustainable rates of 7-8 percent annually during 2011-13 to reach $404 billion by 2013. Remittance flows to Latin America are growing again in 2011 because of the stabilization of the U.S. economy. Remittance flows from Russia and the Gulf Cooperation Council (GCC) countries to Asia have been strong due to high oil prices. However, weak job markets in Western Europe are creating pressures to reduce migration. The crisis in the Middle East and North Africa has brought a great deal of uncertainty for migration and remittance flows. These political crises and the recent global financial crisis have highlighted, once again, the need for high-frequency data on migration and remittances.

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Outlook for remittance flows 2011-13 : remittance flows recover to pre-crisis levels

In the 2001 centenary edition of the Economic Roundup, Treasury presented the evidence then available of narrowing in the last decades of the 20 th century of inter-country inequality, and continuing reduction in the proportion of the world population in extreme poverty. 2 Subsequent research — such as that presented below — has used new ways of presenting available (albeit still imperfect) data. It supports stronger claims than in the centenary Roundup. The absolute number in poverty has begun to fall, notwithstanding global population growth, for the first time in the history of the statistics. Moreover we can now picture how narrowing inter-country inequality has outweighed widening national inequality in some countries, so that global inequality has apparently begun to narrow. Most estimates of poverty and inequality use only household surveys of income or expenditure. These estimates have been criticised for not accounting for the role of public spending in influencing poverty and inequality, and because for many countries, surveyed household income or expenditure have been falling below estimates of similar concepts from national accounts by an increasing margin over time. Professor Xavier Sala-i-Martin of Columbia University published several influential studies in 2002 that addressed these problems by combining survey estimates of distribution with national accounts estimates of consumption or income levels. 3 During 2001 and 2002, the Group of Twenty (G20) 4 large economies compared their experiences of the policy challenges from globalisation, including their experiences of

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Poverty, inequality and the distribution of income in the Group of 20

This article examines the influence of global risk on the holding of gold by central banks based on annual data for 100 countries during 1990–2015. We use a dynamic panel generalized method of moments model to estimate this effect, controlling for a variety of domestic factors. Consistent with portfolio diversification and perception of gold as a safe asset, we find that the gold holdings of central banks increase in response to higher global risk. This effect varies based on the levels of capital account openness, reserve adequacy, income status and currency regimes. These findings suggest that central banks adjust their gold holdings in response to changes in global risk conditions, with the magnitude of response depending on country-specific vulnerabilities.

/pdf/global-risk-and-demand-for-gold-by-central-banks-3f1tciicub.pdf

Sanket Mohapatra

Papers

Determinants of the distance between sovereign credit ratings and sub-sovereign bond ratings: Evidence from emerging markets and developing economies

Beyond aid: new sources and innovative mechanisms for financing development in Sub-Saharan Africa

Outlook for remittance flows 2011-13 : remittance flows recover to pre-crisis levels

Poverty, inequality and the distribution of income in the Group of 20

Global risk and demand for gold by central banks