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Additional Evidenceon Ems Interest Rate Linkages

Additional Evidenceon Ems Interest Rate Linkages »

Source: Additional Evidenceon Ems Interest Rate Linkages

Volume/Issue: 1996/115

Series: IMF Working Papers

Author(s): John Thornton , and Alicia García-Herrero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1996

ISBN: 9781451942941

Keywords: interest rates, cointegration, statistics, granger causality, equation

This note examines interest rate linkages within the EMS. Cointegration tests suggest the existence of a long-run equilibrium relationship between German and other EMS interest rates. Bivariate VAR analysis finds t...

Foreign Entanglements

Foreign Entanglements »

Source: Foreign Entanglements : Estimating the Source and Size of Spillovers Across Industrial Countries

Volume/Issue: 2007/182

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867466

Keywords: international business cycles, vector autoregressions, correlation, equation, covariance,

VARs of real growth since 1970 are used to estimate spillovers between the U.S., euro area, Japan, and an aggregate of small industrial countries, which proxies for global shocks. U.S. and global shocks generate si...

Why Does Fdi Go Where it Goes? New Evidence From the Transition Economies

Why Does Fdi Go Where it Goes? New Evidence From the Transition Economies »

Source: Why Does Fdi Go Where it Goes? New Evidence From the Transition Economies

Volume/Issue: 2003/228

Series: IMF Working Papers

Author(s): Yuko Kinoshita , and Nauro Campos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2003

ISBN: 9781451875461

Keywords: fdi, market size, foreign investors, host country, Multiple or Simultaneous Equation Models: Models with Panel Data, Socialist Systems and Transitional Economies: Performance and Prospects,

This paper examines the importance of agglomeration economies and institutions vis-a-vis initial conditions and factor endowments in explaining the locational choice of foreign investors. Using a unique panel data...

Benchmark Priors Revisited

Benchmark Priors Revisited »

Source: Benchmark Priors Revisited : On Adaptive Shrinkage and the Supermodel Effect in Bayesian Model Averaging

Volume/Issue: 2009/202

Series: IMF Working Papers

Author(s): Martin Feldkircher , and Stefan Zeugner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

ISBN: 9781451873498

Keywords: Bayesian model averaging, hyper-g prior, shrinkage factor, Zellner&;amp;#x2019;s g prior, model uncertainty, growth econometrics, noise, probabilities, statistics, bayes factor

Default prior choices fixing Zellner's g are predominant in the Bayesian Model Averaging literature, but tend to concentrate posterior mass on a tiny set of models. The paper demonstrates this supermodel effect and...

Monitoring and Commitment in Bank Lending Behavior

Monitoring and Commitment in Bank Lending Behavior »

Source: Monitoring and Commitment in Bank Lending Behavior

Volume/Issue: 2005/222

Series: IMF Working Papers

Author(s): Rodolphe Blavy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2005

ISBN: 9781451862416

Keywords: Bank, monitoring, commitment, asymmetry of information, probability, equation, bank lending, loan commitment, Asymmetric and Private Information, Financial Markets and the Macroeconomy,

The paper proposes a theoretical argument on the nature of bank lending, based on the idea that, through commitment and monitoring, banks overcome basic informational asymmetries with borrowers. By bringing togethe...

Energy Subsidies and Public Social Spending

Energy Subsidies and Public Social Spending »

Source: Energy Subsidies and Public Social Spending : Theory and Evidence

Volume/Issue: 2015/101

Series: IMF Working Papers

Author(s): Christian Ebeke , and Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 May 2015

ISBN: 9781475580747

Keywords: Energy subsidies, Public social spending, Causality, subsidy, tax, energy subsidy, Cross-Sectional Models, Single Equation Models: Single Variables: Instrumental Variables (IV) Estimation, Causality.,

This paper shows that high energy subsidies and low public social spending can emerge as an equilibrium outcome of a political game between the elite and the middle-class when the provision of public goods is subje...

Foreign Direct Investment in Southeastern Europe

Foreign Direct Investment in Southeastern Europe »

Source: Foreign Direct Investment in Southeastern Europe : How (and How Much) Can Policies Help?

Volume/Issue: 2005/110

Series: IMF Working Papers

Author(s): Elina Ribakova , Balázs Horváth , Dimitri Demekas , and Yi Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2005

ISBN: 9781451861297

Keywords: Southeastern Europe, fdi, direct investment, host country, foreign investment, Multiple or Simultaneous Equation Models: Models with Panel Data, Socialist Systems and Transitional Economies: Performance and Prospects,

Gravity factors explain a large part of Foreign Direct Investment (FDI) inflows in Southeastern Europe-a region not comprehensively covered before in econometric studies-but hostcountry policies also matter. Key ar...

A Simultaneous Equations Model for World Crude Oil and Natural Gas Markets

A Simultaneous Equations Model for World Crude Oil and Natural Gas Markets »

Source: A Simultaneous Equations Model for World Crude Oil and Natural Gas Markets

Volume/Issue: 2005/32

Series: IMF Working Papers

Author(s): Noureddine Krichene

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

ISBN: 9781451860511

Keywords: Elasticities, Impulse responses, oil prices, gas output, gas supply, Multiple or Simultaneous Equation Models: Time-Series Models, Energy: Demand and Supply,

A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of demand for both crude oil and natural gas, which explains the market power of oil producers an...

Will Natural Gas Prices Decouple From Oil Prices Across the Pond?1

Will Natural Gas Prices Decouple From Oil Prices Across the Pond?1 »

Source: Will Natural Gas Prices Decouple From Oil Prices Across the Pond?

Volume/Issue: 2011/143

Series: IMF Working Papers

Author(s): Reinout De Bock , and Jose Gijon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

ISBN: 9781455266449

Keywords: Gas exporters, Energy economics, Vector autoregressions, gas prices, oil prices, gas exports, gas price, Multiple or Simultaneous Equation Models: Time-Series Models, International Finance Forecasting and Simulation, Open Economy Macroeconomics

We show that US natural gas prices have decoupled from oil prices following substantial institutional and technological changes. We then examine how this interrelationship has evolved in Europe using data for Alger...

Additional Evidenceon Ems Interest Rate Linkages

Additional Evidenceon Ems Interest Rate Linkages »

Volume/Issue: 1996/115

Series: IMF Working Papers

Author(s): John Thornton , and Alicia García-Herrero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1996

DOI: http://dx.doi.org/10.5089/9781451942941.001

ISBN: 9781451942941

Keywords: interest rates, cointegration, statistics, granger causality, equation

This note examines interest rate linkages within the EMS. Cointegration tests suggest the existence of a long-run equilibrium relationship between German and other EMS interest rates. Bivariate VAR analysis finds t...