Sources of contagion / Caroline Van Rijckeghem    

Public ISBD Titre : Sources of contagion : is it finance or trade? Type de document : document électronique Auteurs : Caroline Van Rijckeghem, Auteur ; Beatrice Weder, Auteur Editeur : IMF Année de publication : October 1999 Collection : Working Paper num. 146 Importance : 28 p Langues : Anglais (eng) Catégories : Crise économique et financière Tags : Crise financière  Commerce mondial  Finance international  Banques Résumé : This paper presents evidence that spillovers through bank lending, as opposed to trade linkages and country characteristics, can help explain contagion. We construct a measure of competition for bank funds and find evidence in favor of a common lender effect in the Mexican, Thai, and Russian crises, after controlling for the degree of trade competition and macroeconomic fundamentals. The results are quite robust to the definition of the finance indicator. In the case of the Asian crisis, results are not always robust to the inclusion of trade competition, reflecting the high correlation between competition for funds and trade. En ligne : https://www.imf.org/external/pubs/ft/wp/1999/wp99146.pdf Sources of contagion : is it finance or trade? [document électronique] / Caroline Van Rijckeghem, Auteur ; Beatrice Weder, Auteur . - [S.l.] : IMF, October 1999 . - 28 p. - (Working Paper; 146) . Langues : Anglais (eng) Catégories : Crise économique et financière Tags : Crise financière  Commerce mondial  Finance international  Banques Résumé : This paper presents evidence that spillovers through bank lending, as opposed to trade linkages and country characteristics, can help explain contagion. We construct a measure of competition for bank funds and find evidence in favor of a common lender effect in the Mexican, Thai, and Russian crises, after controlling for the degree of trade competition and macroeconomic fundamentals. The results are quite robust to the definition of the finance indicator. In the case of the Asian crisis, results are not always robust to the inclusion of trade competition, reflecting the high correlation between competition for funds and trade. En ligne : https://www.imf.org/external/pubs/ft/wp/1999/wp99146.pdf

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Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility / Reza Moghadam  

Public ISBD Titre : Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility : The Case of Belgium Type de document : texte imprimé Auteurs : Reza Moghadam, Auteur ; Caroline Van Rijckeghem, Auteur Editeur : IMF Année de publication : December 1994 Collection : Working Paper num. n° 94/150 Importance : 26 p Langues : Anglais (eng) Catégories : Emploi Belgique Tags : Emploi  Travail  Flexibilité  Belgique Index. décimale : 05.01 Travail - Généralités Résumé : This paper examines the potential contribution of unemployment hysteresis theories to the understanding of the Belgian labor market. It estimates models of wage determination using aggregate and firm-level panel data. Two main conclusions emerge: (i) the long-term unemployed do not exert a negative impact on wages; and (ii) there is some evidence that the incumbent workers, the “insiders,” exercise market power in wage determination, taking greater account of their own interests than those of the unemployed “outsiders.” In addition, it is argued that the automatic indexation of wages to prices in Belgium can cause a downward rigidity in real wages, given the multi-tier real wage bargaining process. Recent initiatives, including the introduction of a competitiveness norm for indexation, and labor market programs aimed at the long-term unemployed and the young, such as the plan d’accompagnement and the plan d’embauche des jeunes, are appropriate in view of the existence of insider power in wage determination. En ligne : https://www.imf.org/en/Publications/WP/Issues/2016/12/30/Unemployment-Hysteresis [...] Unemployment Hysteresis, Wage Determination, and Labor Market Flexibility : The Case of Belgium [texte imprimé] / Reza Moghadam, Auteur ; Caroline Van Rijckeghem, Auteur . - [S.l.] : IMF, December 1994 . - 26 p. - (Working Paper; n° 94/150) . Langues : Anglais (eng) Catégories : Emploi Belgique Tags : Emploi  Travail  Flexibilité  Belgique Index. décimale : 05.01 Travail - Généralités Résumé : This paper examines the potential contribution of unemployment hysteresis theories to the understanding of the Belgian labor market. It estimates models of wage determination using aggregate and firm-level panel data. Two main conclusions emerge: (i) the long-term unemployed do not exert a negative impact on wages; and (ii) there is some evidence that the incumbent workers, the “insiders,” exercise market power in wage determination, taking greater account of their own interests than those of the unemployed “outsiders.” In addition, it is argued that the automatic indexation of wages to prices in Belgium can cause a downward rigidity in real wages, given the multi-tier real wage bargaining process. Recent initiatives, including the introduction of a competitiveness norm for indexation, and labor market programs aimed at the long-term unemployed and the young, such as the plan d’accompagnement and the plan d’embauche des jeunes, are appropriate in view of the existence of insider power in wage determination. En ligne : https://www.imf.org/en/Publications/WP/Issues/2016/12/30/Unemployment-Hysteresis [...]

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