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Titre : Capital Account Liberalization and Inequality Type de document : document électronique Auteurs : Davide Furceri, Auteur ; Prakash Loungani, Auteur Editeur : IMF Année de publication : Nov 2015 Collection : Working Paper num. WP/15/243 Importance : 26 p Langues : Anglais (eng) Tags : Mondialisation Intégration économique Inégalité des revenus Libéralisation du compte de capital Résumé : This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms. En ligne : http://www.imf.org/external/pubs/cat/longres.aspx?sk=43414.0 Capital Account Liberalization and Inequality [document électronique] / Davide Furceri, Auteur ; Prakash Loungani, Auteur . - [S.l.] : IMF, Nov 2015 . - 26 p. - (Working Paper; WP/15/243) .
Langues : Anglais (eng)
Tags : Mondialisation Intégration économique Inégalité des revenus Libéralisation du compte de capital Résumé : This paper examines the distributional impact of capital account liberalization. Using panel data for 149 countries from 1970 to 2010, we find that, on average, capital account liberalization reforms increase inequality and reduce the labor share of income in the short and medium term. We also find that the level of financial development and the occurrence of crises play a key role in shaping the response of inequality to capital account liberalization reforms. En ligne : http://www.imf.org/external/pubs/cat/longres.aspx?sk=43414.0 Documents numériques
_wp15243.pdfAdobe Acrobat PDF
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 Documents numériques
SSRN-id880673-min.pdfAdobe Acrobat PDF
Titre : The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru Type de document : document électronique Auteurs : Francisco Roch, Auteur Editeur : IMF Année de publication : September 2017 Collection : Working Paper num. 17/208 Importance : 25 p Langues : Anglais (eng) Tags : Prix des matières premières Fiscalité Commerce mondial Chili Colombie Pérou Résumé : This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks. En ligne : http://www.imf.org/en/Publications/WP/Issues/2017/09/29/The-Adjustment-to-Commod [...] The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru [document électronique] / Francisco Roch, Auteur . - [S.l.] : IMF, September 2017 . - 25 p. - (Working Paper; 17/208) .
Langues : Anglais (eng)
Tags : Prix des matières premières Fiscalité Commerce mondial Chili Colombie Pérou Résumé : This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks. En ligne : http://www.imf.org/en/Publications/WP/Issues/2017/09/29/The-Adjustment-to-Commod [...] Documents numériques
wp17208.pdfAdobe Acrobat PDF
Titre : Trade in financial services and capital movements Type de document : document électronique Auteurs : Natalia T. Tamirisa, Auteur Editeur : IMF Année de publication : July 1999 Collection : Working Paper num. 89 Importance : 22 p Langues : Anglais (eng) Catégories : Marchés financiers Tags : Marché financier Mouvement des capitaux Banques Commerce Résumé : International financial liberalization may alter saving–investment imbalances and patterns of capital flows across countries. Using a panel of OECD countries for 1990–1996, I examine how the liberalization of capital movements and financial services trade affects net private capital flows. Capital inflows tend to fall (rise) with the liberalization of commercial presence in banking and securities (insurance) services, possibly reflecting an increase (decrease) in saving. I find that capital account liberalization stimulates capital inflows, suggesting that better access to external financing helps sustain larger current account deficits. When cross-border trade is liberalized, capital inflows change insignificantly. En ligne : https://www.imf.org/external/pubs/ft/wp/1999/wp9989.pdf Trade in financial services and capital movements [document électronique] / Natalia T. Tamirisa, Auteur . - [S.l.] : IMF, July 1999 . - 22 p. - (Working Paper; 89) .
Langues : Anglais (eng)
Catégories : Marchés financiers Tags : Marché financier Mouvement des capitaux Banques Commerce Résumé : International financial liberalization may alter saving–investment imbalances and patterns of capital flows across countries. Using a panel of OECD countries for 1990–1996, I examine how the liberalization of capital movements and financial services trade affects net private capital flows. Capital inflows tend to fall (rise) with the liberalization of commercial presence in banking and securities (insurance) services, possibly reflecting an increase (decrease) in saving. I find that capital account liberalization stimulates capital inflows, suggesting that better access to external financing helps sustain larger current account deficits. When cross-border trade is liberalized, capital inflows change insignificantly. En ligne : https://www.imf.org/external/pubs/ft/wp/1999/wp9989.pdf
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
BelgiqueTags : 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
BelgiqueTags : 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 [...]
