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  • MPI Ethno. Forsch.  (37)
  • Ohnsorge, Franziska  (37)
  • Ha, Jongrim  (6)
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  • MPI Ethno. Forsch.  (37)
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Language
Years
  • 1
    Online Resource
    Online Resource
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Language: English
    Pages: 1 Online-Ressource (circa 80 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8738
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Inflation: Concepts, Evolution, and Correlates
    Keywords: Graue Literatur
    Abstract: In the past four to five decades, inflation has fallen around the world, with median annual global consumer price inflation down from a peak of 16.6 percent in 1974 to 2.6 percent in 2017. This decline began in advanced economies in the mid-1980s and in emerging market and developing economies in the mid-1990s. By 2000, global inflation had stabilized at historically low levels. Lower inflation has been accompanied by reduced inflation volatility, especially in advanced economies. This improvement in inflation outcomes has stemmed in large part from structural economic changes, including improved monetary and fiscal policy frameworks as well as international trade and financial liberalization. Lower and more stable inflation has often been associated with better growth and development outcomes, partly by reducing uncertainty, fostering a more efficient allocation of resources, and helping preserve financial stability
    URL: Volltext  (lizenzpflichtig)
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  • 2
    Online Resource
    Online Resource
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Language: English
    Pages: 1 Online-Ressource (circa 41 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8768
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Global Inflation Synchronization
    Keywords: Graue Literatur
    Abstract: The paper studies the extent of global inflation synchronization using a dynamic factor model in a large set of countries over a half century. The authors' methodology allows them to account for differences across groups of countries (advanced economies and emerging market and developing economies) and to analyze commonalities in inflation synchronization across a wide range of inflation measures. The paper reports three major results. First, inflation movements have become increasingly synchronized internationally over time: a common global factor has accounted for about 22 percent of variation in national inflation rates since 2001. Second, inflation synchronization has also become more broad-based: while it was previously much more pronounced among advanced economies than among emerging market and developing economies, it has become substantial in both groups over the past two decades. In addition, inflation synchronization has become significant across all inflation measures since 2001, whereas it was previously prominent only for inflation measures that included mostly tradable goods
    URL: Volltext  (lizenzpflichtig)
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  • 3
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Prospects Group
    Language: English
    Pages: 1 Online-Ressource (circa 36 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9177
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Kilic Celik, Sinem Subdued Potential Growth: Sources and Remedies
    Keywords: Graue Literatur
    Abstract: Global potential output growth has been flagging. At 2.5 percent in 2013-17, post-crisis potential growth is 0.5 percentage point below its longer-term average and 0.9 percentage point below its average a decade ago. Compared with a decade ago, potential growth has declined 0.8 percentage point in advanced economies and 1.1 percentage point in emerging market and developing economies. The slowdown mainly reflected weaker capital accumulation but is also evidence of decelerating productivity growth and demographic trends that dampen labor supply growth. Unless countered, these forces are expected to continue and to depress global potential growth further by 0.2 percentage point over the next decade. A menu of policy options is available to help reverse this trend, including comprehensive policy initiatives to lift physical and human capital and to encourage labor force participation by women and older workers
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  • 4
    Language: English
    Pages: 1 Online-Ressource (circa 42 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9178
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Kose, M. Ayhan Can This Time Be Different? Policy Options in Times of Rising Debt
    Keywords: Graue Literatur
    Abstract: Episodes of debt accumulation have been a recurrent feature of the global economy over the past fifty years. Since 2010, emerging and developing economies have experienced another wave of historically large and rapid debt accumulation. Similar past debt buildups have often ended in widespread financial crises in these economies. This paper examines the factors that are likely to determine the outcome of the most recent debt wave, and considers policy options to help reduce the likelihood that it ends again in widespread crises. It reports two main results. First, the rapid increase in debt has made emerging and developing economies more vulnerable to shifts in market sentiment, notwithstanding historically low global interest rates. Second, policy options are available to lower the likelihood of financial crises, and to help manage the adverse impacts of crises when they do occur. These include sound debt management, strong monetary and fiscal frameworks, and robust bank supervision and regulation. The post-crisis debt buildup has coincided with a period of subdued growth as well as the emergence of non-traditional creditors. As a result, policy priorities also need to ensure that debt is spent on productive purposes to improve growth prospects and that all debt-related transactions are transparently reported
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  • 5
    Online Resource
    Online Resource
    Washington, D.C. : World Bank Group, Development Economics, Development Prospects Group
    Language: English
    Pages: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8495
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Baffes, John The Role of Major Emerging Markets in Global Commodity Demand
    Keywords: Graue Literatur
    Abstract: Rapid growth among the major emerging markets over the past 20 years has boosted global demand for commodities. The seven largest emerging markets accounted for almost all the increase in global consumption of metals, and two-thirds of the increase in energy consumption over this period. As emerging market economies mature and shift towards less commodity-intensive activities, their demand for commodities may plateau. This paper estimates income elasticities of demand for a range of energy, metal and food commodities, and finds evidence of plateauing among several commodities. Looking ahead, as economies mature and GDP growth slows, growth in demand for commodities may also slow. Based on current population and GDP growth forecasts, this paper produces scenarios of potential growth in demand for commodities over the next decade. While global energy consumption growth may remain broadly steady, growth in global demand for metals and food could slow by one-third over the next decade. This would dampen global commodity prices. Despite an expected slowdown in its growth rate, China would likely remain the single largest consumer of many commodities. For the two-thirds of emerging market and developing economies that depend on raw materials for government and export revenues, these prospects reinforce the need for economic diversification and the strengthening of policy frameworks
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online Resource
    Online Resource
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Language: English
    Pages: 1 Online-Ressource (circa 43 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8784
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Huidrom, Raju Why Do Fiscal Multipliers Depend on Fiscal Positions?
    Keywords: Graue Literatur
    Abstract: The fiscal position can affect fiscal multipliers through two channels. Through the Ricardian channel, households reduce consumption in anticipation of future fiscal adjustments when fiscal stimulus is implemented from a weak fiscal position. Through the interest rate channel, fiscal stimulus from a weak fiscal position heightens investors' concerns about sovereign credit risk, raises economy-wide borrowing cost, and reduces private domestic demand. The paper documents empirically the relevance of these two channels using an Interactive Panel Vector Auto Regression model. It finds that fiscal multipliers tend to be smaller when fiscal positions are weak than strong
    URL: Volltext  (lizenzpflichtig)
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  • 7
    Online Resource
    Online Resource
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice & Development Economics Global Indicators Group
    Language: English
    Pages: 1 Online-Ressource (circa 38 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8945
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Amin, Mohammad Casting a Shadow: Productivity of Formal Firms and Informality
    Keywords: Graue Literatur
    Abstract: Using firm-level survey data for a large cross section of countries, the paper assesses the gap in labor productivity between formal and informal firms in developing countries for which comparable data are available. It also investigates the impact of competition from informal firms on the labor productivity of formal firms. The results show that on average, the labor productivity of informal firms is about one-fourth that of formal firms. Moreover, the labor productivity of formal firms that face competition from informal firms is about 75 percent of the average labor productivity of formal firms that do not experience informal competition. This suggests that competition from the informal sector can erode formal firms' market share and the resources available to boost productivity where formal firms shoulder the additional cost of regulatory compliance. These findings are robust to a range of firm and country characteristics as well as checks for endogeneity concerns
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  • 8
    Language: English
    Pages: 1 Online-Ressource (circa 58 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9116
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Wee Chian Koh Debt and Financial Crises
    Keywords: Graue Literatur
    Abstract: Emerging market and developing economies have experienced recurrent episodes of rapid debt accumulation over the past fifty years. This paper examines the consequences of debt accumulation using a three-pronged approach: an event study of debt accumulation episodes in 100 emerging market and developing economies since 1970; a series of econometric models examining the linkages between debt and the probability of financial crises; and a set of case studies of rapid debt buildup that ended in crises. The paper reports four main results. First, episodes of debt accumulation are common, with more than 500 episodes occurring since 1970. Second, around half of these episodes were associated with financial crises which typically had worse economic outcomes than those without crises - after 8 years output per capita was typically 6-10 percent lower and investment 15-22 percent weaker in crisis episodes. Third, a rapid buildup of debt, whether public or private, increased the likelihood of a financial crisis, as did a larger share of short-term external debt, higher debt service cover, and lower reserves cover. Fourth, countries that experienced financial crises frequently employed combinations of unsustainable fiscal, monetary and financial sector policies, and often suffered from structural and institutional weaknesses
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  • 9
    Online Resource
    Online Resource
    [Washington, DC, USA] : World Bank Group, Prospects Group
    Language: English
    Pages: 1 Online-Ressource (circa 55 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9148
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als M. Ayhan Kose Emerging and Developing Economies: Ten Years after the Global Recession
    Keywords: Graue Literatur
    Abstract: Although emerging market and developing economies (EMDEs) weathered the global recession a decade ago relatively well, they now appear less well placed to cope with the substantial downside risks facing the global economy. In many EMDEs, the room for monetary and fiscal policies to respond to shocks has eroded; underlying growth potential has slowed; and the momentum for improving policy frameworks, institutions, and business climates seems to have slackened. The experience of the 2009 global recession highlights once again the critical role of policy room in shielding economic activity during adverse shocks. The subsequent decade of anemic growth underlines the need for sound policy frameworks, institutions, and business environments to promote sustained growth. With the global growth outlook weakening and vulnerabilities rising, the policy priority for EMDEs is now to improve resilience to shocks and to lift long-term growth prospects
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  • 10
    Language: English
    Pages: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: Policy research working paper 9166
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Kose, M. Ayhan Benefits and Costs of Debt: The Dose Makes the Poison
    Keywords: Graue Literatur
    Abstract: Government debt has risen substantially in emerging market and developing economies (EMDEs) since the global financial crisis. The current environment of low global interest rates and weak growth may appear to mitigate concerns about elevated debt levels. Considering currently subdued investment, additional government borrowing might also appear to be an attractive option for financing growth-enhancing initiatives such as investment in human and physical capital. However, history suggests caution. Despite low interest rates, debt was on a rising trajectory in half of EMDEs in 2018. In addition, the cost of rolling over debt can increase sharply during periods of financial stress and result in financial crises; elevated debt levels can limit the ability of governments to provide fiscal stimulus during downturns; and high debt can weigh on investment and long-term growth. Hence, EMDEs need to strike a careful balance between taking advantage of low interest rates and avoiding the potentially adverse consequences of excessive debt accumulation
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