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  • 1
    Online Resource
    Online Resource
    A Decade After the Global Recession : Lessons and Challenges for Emerging and Developing Economies (2019)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: World Bank E-Library Archive
    Series Statement: Other papers
    Abstract: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well. However, following a short-lived initial rebound in activity in 2010, the global economy and, especially, emerging market and developing economies, have suffered a decade of weak growth despite unprecedented monetary policy accommodation and several rounds of fiscal stimulus in major economies. A Decade After the Global Recession provides the first comprehensive stock-taking of the decade since the global recession for emerging market and developing economies. It reviews the experience of emerging market and developing economies during and after the recession. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and be prepared should another global downturn occur
    DOI: 10.1596/32641
    URL: Deutschlandweit zugänglich
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    A Cross-Country Database of Fiscal Space (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (48 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Kose, M. Ayhan A Cross-Country Database of Fiscal Space
    Abstract: This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet vulnerability, external and private sector debt related risks as potential causes of contingent liabilities, and market access. The authors illustrate potential applications of the database by analyzing developments in fiscal space across three time frames: over the past quarter century; during financial crises; and during oil price plunges. The main results are as follows. First, fiscal space had improved in many countries before the global financial crisis. In advanced economies, following severe deteriorations during the crisis, many indicators of fiscal space have virtually returned to levels in the mid-2000s. In contrast, fiscal space has shrunk in many emerging market and developing economies since the crisis. Second, financial crises tend to coincide with deterioration in multiple indicators of fiscal space, but they are often followed by reduced reliance on short-term borrowing. Finally, fiscal space narrows in energy-exporting emerging market and developing economies during oil price plunges but later expands, often because of procyclical fiscal tightening and, in some episodes, a recovery in oil prices
    DOI: 10.1596/1813-9450-8157
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Thresholds in the Process of International Financial Integration (2009)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (43 p)
    Edition: 2009 World Bank eLibrary
    Parallel Title: Kose, M. Ayhan Thresholds in the Process of International Financial Integration
    Keywords: 1975-2004 ; Finanzmarkt ; Internationaler Finanzmarkt ; Marktintegration ; Finanzmarktregulierung ; Institutionenökonomik ; Wirkungsanalyse ; Globalisierung ; Welt
    Abstract: The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration. Indeed, a new literature proposes that the indirect benefits of financial integration may be more important than the traditional financing channel emphasized in previous analyses. A major complication, however, is that there seem to be certain "threshold" levels of financial and institutional development that an economy needs to attain before it can derive the indirect benefits and reduce the risks of financial openness. This paper develops a unified empirical framework for characterizing such threshold conditions. The analysis finds that there are clearly identifiable thresholds in variables such as financial depth and institutional quality - the cost-benefit trade-off from financial openness improves significantly once these threshold conditions are satisfied. The findings also show that the thresholds are lower for foreign direct investment and portfolio equity liabilities compared with those for debt liabilities
    DOI: 10.1596/1813-9450-5149
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    Weakness in Investment Growth : Causes, Implications and Policy Responses (2017)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (75 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Kose, M. Ayhan Weakness in Investment Growth: Causes, Implications and Policy Responses
    Abstract: Investment growth in emerging market and developing economies has slowed sharply since 2010. This paper presents a comprehensive analysis of the causes and implications of this slowdown and presents a menu of policy responses to improve investment growth. It reports four main results. First, the slowdown has been broad-based and most pronounced in the largest emerging markets and in commodity exporters. Second, it reflects a range of obstacles: weak activity, negative terms-of-trade shocks, declining foreign direct investment inflows, elevated private debt burdens, heightened political risk, and adverse spillovers from major economies. Third, by slowing capital accumulation and technological progress embedded in investment, weak post-crisis investment growth has contributed to sluggish growth of potential output in recent years. Finally, although specific policy priorities depend on country circumstances, policymakers can boost investment both directly, through public investment, and indirectly, by encouraging private investment, including foreign direct investment, and by undertaking measures to improve overall growth prospects and the business climate
    DOI: 10.1596/1813-9450-7990
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    A Mountain of Debt : Navigating the Legacy of the Pandemic (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (40 pages)
    Parallel Title: Erscheint auch als Print Version: Kose, M. Ayhan A Mountain of Debt: Navigating the Legacy of the Pandemic
    Keywords: Business Cycles and Stabilization Policies ; Coronavirus ; COVID-19 ; Debt Markets ; Deficits ; External Debt ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Fiscal Policy ; International Economics and Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Pandemic Impact ; Pandemic Response ; Private Debt ; Sovereign Debt
    Abstract: The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings. First, during the 2020 global recession, both global government and private debt levels rose to record highs, and at their fastest single-year pace, in five decades. Second, the debt-financed, massive fiscal support programs implemented during the pandemic supported activity and illustrated the benefits of accumulating debt. However, as the recovery gains traction, the balance of benefits and costs of debt accumulation could increasingly tilt toward costs. Third, more than two-thirds of emerging market and developing economies are currently in government debt booms. On average, the current booms have already lasted three years longer, and are accompanied by a considerably larger fiscal deterioration, than earlier booms. About half of the earlier debt booms were associated with financial crises in emerging market and developing economies
    DOI: 10.1596/1813-9450-9800
    URL: Deutschlandweit zugänglich
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  • 6
    Online Resource
    Online Resource
    Global economic prospects : a fragile recovery (2017)
    Washington, D.C : World Bank Group
    Details
    ISBN: 1464810249 , 9781464810244
    Language: English
    Pages: 1 Online-Ressource (x, 124 Seiten) , illustrations , 28 cm
    Series Statement: A World Bank Group flagship report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als
    Keywords: Economic development ; Finance
    Abstract: Global outlook : a fragile recovery -- Special focus 1 : Debt dynamics in emerging market and developing economies : time to act? -- Special focus 2 : Arm's-length trade : a source of post-crisis trade weakness -- Regional outlooks.
    Note: Includes bibliographical references
    DOI: 10.1596/978-1-4648-1024-4
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    Online Resource
    Online Resource
    Global waves of debt : causes and consequences (2021)
    Washington,D.C. : World Bank Group
    Details
    Language: English
    Pages: 1 Online-Ressource (xxi, 283 Seiten)
    Parallel Title: Erscheint auch als
    Abstract: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact
    DOI: 10.1596/978-1-4648-1544-7
    URL: Deutschlandweit zugänglich
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  • 8
    Online Resource
    Online Resource
    Global economic prospects : broad-based upturn, but for how long? (2018)
    Washington, D. C : World Bank Group
    Details
    ISBN: 1464811636 , 9781464811630
    Language: English
    Pages: 1 Online-Ressource (xviii, 241 pages) , color illustrations , 28 cm
    Series Statement: World Bank E-Library Archive
    Series Statement: A World Bank Group flagship report
    Parallel Title: Erscheint auch als
    Keywords: Economic development ; Finance
    Note: Includes bibliographical references
    DOI: 10.1596/978-1-4648-1163-0
    URL: Deutschlandweit zugänglich
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  • 9
    Online Resource
    Online Resource
    What Types of Capital Flows Help Improve International Risk Sharing? (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (23 pages)
    Parallel Title: Erscheint auch als Print Version: Islamaj, Ergys What Types of Capital Flows Help Improve International Risk Sharing?
    Keywords: Aid Flows ; Capital Flows ; Capital Markets and Capital Flows ; Concessional Finance and Global Partnerships ; Debt Flows ; Debt Markets ; Equity Capital ; Finance and Financial Sector Development ; Financial Markets ; Foreign Direct Investment ; International Economics and Trade ; International Risk Sharing ; Official Development Assistance ; Remittances
    Abstract: Cross-border capital flows are expected to lead to increased international risk sharing by facilitating borrowing and lending in global financial markets. This paper examines risk-sharing outcomes of various types of capital flows (foreign direct investment, portfolio equity, debt, remittance, and aid flows) in a large sample of emerging market and developing economies. The results suggest that remittances and aid flows are associated with increased international risk sharing. Other types of capital flows are not consistently correlated with better risk-sharing outcomes. These findings are robust to the use of different econometric specifications, country-specific characteristics, and other controls
    DOI: 10.1596/1813-9450-9846
    URL: Deutschlandweit zugänglich
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  • 10
    Online Resource
    Online Resource
    One-Stop Source : A Global Database of Inflation (2021)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (42 pages)
    Parallel Title: Erscheint auch als Print Version: Ha, Jongrim One-Stop Source: A Global Database of Inflation
    Keywords: Consumer Price Index ; Deflation ; Inflation ; Inflation Synchronization ; Macroeconomics and Economic Growth ; Prices
    Abstract: This paper introduces a global database that contains inflation series: (i) for a wide range of inflation measures (headline, food, energy, and core consumer price inflation; producer price inflation; and gross domestic product deflator changes); (ii) at multiple frequencies (monthly, quarterly and annual) for an extended period (1970-2021); and (iii) for a large number (up to 196) of countries. As it doubles the number of observations over the next-largest publicly available sources, the database constitutes a comprehensive, single source for inflation series. The paper illustrates the potential use of the database with three applications. First, it studies the evolution of inflation since 1970 and document the broad-based disinflation around the world over the past half-century, with global consumer price inflation down from a peak of roughly 17 percent in 1974 to 2.5 percent in 2020. Second, it examines the behavior of inflation during global recessions. Global inflation fell sharply (on average by 0.9 percentage points) in the year to the trough of global recessions and continued to decline even as recoveries got underway. In 2020, inflation declined less, and more briefly, than in any of the previous four global recessions over the past 50 years. Third, the paper analyzes the role of common factors in explaining movements in different measures of inflation. While, across all inflation measures, inflation synchronization has risen since the early 2000s, it has been much higher for inflation measures that involve a larger share of tradable goods
    DOI: 10.1596/1813-9450-9737
    URL: Deutschlandweit zugänglich
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