INTERNATIONAL ECONOMICS AND ECONOMIC POLICY最新文献_第9页

The resurgence of currency mismatches: Emerging market economies are not out of the woods yet? 货币错配死灰复燃:新兴市场经济体尚未走出困境?

IF 1.5

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2021-01-01 Epub Date: 2021-06-30 DOI: 10.1007/s10368-021-00500-x

Hari Venkatesh, Gourishankar S Hiremath

{"title":"The resurgence of currency mismatches: Emerging market economies are not out of the woods yet?","authors":"Hari Venkatesh, Gourishankar S Hiremath","doi":"10.1007/s10368-021-00500-x","DOIUrl":"10.1007/s10368-021-00500-x","url":null,"abstract":"The emerging market economies (EMEs) are experiencing significant financial distress due to the rapid accumulation of foreign currency-denominated debt in recent years. We develop the foreign exposure indicators such as original sin and currency mismatches using a novel data set. Our computations suggest that Latin American economies suffer from the original sin problem, followed by Central European countries. We find a higher degree of currency mismatches in Argentina, Chile, Colombia, Indonesia, Poland, Mexico, and Turkey. The resurgence of currency mismatches and the Covid-19 pandemic is a stress test for monetary policy frameworks. We find that country's size, inflation volatility, and exchange rate depreciation cause currency mismatches. We show that the currency mismatch and original sin problem are lower in countries following de-dollarization policies such as limiting debt exposure, effective monetary and fiscal policies, better institutional quality, and export openness. The EMEs need to adopt policies to control currency mismatches, which are consistent with their growth-oriented policies. We suggest the independence of monetary policy, the implementation of macroprudential policies, and the development of offshore bond markets in a local currency. These policies control currency mismatches without changing the growth orientation of the EMEs. South Africa, Hungary, and Asian economies hold lessons for EMEs in controlling currency mismatches.","PeriodicalId":42639,"journal":{"name":"INTERNATIONAL ECONOMICS AND ECONOMIC POLICY","volume":"18 1","pages":"721-742"},"PeriodicalIF":1.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8243064/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47929719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Productivity and the pandemic: short-term disruptions and long-term implications: The impact of the COVID-19 pandemic on productivity dynamics by industry. 生产力与大流行:短期破坏和长期影响

IF 1.5

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2021-01-01 Epub Date: 2021-09-14 DOI: 10.1007/s10368-021-00515-4

Klaas de Vries, Abdul Erumban, Bart van Ark

{"title":"Productivity and the pandemic: short-term disruptions and long-term implications: The impact of the COVID-19 pandemic on productivity dynamics by industry.","authors":"Klaas de Vries, Abdul Erumban, Bart van Ark","doi":"10.1007/s10368-021-00515-4","DOIUrl":"10.1007/s10368-021-00515-4","url":null,"abstract":"This paper analyses quarterly estimates of productivity growth at industry level for three advanced economies, France, the UK and the US, for 2020. We use detailed industry-level data to distinguish reallocations of working hours between industries from pure within-industry productivity gains or losses. We find that all three countries showed positive growth rates of aggregate output per hour in 2020 over 2019. However, after removing the effects from the reallocation of hours between low and high productivity industries, only the US still performed positively in terms of within-industry productivity growth. In contrast, the two European economies showed negative within-industry productivity growth rates in 2020. While above-average digital-intensive industries outperformed below-average ones in both France and the UK, the US showed higher productivity growth in both groups compared to the European countries. Industries with medium-intensive levels of shares of employees working from home prior to the pandemic made larger productivity gains in 2020 than industries with the highest pre-pandemic work-from-home shares. Overall, after taking into account the productivity collapse in the hospitality and culture sector during 2020, productivity growth shows no clear deviation from the slowing pre-pandemic productivity trend. Future trends in productivity growth will depend on whether the favourable productivity gains (or smaller losses) in industries with above-average digital intensity will outweigh negative effects from the pandemic, in particular scarring effects on labour markets and business dynamics.","PeriodicalId":42639,"journal":{"name":"INTERNATIONAL ECONOMICS AND ECONOMIC POLICY","volume":"18 1","pages":"541-570"},"PeriodicalIF":1.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8437738/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43735723","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How will COVID-19 affect an already fragile global economy? 2019冠状病毒病将如何影响本已脆弱的全球经济?

IF 1.5

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2021-01-01 Epub Date: 2021-09-28 DOI: 10.1007/s10368-021-00509-2

Joaquim Oliveira Martins, Werner Roeger

引用次数: 0

COVID-19 acceleration in digitalisation, aggregate productivity growth and the functional income distribution. 新冠肺炎加速数字化、总生产力增长和功能性收入分配

IF 1.5

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2021-01-01 Epub Date: 2021-09-25 DOI: 10.1007/s10368-021-00511-8

Björn Döhring, Atanas Hristov, Christoph Maier, Werner Roeger, Anna Thum-Thysen

{"title":"COVID-19 acceleration in digitalisation, aggregate productivity growth and the functional income distribution.","authors":"Björn Döhring, Atanas Hristov, Christoph Maier, Werner Roeger, Anna Thum-Thysen","doi":"10.1007/s10368-021-00511-8","DOIUrl":"10.1007/s10368-021-00511-8","url":null,"abstract":"This paper characterises the conventional and the digital sector of the EU economy since the late 90s and introduces a two sector growth model which highlights structural differences between the two sectors. In contrast to conventional goods and services, digital goods and services are more easily scalable but require more upfront intangible investment. These features require consideration of fixed costs and a departure from perfect competition and raise issues about market entry. Another important dimension is the skill demand of both sectors, with the latter requiring a larger share of workers with digital skills. Since COVID-19 is expected to induce a persistent increase of demand for digital services, we use this model to estimate the likely economic impacts. We are in particular interested how the digital transition is affecting the labour market and the functional distribution of income. The paper shows how the distribution of economic rents between workers with digital skills and platforms is determined by labour supply conditions and entry barriers. This suggests that there is a role for competition policy and labour market policies to support the digital transition.","PeriodicalId":42639,"journal":{"name":"INTERNATIONAL ECONOMICS AND ECONOMIC POLICY","volume":"18 1","pages":"571-604"},"PeriodicalIF":1.5,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8475838/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46470958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can South America form an optimal monetary area? A structural vector autoregression analysis 南美能形成最优货币区吗?结构向量自回归分析

IF 1.7

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2020-11-14 DOI: 10.1007/s10368-020-00490-2

León Padilla, Ángel Rodriguez García-Brazales

引用次数: 3

The (pro-) cyclicality of government consumption in the EU and official expectations of future output growth: new evidence 欧盟政府消费的(亲)周期性和官方对未来产出增长的预期:新的证据

IF 1.7

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2020-09-19 DOI: 10.1007/s10368-020-00486-y

D. Cronin, K. McQuinn

引用次数: 3

International interdependency of macroeconomic activities: a multivariate empirical analysis 宏观经济活动的国际相互依赖性:多变量实证分析

IF 1.7

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2020-09-08 DOI: 10.1007/s10368-020-00483-1

S. Rout, Hrushikesh Mallick

引用次数: 1

Normative power Europe, ASEAN and Thailand 欧洲、东盟和泰国的规范性力量

IF 1.7

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2020-07-01 DOI: 10.1007/s10368-020-00478-y

N. Kunnamas

引用次数: 1

Shaping ocean governance: a study of EU normative power on Thailand’s sustainable fisheries 塑造海洋治理:欧盟对泰国可持续渔业的规范性权力研究

IF 1.7

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2020-06-22 DOI: 10.1007/s10368-020-00475-1

Ajaree Tavornmas, K. Cheeppensook

引用次数: 6

ASEAN and the EU: an assessment of interregional trade potentials 东盟与欧盟：区域间贸易潜力评估

IF 1.7

INTERNATIONAL ECONOMICS AND ECONOMIC POLICY Pub Date : 2020-06-17 DOI: 10.1007/s10368-020-00471-5

E. Devadason, Shujaat Mubarik

引用次数: 1