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2012 (2)

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Book
Material Hermeneutics in Political Science
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ISBN: 9780773444294 0773444297 Year: 2013 Publisher: Lewiston The Edwin Mellen Press

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Abstract

An intriguing look at how the utilization of material hermeneutics can augment the social and political scientist's capability to interpret social events beyond the traditional parameters that textual hermeneutic and linguistic models would generally present.


Book
Spring Forward or Fall Back?
Authors: ---
ISBN: 1616354984 1475524730 1589061748 1475515405 9781616354985 9781475515404 9781475524734 9781475515404 9781475524734 9781589061743 Year: 2012 Publisher: [Washington, D.C.] International Monetary Fund

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This paper studies corporate performance in the aftermath of the global crisis by examining 6,581 manufacturing firms in 48 developed and developing countries in 2010, identifying factors of resilience as well as vulnerability. Based on a cross-sectional analysis, the results show that pre-crisis leverage and short-term debt have had negative effects on the speed of the recovery, while asset tangibility has had positive effects. The negative effect of leverage is non-linear, being particularly strong in firms with high pre-crisis leverage. Furthermore, the effects are different for advanced and emerging market economies. The paper also shows that the macroeconomic framework critically matters for firm growth. In particular, in countries that have allowed the exchange rate to depreciate, firms have had a faster recovery in sectors highly dependent on trade.


Book
Measures of fiscal risk in hydrocarbon-exporting countries
Authors: --- ---
ISBN: 1616355573 1475530161 1475598467 1475545002 1283947889 9781475545005 9781475530162 9781475598469 9781283947886 Year: 2012 Volume: WP/12/260 Publisher: [Washington, D.C.] International Monetary Fund

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The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, medium-term risks remain high. Fiscal vulnerabilities have increased as a consequence of the substantial spending packages that have been implemented in recent years. This has raised break-even prices—that is, the price levels that ensure that fiscal accounts are in balance at a given level of spending—in these countries. This study analyses such risks and develops measures of fiscal risk stemming from oil price fluctuations. An empirical application to hydrocarbon-exporting countries from the Middle East and North Africa region is included. Additionally, it is noted that countries with large net assets and proven oil reserves are much less vulnerable to fiscal risk than is indicated by standard measures based on break-even prices. .

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