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Recent developments have increased questions about vulnerabilities in Central and Eastern European Countries (CEE) that are experiencing credit booms. This paper analyzes the role of foreign-owned banks in these credit booms. The results show that the CEE countries depend on foreign banks, and these foreign banks depend on interbank funding. Lending by foreign banks seems driven by economic growth and interest rate margins. This lending appears independent of economic but not financial conditions in the foreign bank's home country.

Banks and banking --- Credit --- Econometric models. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Borrowing --- Finance --- Financial institutions --- Money --- Loans --- Banks and Banking --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Foreign banks --- Bank credit --- State-owned banks --- Banks and banking, Foreign --- Czech Republic

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This paper analyzes the cyclical fluctuations in South Africa in a cross-country context, and studies the impact of the output gap by controlling for export intensity, the debt burden, asset prices, and banking crises. Results show that South Africa’s revenue performance was outstanding during the mid-2000s, and the recent decline in revenue was one of the least among the emerging and advanced markets. Results on the elasticity of tax revenue show that South Africa’s elasticity is higher during business upturns, indicating good prospects for recovering the revenue lost during the global financial crisis.

Finance: General --- Macroeconomics --- Public Finance --- Production and Operations Management --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Econometric Modeling: General --- Business Fluctuations --- Cycles --- Macroeconomics: Production --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Economic growth --- Public finance & taxation --- Finance --- Economic & financial crises & disasters --- Output gap --- Business cycles --- Revenue administration --- Emerging and frontier financial markets --- Global financial crisis of 2008-2009 --- Production --- Financial markets --- Financial crises --- Economic theory --- Revenue --- Financial services industry --- Global Financial Crisis, 2008-2009 --- South Africa --- Finance, Public --- Fiscal policy

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The global financial crisis has exposed the limitations of a conventional inflation targeting (IT) framework in insulating an economy from shocks, and demonstrated that its rigid application may aggravate the effect of shocks on output and inflation. Accordingly, we investigate possible refinements to the IT framework by incorporating financial stability considerations. We propose a small open economy DSGE model, calibrated for Korea during the period of 2003 - 07, with real and financial frictions. The findings indicate that incorporating financial stability considerations can help smooth business cycle fluctuations more effectively than a conventional IT framework.

Inflation targeting. --- Targeting, Inflation --- Monetary policy --- Banks and Banking --- Finance: General --- Infrastructure --- Investments: General --- Labor --- Macroeconomics --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Investment --- Capital --- Intangible Capital --- Capacity --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Labor Demand --- Macroeconomics: Consumption --- Saving --- Wealth --- Banking --- Finance --- Labour --- income economics --- Financial sector stability --- Return on investment --- Self-employment --- Financial sector policy and analysis --- National accounts --- Consumption --- Saving and investment --- Banks and banking --- Financial services industry --- Self-employed --- Economics --- Korea, Republic of --- Income economics

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Will Ghana’s oil production from 2011 accelerate progress toward middle-income status, or will it retard gains in living standards through a possible "resource curse"? This paper examines the likelihood of "resource curse" effects, drawing on a dataset of 150 low and middle income countries from 1973 to 2008 using static and dynamic panel estimation techniques. Results confirm that resource rich countries in Ghana’s income range do experience slower growth than their more diversified peers, an effect that appears to be related to weaker governance. Provided that Ghana can preserve and improve its economic governance and also strengthen fiscal management, prospects look good for converting its oil wealth into sustained strong economic growth.

Petroleum industry and trade --- Natural resources --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- National resources --- Resources, Natural --- Resource-based communities --- Energy industries --- Oil industries --- Econometric models. --- Economic aspects --- Exports and Imports --- Macroeconomics --- Natural Resources --- Poverty and Homelessness --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Economic Development: General --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Personal Income, Wealth, and Their Distributions --- Empirical Studies of Trade --- Fiscal Policy --- Welfare, Well-Being, and Poverty: General --- Environmental management --- International economics --- Poverty & precarity --- Personal income --- Terms of trade --- Fiscal stance --- Poverty --- Environment --- National accounts --- International trade --- Fiscal policy --- Income --- nternational cooperation --- Ghana --- Nternational cooperation