Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Domestic private saving rates have been on a declining trend in many Emerging Markets (EMs), raising questions about countries’ ability to generate sufficient domestic resources to finance investment. This paper examines how countries have managed to achieve protracted increases in the private saving rate. The results show that episodes of sustained accelerations of private savings are mostly the result of very strong macroeconomic performance. Econometric investigations using matching estimators do not reject the result that stronger economic growth mostly precedes episodes of saving accelerations.

Savings accounts --- Saving and investment --- Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Accumulation, Capital --- Capital accumulation --- Capital formation --- Investment and saving --- Saving and thrift --- Capital --- Supply-side economics --- Wealth --- Investments --- Bank accounts --- Econometric models. --- Investments: General --- Labor --- Macroeconomics --- Natural Resources --- Macroeconomics: Consumption --- Saving --- Investment --- Intangible Capital --- Capacity --- Macroeconomic Analyses of Economic Development --- Unemployment: Models, Duration, Incidence, and Job Search --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Labour --- income economics --- Environmental management --- Private savings --- Public sector savings --- Unemployment rate --- Natural resources --- Private investment --- National accounts --- Environment --- Unemployment --- Sri Lanka

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The age-distribution of Europe’s workforce has shifted towards older workers over the past few decades, a process expected to accelerate in the years ahead.. This paper studies the effect of the aging of the workforce on labor productivity, identifies the main transmission channels, and examines what policies might mitigate the effects of aging. We find that workforce aging reduces growth in labor productivity, mainly through its negative effect on TFP growth. Projected workforce aging could reduce TFP growth by an average of 0.2 percentage points every year over the next two decades. A variety of policies could ameliorate this effect.

Aging --- Labor supply --- Industrial productivity --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Age --- Ageing --- Senescence --- Developmental biology --- Gerontology --- Longevity --- Age factors in disease --- Physiological effect --- E-books --- Labor --- Production and Operations Management --- Demography --- Macroeconomics: Production --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Labor Force and Employment, Size, and Structure --- Demographic Economics: General --- Population & demography --- Macroeconomics --- Labour --- income economics --- Labor force --- Productivity --- Population and demographics --- Population aging --- Labor market --- Population --- Spain

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Foreign holdings of emerging markets (EMs) government bonds have increased substantially over the last decade. While foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it raises concerns about increased sensitivity of yields to shifts in market sentiment. The analysis in this paper suggests that foreign participation and an undiversified investor base transmit global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplify these spillovers. These estimates are robust to a range of econometric techniques including panel smooth threshold regression.

Bond market -- Developing countries. --- Bond market. --- Government securities -- Developing countries. --- Government securities. --- Investment & Speculation --- Finance --- Business & Economics --- Finance: General --- Foreign Exchange --- Investments: Bonds --- Public Finance --- Interest Rates: Determination, Term Structure, and Effects --- Financial Crises --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Investment & securities --- Currency --- Foreign exchange --- Public finance & taxation --- Sovereign bonds --- Bond yields --- Securities markets --- Forward exchange rates --- Public debt --- Financial institutions --- Financial markets --- Bonds --- Capital market --- Debts, Public --- United States

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat increased yield volatility in the post-Lehman period. Econometric analyses conducted from a sample of 12 EMs demonstrate that these results are robust and causal. We use an identification strategy exploiting the geography-based measure of EMs financial remoteness vis-à-vis major offshore financial centers as an instrumental variable for the foreign holdings variable.The results also show that, in countries with weak fiscal and external positions, foreign holdings are greatly associated with increased yield volatility. A case study using Poland data elaborates on the cross country findings.

Bonds. --- Housing --- Real estate business. --- Real property --- Real estate companies --- Real estate industry --- Business --- Land use --- Real estate investment --- Dwellings --- Home prices --- House prices --- Housing prices --- Residential real estate --- Bond issues --- Debentures --- Negotiable instruments --- Securities --- Debts, Public --- Stocks --- Prices. --- Ownership. --- Prices --- Banks and Banking --- Finance: General --- Investments: Bonds --- Money and Monetary Policy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Multiple or Simultaneous Equation Models: Models with Panel Data --- International Finance: General --- International Financial Markets --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment & securities --- Finance --- Monetary economics --- Bond yields --- Yield curve --- Sovereign bonds --- Securities markets --- Currencies --- Financial institutions --- Financial services --- Financial markets --- Money --- Bonds --- Interest rates --- Capital market --- Poland, Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption of IT, we find that IT countries on average have a relatively more flexible exchange rate regime than other EMs. However, the flexibility of the exchange rate regime shows strong heterogeneity among IT countries depending on their degree of openness and exposure to FX risks. Moreover, we find that the marginal effect of IT adoption on the exchange rate flexibility increases with the duration of the IT regime in place, and with the propensity scores to adopt it.

Foreign Exchange --- Inflation --- Money and Monetary Policy --- Monetary Policy --- Price Level --- Deflation --- Currency --- Foreign exchange --- Monetary economics --- Macroeconomics --- Exchange rate arrangements --- Inflation targeting --- Exchange rate flexibility --- Exchange rates --- Monetary policy --- Prices --- United States