The Consequences Of Policy Uncertainty
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The Consequences Of Policy Uncertainty
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Author : Sandile Hlatshwayo
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-23
The Consequences Of Policy Uncertainty written by Sandile Hlatshwayo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-23 with Business & Economics categories.
In recent years, the link between the real effective exchange rate (REER) and exports in South Africa has weakened. While exports still rise in response to REER depreciations, the REER-export elasticity is below historical estimates. The literature has put forward a number of possible explanations, from multi-national supply-chains to muted exchange rate pass-through. This research explores the role of policy uncertainty in reducing the responsiveness of exports to relative price changes. We construct a novel “news chatter” measure of policy uncertainty and examine how it, paired with other supply-side constraints, can improve our understanding of export performance. We find that increased policy uncertainty diminishes the responsiveness of exports to the REER and has short and long-run level effects on export performance. Finally, we show that a measure of competitiveness that adjusts for uncertainty and supply-side constraints greatly outperforms the REER in tracking exports performance.
Investment Under Uncertainty
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Author : Avinash K. Dixit
language : en
Publisher: Princeton University Press
Release Date : 1994
Investment Under Uncertainty written by Avinash K. Dixit and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Policy Analysis And Modeling Of The Global Economy A Festschrift Celebrating Thomas Hertel
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Author : Peter Dixon
language : en
Publisher: World Scientific
Release Date : 2020-12-14
Policy Analysis And Modeling Of The Global Economy A Festschrift Celebrating Thomas Hertel written by Peter Dixon and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-14 with Business & Economics categories.
This volume honors the extraordinary career of Thomas Hertel. It also celebrates the 25th anniversary of the founding of the Global Trade Analysis Project (GTAP) by Prof. Hertel. All of those contributing to this volume, including Prof. Hertel's students and colleagues, have benefitted in some ways from the selfless professional generosity and dedication to scientific public goods that have been hallmarks of his career.The book examines the history of the GTAP project, the scientific contributions of Prof. Hertel, and the general application of computational modeling to global economic policy analysis. The applications in the volume, reflecting the broad contributions made by the GTAP community to global policy analysis, range from the impact of globalization on employment to the sustainability impacts of economic integration.
The Economic Theory Of Risk And Insurance
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Author : Allan H. Willett
language : en
Publisher: University of Pennsylvania Press
Release Date : 2016-11-11
The Economic Theory Of Risk And Insurance written by Allan H. Willett and has been published by University of Pennsylvania Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-11 with Business & Economics categories.
This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.
Alternative Economic Indicators
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Author : C. James Hueng
language : en
Publisher: W.E. Upjohn Institute
Release Date : 2020-09-08
Alternative Economic Indicators written by C. James Hueng and has been published by W.E. Upjohn Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-08 with Business & Economics categories.
Policymakers and business practitioners are eager to gain access to reliable information on the state of the economy for timely decision making. More so now than ever. Traditional economic indicators have been criticized for delayed reporting, out-of-date methodology, and neglecting some aspects of the economy. Recent advances in economic theory, econometrics, and information technology have fueled research in building broader, more accurate, and higher-frequency economic indicators. This volume contains contributions from a group of prominent economists who address alternative economic indicators, including indicators in the financial market, indicators for business cycles, and indicators of economic uncertainty.
Empirical Asset Pricing
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Author : Turan G. Bali
language : en
Publisher: John Wiley & Sons
Release Date : 2016-04-04
Empirical Asset Pricing written by Turan G. Bali and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-04 with Business & Economics categories.
“Bali, Engle, and Murray have produced a highly accessible introduction to the techniques and evidence of modern empirical asset pricing. This book should be read and absorbed by every serious student of the field, academic and professional.” Eugene Fama, Robert R. McCormick Distinguished Service Professor of Finance, University of Chicago and 2013 Nobel Laureate in Economic Sciences “The empirical analysis of the cross-section of stock returns is a monumental achievement of half a century of finance research. Both the established facts and the methods used to discover them have subtle complexities that can mislead casual observers and novice researchers. Bali, Engle, and Murray’s clear and careful guide to these issues provides a firm foundation for future discoveries.” John Campbell, Morton L. and Carole S. Olshan Professor of Economics, Harvard University “Bali, Engle, and Murray provide clear and accessible descriptions of many of the most important empirical techniques and results in asset pricing.” Kenneth R. French, Roth Family Distinguished Professor of Finance, Tuck School of Business, Dartmouth College “This exciting new book presents a thorough review of what we know about the cross-section of stock returns. Given its comprehensive nature, systematic approach, and easy-to-understand language, the book is a valuable resource for any introductory PhD class in empirical asset pricing.” Lubos Pastor, Charles P. McQuaid Professor of Finance, University of Chicago Empirical Asset Pricing: The Cross Section of Stock Returns is a comprehensive overview of the most important findings of empirical asset pricing research. The book begins with thorough expositions of the most prevalent econometric techniques with in-depth discussions of the implementation and interpretation of results illustrated through detailed examples. The second half of the book applies these techniques to demonstrate the most salient patterns observed in stock returns. The phenomena documented form the basis for a range of investment strategies as well as the foundations of contemporary empirical asset pricing research. Empirical Asset Pricing: The Cross Section of Stock Returns also includes: Discussions on the driving forces behind the patterns observed in the stock market An extensive set of results that serve as a reference for practitioners and academics alike Numerous references to both contemporary and foundational research articles Empirical Asset Pricing: The Cross Section of Stock Returns is an ideal textbook for graduate-level courses in asset pricing and portfolio management. The book is also an indispensable reference for researchers and practitioners in finance and economics. Turan G. Bali, PhD, is the Robert Parker Chair Professor of Finance in the McDonough School of Business at Georgetown University. The recipient of the 2014 Jack Treynor prize, he is the coauthor of Mathematical Methods for Finance: Tools for Asset and Risk Management, also published by Wiley. Robert F. Engle, PhD, is the Michael Armellino Professor of Finance in the Stern School of Business at New York University. He is the 2003 Nobel Laureate in Economic Sciences, Director of the New York University Stern Volatility Institute, and co-founding President of the Society for Financial Econometrics. Scott Murray, PhD, is an Assistant Professor in the Department of Finance in the J. Mack Robinson College of Business at Georgia State University. He is the recipient of the 2014 Jack Treynor prize.
The Economic Impact Of Fiscal Policy Uncertainty Evidence From A New Cross Country Database
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Author : Mr. Gee Hee Hong
language : en
Publisher: International Monetary Fund
Release Date : 2024-09-27
The Economic Impact Of Fiscal Policy Uncertainty Evidence From A New Cross Country Database written by Mr. Gee Hee Hong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-27 with categories.
Fiscal policy uncertainty (FPU)—ambiguity in government spending and tax plans, as well as in public debt valuation—is widely regarded as a source of economic and financial disruptions. However, assessing its impact has so far been limited to a few large economies. In this paper, we construct a novel database of news-based fiscal policy uncertainty for 189 countries. Importantly, we track fiscal uncertainty events that generate global attention that we refer to as the “global fiscal policy uncertainty." This uncertainty has contractionary effects, reducing industrial production in both advanced and emerging market economies, with impacts greater than country-specific fiscal policy uncertainty. Additionally, global fiscal policy uncertainty raises sovereign borrowing costs and generates synchronous movements in the global financial variables, even after accounting for US monetary policy shocks.
Policy Uncertainty And Risk
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Author : Tomas Hellström
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-28
Policy Uncertainty And Risk written by Tomas Hellström and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-28 with Political Science categories.
Policy Uncertainty and Risk presents a contribution to risk analysis and risk management in public policy and management at large. Special emphasis is put on the utilization of scientific knowledge by decision-makers in instances where knowledge in both spheres of science and administration is highly uncertain and contested. The book therefore contributes a model of science-practitioner interaction in a policy area of strong current relevance. The perspective is a realist constructivist one, which means that risk and policy are taken to be socially predicated insofar as we can choose and change the way we define and interact with its practices. It is realist insofar as we continually use such constructions to re-define and re-structure the world we live in. Although essentially theory-driven and conceptually oriented, the authors develop their argument for a new interpretation of policy-relevant science through a number of pressing case studies. These studies include the recent BSE/CJD crises in the UK, the introduction of Marine Protected Areas in Sweden, and the current practices surrounding risk management in corporate bodies. Drawing on empirical cases and theoretical explication, the book provides a number of suggestions as to how risk analysis and risk management may be more properly conceived of both from a practitioner as well as from an academic point of view.
Managing Risk And Decision Making In Times Of Economic Distress
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Author : Simon Grima
language : en
Publisher: Emerald Group Publishing
Release Date : 2022-03-01
Managing Risk And Decision Making In Times Of Economic Distress written by Simon Grima and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-01 with Business & Economics categories.
Managing Risk and Decision Making in Times of Economic Distress adds much needed scholarly analysis of the fledgling decision/control approach, arguing the merits of its empirical content to shed light on the structure of capital contracts and rationale for diversity of objectives.
How Does Political Instability Affect Economic Growth
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Author : Mr. Ari Aisen
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
How Does Political Instability Affect Economic Growth written by Mr. Ari Aisen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
The purpose of this paper is to empirically determine the effects of political instability on economic growth. Using the system-GMM estimator for linear dynamic panel data models on a sample covering up to 169 countries, and 5-year periods from 1960 to 2004, we find that higher degrees of political instability are associated with lower growth rates of GDP per capita. Regarding the channels of transmission, we find that political instability adversely affects growth by lowering the rates of productivity growth and, to a smaller degree, physical and human capital accumulation. Finally, economic freedom and ethnic homogeneity are beneficial to growth, while democracy may have a small negative effect.