Suchergebnisse

This paper provides the first empirical evidence on the macroeconomic effects of liquidity shocks in secondary sovereign debt markets. We consider the Italian case in a VAR analysis by applying different identification strategies: recursive ordering and Proxy-SVAR. Our findings suggest that liquidity is a major driver for indicators of economic activity. A shock to the Bid-Ask Spread induces a strong (15% of the Forecast Error Variance) and persistent (10 months) effect on unemployment and indicators of confidence. Liquidity shocks are transmitted to the real economy through changes in the lending behaviors of banks. On the one hand, an exogenous fall in liquidity induces/na tightening of banks standards, particularly due to the asset and liquidity position of commercial banks. On the other hand, firms report worse credit conditions in terms of higher costs apart from the interest rate. Similar macroeconomic implications hold for Spain, whereas liquidity shocks are not a significant driver for France and Germany. ; The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

It is common to assess the evolution of a country's export structure as a
manifestation of the extent of progress or stagnation in its development process.
Performing this exercise requires determining which features of exported products denote
higher stages in that process. We argue that exports of differentiated products,
especially when sold to developed countries, signal the acquisition of valuable
knowledge that reflects development progress. We propose a new classification, denoted
Micro-D, that works at the finest aggregation level in customs nomenclatures to provide
a more precise identification of differentiated products. Specifically, the
classification uses package size as a proxy for product differentiation to identify
differentiated food and beverage exports. Thus, it is especially—though not
exclusively—suited to capturing export upgrading in land-abundant developing countries.
We apply the Micro-D classification to Argentina in 1998–2011 to deliver a new picture
of the country's sources of export upgrading in this period. JEL Codes: F10,
F14, O14