This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our results show that sovereign spreads decline significantly following news that austerity measures have been approved by the legislature (congress or parliament), in periods of high sovereign spreads or in countries under an IMF program. In addition, consolidation announcements are less contractionary when sovereign spreads decline, with the reduction in output being half of the counterfactual case in which spreads do not respond to announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of spreads such that countries with high spread levels stand to benefit the most from putting in place credible austerity packages.
In this paper, we use quarterly data and a novel database on fiscal policy consolidation announcements, for a sample of advanced economies and emerging markets to quantify the effects of fiscal tightening on inflation expectations. We find that fiscal consolidation announcements reduce inflation expectations over the medium-term (three and five-years ahead), but not in the short-term (one-year ahead). There is also some evidence that consolidation announcements reduce “disagreement” about expected future inflation at longer horizons. The inflation anchoring role of consolidation announcements is enhanced by the strength of a country’s fiscal and monetary frameworks, and when fiscal and monetary policy work in tandem. In addition, we find that initial conditions matter—inflation expectation’s response to consolidation announcements is larger in periods of high contemporaneous inflation. With these results in hand, we show that the effectiveness of fiscal consolidation in controlling realized inflation depends greatly on the response of inflation expectations to consolidation announcements. These results show that fiscal policy is crucial to anchor inflation expectations and a key element of a credible disinflationary process.
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
As a new migration crisis is unfolding in Europe because of the war in Ukraine, the purpose of this paper is to also highlight the ongoing migration crisis in Latin America and the Caribbean (LAC) due to Venezuela’s economic collapse. The stock of Venezuelan migrants reached 5 million in 2019, most of which had settled in other LAC countries. Following a temporary halt during the pandemic, migration from Venezuela has resumed, with the stock of migrants reaching 6.1 million in 2021. These migration flows are expected to continue in the coming years, which can strain public services and labor markets in the recipient economies in LAC. This Departmental Paper focuses on migration spillovers from the Venezuelan economic and social crisis. It sheds light on how migration can raise GDP growth and affect fiscal and external positions in host countries. It also discusses policy options, including greater support for education and integration into the workforce, which could help migrants find jobs to match their skills and help raise growth prospects in recipient countries.
This paper examines the effectiveness of capital outflow restrictions in a sample of 37 emerging market economies during the period 1995-2010, using a panel vector autoregression approach with interaction terms. Specifically, it examines whether a tightening of outflow restrictions helps reduce net capital outflows. We find that such tightening is effective if it is supported by strong macroeconomic fundamentals or good institutions, or if existing restrictions are already fairly comprehensive. When none of these three conditions is fulfilled, a tightening of restrictions fails to reduce net outflows as it provokes a sizeable decline in gross inflows, mainly driven by foreign investors.
The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock prices—a key driver in financial conditions—reacted to regulatory easing announcements in a sample of 18 advanced economies and 8 emerging markets. The paper finds that overall, regulatory easing announcements contributed to looser financial conditions, but effects varied across sectors and tools. Financial regulatory easing led to lower valuations for financial sector stocks, and higher valuations for non-financial sector stocks, particularly for industries that are more dependent on bank financing. Furthermore, valuations declined and financial conditions tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions loosened after those about liquidity regulation. Effects from non-regulatory financial measures appear to be generally more muted.
Currency crises are difficult to predict. It could be that we are choosing the wrong variables or using the wrong models or adopting measurement techniques not up to the task. We set up a Monte Carlo experiment designed to evaluate the measurement techniques. In our study, the methods are given the right fundamentals and the right models and are evaluated on how closely the estimated predictions match the objectively correct predictions. We find that all methods do reasonably well when fundamentals are explosive and all do badly when fundamentals are merely highly volatile.
Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and developing economies (EMDEs) as a result of surges in capital inflows driven by accommodative U. S. monetary policy. In a sample of 25 EMDEs from 2000-17, U. S. monetary policy shocks coincided with episodes of currency appreciation and a contraction in tradable output in these economies. The paper also shows empirically that the use of capital flow measures (CFMs) has been a common policy response in several EMDEs to U.S. monetary policy shocks. Against this background, the paper presents a two sector small open economy augmented with a learning-by-doing (LBD) mechanism in the tradable sector to rationalize these empirical findings. A welfare analysis provides a rationale for the use of CFMs as a second-best policy when agents do not internalize the LBD externality of costly resource misallocation as a result of greater capital inflows. However, the adequate calibration of CFMs and the quantification of the LBD externality represent important implementation challenges.
This paper studies whether bank ownership influenced lending behavior during the COVID-19 shock. It finds that, similar to previous episodes of financial distress, foreign banks appear to have played a shock-transmitting role, as there was a sharp slowdown in lending by foreign banks’ affiliates relative to domestic banks. However, given the uniqueness of the COVID-19 shock and the impact of lockdowns on economic activity, foreign banks were found to lend at a higher rate than domestic banks once the stringency of mobility restrictions is accounted for, with their lending portfolio concentrated more in the corporate sector. Results also suggest that the difference in lending rates between foreign and domestic banks could be explained by the heterogeneous effects of policy measures in response to the pandemic. In jurisdictions with more stringent mobility restrictions, policy interventions actually encouraged higher lending by foreign banks. These findings suggest that foreign bank presence may have acted as a shock absorber in jurisdictions where economic activity was most affected by the pandemic.
Improvements in Bio-Based Building Blocks Production Through Process Intensification and Sustainability Concepts discusses new information on the production and cost of bio-based building blocks. From a technical point-of-view, almost all industrial materials made from fossil resources can be substituted using bio-based counterparts. However, the cost of bio-based production in many cases exceeds the cost of petrochemical production. In addition, new products must be proven to perform at least as good as their petrochemical equivalents, have a lower environmental impact, meet consumer demand for environmentally-friendly products, factor in population growth, and account for limited supplies of non-renewables. This book outlines the application of process intensification techniques which allow for the generation of clean, efficient and economical processes for bio-based chemical blocks production. - Includes synthesis and process design strategies for intensified processes - Describes multi-objective optimization applied to the production of bio-based building blocks - Presents the controllability of processes where the production of bio-based building blocks is involved - Provides examples using aspen and MATLAB - Introduces several sustainable indexes to evaluate production processes - Presents process intensification techniques to improve performance in productive processes
We study gains from introducing a common numerical fiscal rule in a “Union” of model economies facing sovereign default risk. We show that among economies in the Union, there is significant disagreement about the common debt limit the Union should implement: the limit preferred by some economies can generate welfare losses in other economies. In contrast, a common sovereign spread limit results in higher welfare across economies in the Union.
POWER QUALITY MEASUREMENT AND ANALYSIS USING HIGHER-ORDER STATISTICS Help protect your network with this important reference work on cyber security Power quality (PQ) in electrotechnical systems refers to a set of characteristics related to the movement of energy and the delivery of voltage to consumers in the highest standard. As electricity networks change and adapt to new technologies and concepts of energy within a future Smart Grid, it has become clear that standardized methods by which stability and accuracy of electrical service along a network are currently measured are no longer enough to solve inherent issues in service and ensure established requirements are met. Power Quality Measurement and Analysis using Higher-Order Statistics reflects the latest information related to PQ (Power Quality) analysis solutions, particularly that related to the implementation of new quality indices in the domain of higher-order statistics (HOS). The authors—noted experts on the topic—carefully address the detection of PQ problems from two perspectives: the detection of specific events that occur on networks in isolation and continuous monitoring detection. In doing so, the authors demonstrate the use of HOS in current waveform models, enabling the characterization of different power circuit topologies and loads. This book thereby expertly explores the benefits of using HOS, bridging the gap between signal processing and power, and building a better understanding for readers. Power Quality Measurement and Analysis using Higher-Order Statistics readers will also find: A unique methodology for PQ analysis through its combination of HOS and PQ monitoring A proposal for new measurement solutions that can be easily implemented into modern instrumentation The detection of PQ problems from multiple perspectives The use of HOS in current waveform models, which enables the characterization of different power circuit topologies and loads Pitched at a specialized level, Power Quality Measurement and Analysis is an essential reference for researchers, academics, and industry insiders, as well as advanced students in this field.
This book describes for first time the synthesis and intensified process design in the production of top biofuels. The production of biofuels is not new. In 2019, global biofuel production levels reached 1,841 thousand barrels of oil equivalent per day, in stark comparison to the 187 thousand barrels of oil equivalent per day that was produced in 2000. Growth has largely been driven by policies that encourage the use and production of biofuels due to the perception that it could provide energy security and reduce greenhouse gas emissions in relevant sectors. From a technical point of view, almost all fuels from fossil resources could be substituted by their bio-based counterparts. However, the cost of bio-based production in many cases exceeds the cost of petrochemical production. Also, biofuels must be proven to perform at least as good as the petrochemical equivalent they are substituting and to have a lower environmental impact. The low price of crude oil acted as a barrier to biofuels production and producers focussed on the specific attributes of biofuels such as their complex structure to justify production costs. Also, the consumer demand for environmentally friendly products, population growth and limited supplies of non-renewable resources has now opened new windows of opportunity for biofuels. The industry is increasingly viewing chemical production from renewable resources as an attractive area for investment. This book uniquely introduces the application of new process intensification techniques that will allow the generation of clean, efficient and economical processes for biofuels in a competitive way in the market.
A decade before Candidate Donald Trump announced his newly acquired obsession with building a wall on the US-Mexico border, investigative journalist Juan B. Botero denounced Colorado Congressman Tom Tancredo to the House Ethics Committee because of his bizarre obsession with building a wall “paid for by the Mexican government.” In the summer of 2006, he warned members of Congress and Colorado voters that if Tancredo’s localization of World War II German-Italian fascism into American politics wasn’t derailed, it would trigger a national crisis in a decade. In spite of severe childhood traumas involving Mexicans, the self-appointed Chairman of the Immigration Reform Caucus refused to recuse himself from shaping US immigration policy and the Ethics Committee did nothing. In June of 2015, Donald Trump announced his Presidential ambitions channeling Tancredo’s anger issues by denigrating Sephardic Jews (Hispanics / Latinos) as “murderers” and “rapists” in hardline, offensive tones. Tancredo’s poisonous mix of vendetta against Mexicans eventually spread from Congress to the Executive Branch through Steve Bannon and Stephen Miller as the moral blueprint for the Trump Administration. Lethal Injustice exposes the corrupt Americanized fascism that hijacked the Party of Lincoln in 2015, atrocities against immigrants by white-supremacist vigilantes on the US-Mexico border, and the unprecedented friendliness of conservative anti-immigrant influencers towards Russia. After 6 years of studying Trump’s astonishing deference towards Vladimir Putin, the shocking conclusion is that he married not one but two honeytraps loyal to Eastern European intelligence: agent of influence Ivana Zelníková Trump from Czechoslovakia and agent of influence Melania Knavs Trump from Slovenia. Trump’s marriage to Melania Knavs was the result of a highly sophisticated kompromat operation set up by Jeffrey Epstein and Ghislaine Maxwell. Upon taking the Oath of Office on January 20th of 2017, Donald Trump committed treason by aiding, abetting and advancing a Russian-owned honeytrap to the rank of First Lady of the United States. Unlike her Red Sparrow comrades Anna Chapman Kushchyenko and Maria Valeryevna Butina, Melania Knavs remains at large as the most beautiful, dangerous and strategically placed human intelligence (HUMINT) asset of the former KGB and the greatest failure of American intelligence. Lethal Injustice presents evidence for a criminal investigation of former President Trump for treason. Hiding behind his justification of violence against immigrants, his incitement of violence at the US Capitol on January 6 of 2021 and his steady undermining of America’s global prestige are the mission objectives of sexpionagent Melania Knavs, the superbly trained communist ex-prostitute from the former Socialist Federal Republic of Yugoslavia. The only way a supermodel, pornographic film actress and commercial sex worker can become First Lady of the United States only 10 years after becoming a US citizen is with the backing of a well-planned and highly orchestrated foreign intelligence operation. Russian President Vladimir Putin summed it up when he boasted that Russian prostitutes are “the best in the world.” Former President Donald Trump must be held accountable for aiding and abetting domestic terrorism, for violating the Foreign Agents Registration Act (FARA) with his family and for misprision of treason against the United States of America by marrying two honeytraps loyal to the interests of the Russian Federation. To review the evidence and perspectives derived from 18 years of research, the documents and exhibits related to the lawsuit filed in Federal District Court, and to understand why their publication has been subjected to massive cyberattacks, go to www.Lethalinjustice.com
TdB Architects accredits extensive experience in the field of building and urban planning since 1992. TdB Architects' activity unfolds in three fields of work. The first in corporate architecture such as Headquarters such as Natura Bissé, Grifols Laboratories, Academy of Medical Sciences of Catalonia and the Balearic Islands, ESADE University on the Sant Cugat del Vallés Campus, or the Hotel Antiga Casa Buenavista. The second field is the rehabilitation where the Mandarín Oriental Hotel in Barcelona stands out, the reform of the modernist building Casa Burés, and the reform of the Baroque Palace "Palau Moxó". The third field is the residential architecture of multiple scales and volumes in a wide geographical extension.
With its consistent, practical organization and succinct bulleted format, Atlas of Head and Neck Pathology, 4th Edition, is an ideal resource for pathologists in training and in practice. High-quality illustrations with extensive figure legends depict the histological, immunohistochemical, cytologic and diagnostic imaging appearances of every type of head and neck pathology, while the user-friendly format allows for quick access to information. From cover to cover, this comprehensive reference is designed to help you effectively and accurately diagnose a wide range of head and neck disorders, improve your turnaround time when diagnosing a specimen, and facilitate clear reports on prognosis and therapeutic management options to surgical and medical colleagues. - Uses a templated approach with standard headings in each chapter, as well as bulleted text for fast retrieval of information. - Explores each entity's clinical features, pathologic features, ancillary studies, differential diagnoses, and prognostic and therapeutic considerations. - Covers recent advances in molecular diagnostic testing, including capabilities, limitations, and targeted/personalized medicine. - Includes clinical information on treatment and prognosis for a better understanding of the clinical implications of diagnosis. - Incorporates the most current WHO classification systems, as well as new diagnostic biomarkers and their utility in differential diagnosis, newly described variants, and new histologic entities. - Shares the knowledge and expertise of new co-author Dr. Juan C. Hernandez-Prera. - Enhanced eBook version included with purchase. Your enhanced eBook allows you to access all of the text, figures, and references from the book on a variety of devices.
There is a silent globalization being carried out far below the action of multinational firms, international organizations, and state policies. It is the work of societies--communities of determined and creative people. Communities in Globalization richly illustrates the experiences of three Central American communities connected with global markets. The unique perspective of each is developed to show the economic, political-institutional, and social effects of its connection with world trade. Ultimately, this book seeks to identify the resources that allow a community to face globalization while minimizing risks and maximizing opportunities.
As a new migration crisis is unfolding in Europe because of the war in Ukraine, the purpose of this paper is to also highlight the ongoing migration crisis in Latin America and the Caribbean (LAC) due to Venezuela’s economic collapse. The stock of Venezuelan migrants reached 5 million in 2019, most of which had settled in other LAC countries. Following a temporary halt during the pandemic, migration from Venezuela has resumed, with the stock of migrants reaching 6.1 million in 2021. These migration flows are expected to continue in the coming years, which can strain public services and labor markets in the recipient economies in LAC. This Departmental Paper focuses on migration spillovers from the Venezuelan economic and social crisis. It sheds light on how migration can raise GDP growth and affect fiscal and external positions in host countries. It also discusses policy options, including greater support for education and integration into the workforce, which could help migrants find jobs to match their skills and help raise growth prospects in recipient countries.
Currency crises are difficult to predict. It could be that we are choosing the wrong variables or using the wrong models or adopting measurement techniques not up to the task. We set up a Monte Carlo experiment designed to evaluate the measurement techniques. In our study, the methods are given the right fundamentals and the right models and are evaluated on how closely the estimated predictions match the objectively correct predictions. We find that all methods do reasonably well when fundamentals are explosive and all do badly when fundamentals are merely highly volatile.
This paper examines the effectiveness of capital outflow restrictions in a sample of 37 emerging market economies during the period 1995-2010, using a panel vector autoregression approach with interaction terms. Specifically, it examines whether a tightening of outflow restrictions helps reduce net capital outflows. We find that such tightening is effective if it is supported by strong macroeconomic fundamentals or good institutions, or if existing restrictions are already fairly comprehensive. When none of these three conditions is fulfilled, a tightening of restrictions fails to reduce net outflows as it provokes a sizeable decline in gross inflows, mainly driven by foreign investors.
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
This paper studies whether bank ownership influenced lending behavior during the COVID-19 shock. It finds that, similar to previous episodes of financial distress, foreign banks appear to have played a shock-transmitting role, as there was a sharp slowdown in lending by foreign banks’ affiliates relative to domestic banks. However, given the uniqueness of the COVID-19 shock and the impact of lockdowns on economic activity, foreign banks were found to lend at a higher rate than domestic banks once the stringency of mobility restrictions is accounted for, with their lending portfolio concentrated more in the corporate sector. Results also suggest that the difference in lending rates between foreign and domestic banks could be explained by the heterogeneous effects of policy measures in response to the pandemic. In jurisdictions with more stringent mobility restrictions, policy interventions actually encouraged higher lending by foreign banks. These findings suggest that foreign bank presence may have acted as a shock absorber in jurisdictions where economic activity was most affected by the pandemic.
The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock prices—a key driver in financial conditions—reacted to regulatory easing announcements in a sample of 18 advanced economies and 8 emerging markets. The paper finds that overall, regulatory easing announcements contributed to looser financial conditions, but effects varied across sectors and tools. Financial regulatory easing led to lower valuations for financial sector stocks, and higher valuations for non-financial sector stocks, particularly for industries that are more dependent on bank financing. Furthermore, valuations declined and financial conditions tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions loosened after those about liquidity regulation. Effects from non-regulatory financial measures appear to be generally more muted.
This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 emerging market economies during 2000-18. We construct a novel dataset using a global news database to identify the precise announcement date of fiscal consolidation actions. Our results show that sovereign spreads decline significantly following news that austerity measures have been approved by the legislature (congress or parliament), in periods of high sovereign spreads or in countries under an IMF program. In addition, consolidation announcements are less contractionary when sovereign spreads decline, with the reduction in output being half of the counterfactual case in which spreads do not respond to announcements. These results constitute direct evidence that confidence effects, in the form of lower sovereign spreads, are an important transmission channel of fiscal shocks. We also find that the role of confidence effects increases with the level of spreads such that countries with high spread levels stand to benefit the most from putting in place credible austerity packages.
Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and developing economies (EMDEs) as a result of surges in capital inflows driven by accommodative U. S. monetary policy. In a sample of 25 EMDEs from 2000-17, U. S. monetary policy shocks coincided with episodes of currency appreciation and a contraction in tradable output in these economies. The paper also shows empirically that the use of capital flow measures (CFMs) has been a common policy response in several EMDEs to U.S. monetary policy shocks. Against this background, the paper presents a two sector small open economy augmented with a learning-by-doing (LBD) mechanism in the tradable sector to rationalize these empirical findings. A welfare analysis provides a rationale for the use of CFMs as a second-best policy when agents do not internalize the LBD externality of costly resource misallocation as a result of greater capital inflows. However, the adequate calibration of CFMs and the quantification of the LBD externality represent important implementation challenges.
In this paper, we use quarterly data and a novel database on fiscal policy consolidation announcements, for a sample of advanced economies and emerging markets to quantify the effects of fiscal tightening on inflation expectations. We find that fiscal consolidation announcements reduce inflation expectations over the medium-term (three and five-years ahead), but not in the short-term (one-year ahead). There is also some evidence that consolidation announcements reduce “disagreement” about expected future inflation at longer horizons. The inflation anchoring role of consolidation announcements is enhanced by the strength of a country’s fiscal and monetary frameworks, and when fiscal and monetary policy work in tandem. In addition, we find that initial conditions matter—inflation expectation’s response to consolidation announcements is larger in periods of high contemporaneous inflation. With these results in hand, we show that the effectiveness of fiscal consolidation in controlling realized inflation depends greatly on the response of inflation expectations to consolidation announcements. These results show that fiscal policy is crucial to anchor inflation expectations and a key element of a credible disinflationary process.
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