Yongquan Cao's Books

Costly Increases in Public Debt when R

By: Yongquan Cao,Vitor Gaspar,Mr. Adrian Peralta Alva

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Costly Increases in Public Debt when R

By: Yongquan Cao,Vitor Gaspar,Mr. Adrian Peralta Alva

This paper quantifies the costs of a permanent increase in debt to GDP. We employ a deterministic, overlapping generations model with two assets and no risk of default. The two assets are public debt and private (productive) capital. We assume that the return on private capital equals the interest rate on public debt plus an exogenously given spread. Employing a analytical version of the model we show an example in which a permanent rise in the public debt ratio leads to a significant reduction in steady-state GDP even as r

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International Monetary Fund

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ISBN 13

9798400263620

A Sentiment-Enhanced Corruption Perception Index

By: Yongquan Cao,Ms. Yingjie Fan,Sandile Hlatshwayo,Monica Petrescu,Zaijin Zhan

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A Sentiment-Enhanced Corruption Perception Index

By: Yongquan Cao,Ms. Yingjie Fan,Sandile Hlatshwayo,Monica Petrescu,Zaijin Zhan

Direct measurement of corruption is difficult due to its hidden nature, and measuring the perceptions of corruption via survey-based methods is often used as an alternative. This paper constructs a new non-survey based perceptions index for 111 countries by applying sentiment analysis to Financial Times articles over 2005–18. This sentiment-enhanced corruption perception index (SECPI) captures not only the frequncy of corruption related articles, but also the articles’ sentiment towards corruption. This index, while correlated with existing corruption perception indexes, offers some distinct advantages, including heightened sensitivity to current events (e.g., corruption investigations and elections), availability at a higher frequency, and lower costs to update. The SECPI is negatively correlated with business environment and institutional quality. Increases in the perceived incidence or scope of corruption influences economic agents’ behaviors, and thus economic dynamics. We found that when the SECPI is at least one standard deviation above the mean, the growth per capita falls by 0.65 percentage point on average, with more pronounced impacts for emerging market and low income countries.

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International Monetary Fund

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ISBN 10

1513588885

ISBN 13

9781513588889

Costly Increases in Public Debt when R

By: Yongquan Cao,Vitor Gaspar,Mr. Adrian Peralta Alva

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Costly Increases in Public Debt when R

By: Yongquan Cao,Vitor Gaspar,Mr. Adrian Peralta Alva

Average ratings

N/A

Write a review

Solve jigsaw puzzle

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Publisher

International Monetary Fund

Published Date

ISBN 13

9798400263620

Book's by Yongquan Cao

Costly Increases in Public Debt when R

Costly Increases in Public Debt when R

A Sentiment-Enhanced Corruption Perception Index

A Sentiment-Enhanced Corruption Perception Index

Costly Increases in Public Debt when R

Costly Increases in Public Debt when R

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