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    <title>EconStor Collection: Working Papers, Santa Cruz Institute for International Economics, UC Santa Cruz</title>
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      <title>International reserves and fiscal policy in developing countries</title>
      <link>http://hdl.handle.net/10419/64123</link>
      <description>Title: International reserves and fiscal policy in developing countries
&lt;br/&gt;
&lt;br/&gt;Authors: Zhou, Yan
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for developing countries with low political risk, countercyclical (procyclical) fiscal policies are associated with higher (lower) international reserve holdings in economic downturns. The relationship is stronger when the countries with low political risk rely heavily on external financing. For developing countries with high political risk, the link between reserves holdings and fiscal policy pattern is not clear-cut.</description>
      <pubDate>Sun, 29 Oct 2006 22:58:59 GMT</pubDate>
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    <item>
      <title>Examining US productivity: Knowledge flows from industry and country sources</title>
      <link>http://hdl.handle.net/10419/64122</link>
      <description>Title: Examining US productivity: Knowledge flows from industry and country sources
&lt;br/&gt;
&lt;br/&gt;Authors: Koch, William
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper examines Total Factor Productivity (TFP) and knowledge flows, using international patent data. The result is a measure of technology that isolates sources of innovation and their contributions to domestic TFP. Within-industry innovation enhances domestic productivity, and domestic between industry innovations are productivity enhancing. However, foreign-sourced between-industry innovation has a negative effect on domestic productivity. This highlights the dual aspect of patents as a measure of innovation. However, when controlling for domestic market structure, foreign-owned firm employment, or imports, foreign-sourced knowledge flows have potentially positive effects on domestic TFP. Overall results are sensitive to sectors and country of origin.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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    <item>
      <title>The persistence and determinants of current account balances: The implications for global rebalancing</title>
      <link>http://hdl.handle.net/10419/64121</link>
      <description>Title: The persistence and determinants of current account balances: The implications for global rebalancing
&lt;br/&gt;
&lt;br/&gt;Authors: Clower, Erica; Ito, Hiro
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper examines the dynamics of current account balances with particular focus on the statistical nature of the persistency of current account balances and its determinants. With the assumption that stationary current account series ensures the long-run budget constraint while countries may experience local nonstationarity in current account balances, we examine the dynamics of current account balances across a panel of 70 countries. While linear unit root tests fail to reject the null hypothesis of a unit root for a number of countries, a Markov-switching (MS)-ADF econometric framework that allows for regime switches in current account dynamics not only lead us to reject the unit root null hypothesis for a much increased number of countries, but also provide notable cross country differences in the timing and duration of stationary and locally nonstationary regimes. Armed with the structural break dates the MS-ADF testing provides, we investigate the determinants of the different degrees of current account persistence. We find that the lack of trade openness, net foreign assets, and financial development help increase the degree of current account persistence. The type of exchange rate regimes is not found to be a robust determinant of current account persistence, but fixed exchange rate regime is more likely to lead an emerging market country to enter nonstationary current account regime.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
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      <title>Trade dynamics in the East Asian miracle: A time series analysis of US-East Asia commodity trade, 1962-1992</title>
      <link>http://hdl.handle.net/10419/64120</link>
      <description>Title: Trade dynamics in the East Asian miracle: A time series analysis of US-East Asia commodity trade, 1962-1992
&lt;br/&gt;
&lt;br/&gt;Authors: Carolan, Terrie; Mora, Jesse; Singh, Nirvikar
&lt;br/&gt;
&lt;br/&gt;Abstract: We examine the composition of bilateral trade between the United States and eight Asian Pacific economies from 1962 to 1992. Two complementary time series analyses of individual commodities at the SITC four-digit level indicate that significant changes occurred in trade composition during this period. We use a measure of normalized trade balances, developed by Gagnon and Rose (1995). For the eight bilateral trade relationships, commodities representing from fifty to seventy percent of 1992 dollar trade have shown statistically significant changes in the magnitude and, in some cases, in the direction of normalized trade balances, over the thirty-year period. Results support the conclusion that changes in trade patterns in both low-tech industries, such as textiles and clothing, and more high-tech industries, such as electronic parts and electronic goods, were important in the development of the East Asian economies.</description>
      <pubDate>Sat, 29 Oct 2011 22:58:59 GMT</pubDate>
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