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International audience

International audience

The aim of this paper is to provide some new empirical evidence on the determinants of volatility of real exchange rates in emerging countries, focusing on the role of international financial integration in particular. A reduced-form model is estimated using the generalised method of moments for dynamic panels over the period 1979-2004 for a sample of 39 developing countries grouped into three regions (Latin America, Asia and MENA). Our findings suggest that different types of shocks (external, real and monetary) can account for the volatility of real exchange rates in emerging economies, with international financial integration being a major driving force. Therefore, financial liberalisation and integration should be pursued only gradually in emerging countries.

Using bootstrap panel analysis, allowing for cross-country correlation, without the need of pre-testing for unit roots, we study the causality between government spending and revenue for the EU in the period 1960-2006. We find spend-and-tax causality for Italy, France, Spain, Greece, and Portugal, while tax-and-spend evidence is present for Germany, Belgium, Austria Finland and the UK, and for several EU New Member States. Moreover, in the run-up to EMU there was some shifting away from a spend-and-tax strategy, implying adjustments of fiscal behaviour.

In this paper we focus on the trade balance effects of free trade agreements between the EU-15 and the CEEC-4 countries using a dynamic panel data approach. Our theoretical framework is the gravity model, and the econometric method used to analyse the effect of the agreement variable is the system generalized method of moments (GMM). Our estimation results indicate a positive and significant impact of FTAs on trade flows. However, exports and imports are affected in different ways, leading to some disparity in trade flow performance between countries. Therefore, there is an asymmetric impact on the trade balance, the agreement variable resulting in a trade balance deficit in the CEEC-4.

The aim of this paper is to provide some new empirical evidence on the determinants of volatility of real exchange rates in emerging countries, focusing on the role of international financial integration in particular. A reduced-form model is estimated using the GMM method for dynamic panels over the period 1979-2004 for a sample of 39 developing countries grouped into three regions (Latin America, Asia and MENA). Our findings suggest that different types of shocks (external, real and monetary) can account for volatility of real exchange rates in emerging economies, with international financial integration being a major driving force. Therefore, financial liberalisation and integration should be pursued only gradually in emerging countries.

Summary The fractional removal rate of fat emulsion injected intravenously has been measured in several groups of subjects: controls, patients with hypercholesterolaemia or hypertriglyceridaemia. The intravenous fat tolerance test was also estimated in controls before and after a short ethanol perfusion. The fractional removal rate (K 2 ) is low in patients with hypertriglyceridaemia and the results obtained suggest that the intravenous fat tolerance test provides a simple mean for an estimation of the removal of triglycerides from the blood. After a constant infusion of alcohol in healthy subjects a significant reduction of K 2 is found.

The effects of alcohol on plasma lipids removal were studied in 16 control subjects by comparative measurements of turbidity and triglyceridemia. Alcolhol was administered intravenously for 3 h, either after fat meal or 2 h before artificial lipid emulsion infusion. Compared to the control study, alcohol determines a persistant elevation of induced hyperlipemia and was thought to decrease plasma lipids removal. In fact, rats epididymal fat pads lipoprotein lipase activity is decreased after alcohol intraperitoneal administration. Moreover, in man, the fractional removal constant following an intravenous fat tolerance test was slowed down after alcohol infusion. Both results agree with the decreased removal rate of fat emulsion particles and chylomicrons on account of alcohol.

Summary Lipoprotein lipase (LPL) activity was studied in rat epididymal fat and heart. In adipose tissue, diet LPL induction lowered with age and was inhibited during cold exposure. Nicotinic acid, glucagon and norethindrolone propionate enhanced LPL activity and estrogens showed an opposite effect. In heart, starvation and cold exposure induced LPL activation; glucose and nicotinic acid decreased LPL activity, but hormones had no significant effect. To some extent, AMP c seems to be a mediator regulating LPL activity in adipose tissue. In heart the regulation mechanisms are still controversial.

We study sovereign bond yields in OECD countries with a dynamic panel by checking for cross-section dependence; assessing panel cointegration; and estimating panel error-correction models. The results show that markets consider budgetary and external imbalances and inflation as relevant determinants of sovereign yields.

Using bootstrap panel analysis, allowing for cross cross-country correlation, without the need of pre pre-testing for unit roots, we study the causality between government spending and revenue for the EU in the period 1960 1960-2006. We find spend spend-and and-tax causality for Italy, France, Spain, Greece, and Portugal, while tax tax-and and-spend evidence is present for Germany, Belgium, Austria Finland and the UK, and for several EU New Member States. Moreover, in the run run-up to EMU there was some shifting away from a spend spend-and and-tax strategy, implying adjustments of fiscal behaviour.

We investigate the existence of Granger-causality between current account and government budget balances over the period 1970-2007, for different EU and OECD country groupings. We use a panel-data approach based on SUR systems and Wald tests with country specific bootstrap critical values. Our results show a causal relation from budget deficits to current account deficits for several EU countries: Bulgaria, Czech Republic, Estonia, Finland, France, Italy, Hungary, Lithuania, Poland, and Slovakia, along the lines of the so-called twin-deficit relationship. Considering the effective real exchange rate in the SUR system does not substantially alter the results. info:eu-repo/semantics/publishedVersion