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Hoffmaister, Alexander W.

Works: 70 works in 330 publications in 1 language and 2,619 library holdings
Roles: Author, Other
Classifications: HG3881.5.I58, 332.17530982
Publication Timeline
Publications about Alexander W Hoffmaister
Publications by Alexander W Hoffmaister
Most widely held works by Alexander W Hoffmaister
Contagion, bank lending spreads, and output fluctuations by Pierre-Richard Agénor( Book )
23 editions published between 1998 and 1999 in English and held by 145 libraries worldwide
A positive historical shock to external spreads can lead to an increase in domestic spreads and a reduction in the cyclical component of output. Shocks to external spreads immediately after the Mexican peso crisis had a sizable effect on movements in output and domestic interest rate spreads in Argentina
The credit crunch in East Asia : what can bank excess liquid assets tell us? by Pierre-Richard Agénor( Book )
23 editions published between 1999 and 2000 in English and held by 123 libraries worldwide
A two-step approach is used to assess the extent to which the credit crunch in East Asia was supply- or demand-driven. The results for Thailand suggest that the contraction in bank lending that accompanied the crisis was the result of supply factors
North-South R & D spillovers by David T Coe( Book )
19 editions published between 1994 and 1997 in English and held by 84 libraries worldwide
We examine the extent to which developing countries that do little, if any research and development themselves benefit from R&D that is performed in the industrial countries. By trading with an industrial country that has large 'stocks of knowledge' from its cumulative R&D activities, a developing country can boost its productivity by importing a larger variety of intermediate products and capital equipment embodying foreign knowledge, and by acquiring useful information that would otherwise be costly to obtain. Our empirical results, which are based on observations over the 1971-90 period for 77 developing countries, suggest that R&D spillovers from the industrial countries in the North to the developing countries in the South are substantial
The sources of macroeconomic fluctuations in developing countries : Brazil and Korea by Alexander W Hoffmaister( Book )
9 editions published in 1996 in English and held by 32 libraries worldwide
Macroeconomic fluctuations in Sub-Saharan Africa by Alexander W Hoffmaister( Book )
10 editions published in 1997 in English and Undetermined and held by 31 libraries worldwide
The generally disappointing growth in sub-Saharan Africa over the past 20 years reflects the difficulties posed by institutional and economic factors including the lack of resource endowments, the low level of human capital, the administrative, legal, and institutional framework, the stance of financial policies, and structural policies that have often been distortionary. These factors coupled with an adverse external environment-with significant declines in terms of trade-have all contributed to hinder sustained economic growth in the region
Have North-South growth linkages changed? by Alexander W Hoffmaister( Book )
8 editions published in 1996 in English and held by 31 libraries worldwide
Are business cycles different in Asia and Latin America? by Alexander W Hoffmaister( Book )
9 editions published in 1997 in English and Undetermined and held by 28 libraries worldwide
Understanding business cycles is the first step in designing appropriate stabilization policies (Lucas, 1977). Although there is no a priori reason to think that business cycles are different in industrialized and developing countries, the faster growth and greater volatility in developing countries combined with the recent emphasis in the literature on the connection between trends and cycles, suggests that there could be some interesting differences. The objective of this paper is to compare the properties of the business cycles in Asia and in Latin America using a structural VAR approach that encompasses equilibrium and disequilibrium views of the business cycle. We also compare our results to the evidence for industrial countries
Capital inflows and the real exchange rate : analytical framework and econometric evidence by Pierre-Richard Agénor( Book )
5 editions published in 1996 in English and held by 27 libraries worldwide
Money, wages and inflation in middle-income developing countries by Pierre-Richard Agénor( Book )
9 editions published in 1997 in English and Undetermined and held by 27 libraries worldwide
Research on the sources of inflation in developing countries has often led economists to distinguish between the "fiscal" view and the "balance-of-payments" view of the inflationary process.1 Advocates of the fiscal view, while supporting the notion that inflation and excessive monetary growth are closely related, emphasize that the root cause of monetary growth in developing economies is often found in large fiscal imbalances. In many of these countries, inefficient revenue collection procedures and limited development of financial markets tends to increase reliance on seignorage as a source of financing of budget deficits. Factors such as the adverse effect of inflation itself on the real value of the fiscal deficit (the Olivera-Tanzi effect) also tend to reinforce the link between fiscal deficits, money growth, and inflation. By contrast, proponents of the balance-of-payments view have emphasized the induced effect of exchange rate movements (in the presence of an accommodative monetary policy stance) on domestic prices. Such movements-an exchange rate depreciation, for instance-are often the result of adverse developments in the balance of payments. In turn, such developments may reflect excessive government spending or exogenous shocks, such as a sharp deterioration in the terms of trade.2
North-South trade : is Africa unusual? by David T Coe( Book )
6 editions published in 1998 in English and held by 26 libraries worldwide
The importance of international trade in the process of economic development and its association with economic growth have received increasing attention. A number of factors explain this renewed emphasis on trade. The most obvious is the success of many developing countries that have adopted outward-oriented development strategies. This success became increasingly visible by the early 1980s in many fast-growing countries of the Pacific Rim. Strong performance in these countries stood in sharp contrast to earlier, unsuccessful experiences of inward-oriented, import-substitution strategies in some of the same countries, and to the relatively poor performance of other developing countries that did not embrace outward-oriented strategies
Cyclical fluctuations in Brazil's real exchange rate : the role of domestic and external factors by Pierre-Richard Agénor( Book )
10 editions published in 1997 in English and Undetermined and held by 26 libraries worldwide
The potentially adverse effect of large capital inflows on domestic inflation and the real exchange rate (as well as, ultimately, the current account) has been one of the main concern of policymakers in developing countries and transition economies in recent years. As argued in a number of recent studies, the composition of capital flows, the degree of price stickiness and the degree of nominal exchange rate flexibility have been important factors in determining the effect of capital inflows on domestic macroeconomic outcomes. In countries where capital inflows have taken the form of portfolio investment (as opposed to foreign direct investment), they have often been associated with an increase in consumption rather than investment. In turn, the increase in consumption has often taken the form of a large increase in expenditure on nontradable goods, thereby leading to a real appreciation. In countries where a fixed (or predetermined) exchange rate has been used as a nominal anchor to reduce inflation (as was the case in Argentina, for instance), inertial factors have led to upward pressure on prices of nontraded goods and have led to a real appreciation. 2
Inflation targeting in Korea : an empirical exploration by Alexander W Hoffmaister( Book )
7 editions published in 1999 in English and held by 24 libraries worldwide
The revised Bank of Korea Act has recently come into effect making it clear that price stability the primary goal of monetary policy in Korea. Since April 1, 1998 the Bank of Korea (BOK) is no longer to pursue the dual objectives of the maintenance of the stability of the value of money and strengthening of the soundness of the banking system and is now entrusted with the primary goal of price stability. Each year the BOK is to set a "price stability" target in consultation with the government and to elaborate a monetary plan to achieve this target. The BOK is required to publicly announce the monetary plan, publish the minutes of the monetary policy board meetings, and prepare a detailed report on monetary policy to be submitted to the National Assembly at least once a year
Asset prices, financial liberalization and the process of inflation in Japan by Alexander W Hoffmaister( Book )
9 editions published in 1994 in English and held by 23 libraries worldwide
International R & D spillovers and institutions by David T Coe( Book )
26 editions published between 2005 and 2008 in English and held by 20 libraries worldwide
The empirical analysis in "International R&D Spillovers" (Coe and Helpman, 1995) is first revisited by applying modern panel cointegration estimation techniques to an expanded data set that we have constructed for the purpose of this study. The new estimates confirm the key results reported in Coe and Helpman about the impact of domestic and foreign R&D capital stocks on TFP. In addition, we show that domestic and foreign R&D capital stocks have measurable impacts on TFP even after controlling for the impact of human capital. Furthermore, we extend the analysis to include institutional variables, such as legal origin and patent protection, in order to allow for parameter heterogeneity based on a country's institutional characteristics. The results suggest that institutional differences are important determinants of total factor productivity and that they impact the degree of R&D spillovers
Barriers to retail competition and prices : evidence from Spain by Alexander W Hoffmaister( Book )
11 editions published in 2006 in English and held by 18 libraries worldwide
Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in regional barriers to entry in retail distribution. This paper develops a Cournot-Nash model of imperfect competition to illustrate the effect of barriers on prices. A unique data set-derived from an extensive analysis of competition policies in Spain- provides evidence that barriers to entry increase regional prices. The evidence also suggests that, consistent with the model's predictions, barriers to entry raise prices up to a point, and thus indicate that barriers have a threshold effect on prices
Global aging and declining world interest rates : macroeconomic insurance through pension reform in Cyprus by Mario Catalán( Book )
12 editions published between 2004 and 2008 in English and held by 14 libraries worldwide
How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages, in turn, will be passed on to pension benefits, exacerbating aging-related fiscal pressures. The pass-through effect will be stronger if pensions are indexed to nominal wages rather than prices. Using an overlapping generations model, the paper illustrates the interest rates transmission mechanism and its interaction with pension indexation for the case of Cyprus. In addition, the paper evaluates the capacity of pension reforms to insure the economy against long-run movements in world interest rates. It concludes that pension reforms, particularly those that change the indexation of pensions from wages to prices, provide substantial macro-insurance and shock absorption benefits
Coping with Spain's aging : retirement rules and incentives by Mario Catalán( Book )
12 editions published in 2007 in English and Undetermined and held by 14 libraries worldwide
This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go system. It also examines the complementarities between reforms extending the averaging period and those increasing the retirement age under alternative tax policies. The analysis is based on a model in the Auerbach-Kotlikoff tradition applied to the Spanish economy. Without reforms, the simulations suggest that aging-related spending as a share of output will increase 16 percentage points by 2050, which are twice as much as in European Commission (2006) projections due to general equilibrium effects. Also, reforms extending the averaging period to the entire work life limit expenditure pressures at the peak of the demographic shock as much as increasing the retirement age in line with life expectancy (4 percentage points of GDP). These reforms and prefunding the demographic shock mitigate the adverse macroeconomic effects of aging and improve welfare
Yield curve dynamics and spillovers in Central and Eastern European countries by Alexander W Hoffmaister( Book )
7 editions published in 2010 in English and Undetermined and held by 8 libraries worldwide
This paper applies the models used to study yield curve dynamics and spillovers in the U.S. and other countries to Central and Eastern European countries (CEE countries). Using the Diebold, Rudebusch, and Aruoba (2006) dynamic version of the Nelson-Siegel representation of the yield curve, the paper finds that the two-way relationship between macroeconomic and financial variables in the CEE countries is similar to the one in mature economies. However, inflation shocks have very little persistence in the CEE countries, owing to the strong convergence trends in these countries-which tend to re-anchor expectations faster. Increased convergence in policies and market integration over time are associated with a stronger correlation between the levels of the yield curves, while the curves slopes are more driven by idiosyncratic factors. Shifts in the euro yield curve are transmitted both to interest rates and inflation expectations in the CEE countries-and transmission is stronger after 2004
Cyclical Behavior of Inventories and Growth Projections Recent Evidence from Europe and the United States by Jens R Clausen( Book )
5 editions published in 2010 in English and Undetermined and held by 4 libraries worldwide
In the United States and a few European countries, inventory behavior is mainly the outcome of demand shocks: a standard buffer-stock model best characterizes these economies. But most European countries are described by a modified buffer-stock model where supply shocks dominate. In contrast to the United States, inventories boost growth with a one-year lag in Europe. Moreover, inventories provide limited information to improve growth forecasts particularly when a modified buffer-stock model characterizes inventory behavior
House price developments in Europe : a comparison by Paul Louis Ceriel Hilbers( file )
2 editions published in 2008 in English and held by 0 libraries worldwide
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the ""fast lane"", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The im
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Alternative Names
Hoffmaister, A.
Hoffmaister, A. (Alexander)
Hoffmaister A., Alexander W.
Hoffmaister, A. W.
Hoffmaister, Alexander
English (215)
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