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Financial reforms and income inequality
Agnello, Luca; Mallick, Sushanta K.; Sousa, Ricardo M.Using a panel of 62 countries for 1973-2005, we assess the impact of financial reforms on income inequality. We find that removal of policies towards directed credit and excessively high reserve requirements, and improvements in the securities market reduce inequality.
Is technology factor-neutral? Evidence from the US manufacturing sector
Mallick, Sushanta K.; Sousa, Ricardo M.This paper analyses the neutrality of technology using data from the NBER-CES Manufacturing industry database. We show that technology has a positive effect on the skilled-to-unskilled labour and wage ratios, offering a skill-premium for these skilled workers. We also find that technology has become more favourable towards skilled labour since the eighties, thereby, explaining the rise in the relative abundance...
Monetary policy rules in the BRICS : how important is nonlinearity?
Jawadi, Fredj; Mallick, Sushanta K.; Sousa, Ricardo M.Given limited research on monetary policy rules in emerging markets, this paper estimates monetary policy rules for five key emerging market economies: Brazil, Russia, India, China and South Africa (BRICS) analysing whether the monetary authority reacts to changes in financial markets, in monetary conditions, in the foreign exchange sector and in the commodity price. To get a deeper understanding of the central...
Fiscal policy in the BRICs
Jawadi, Fredj; Mallick, Sushanta K.; Sousa, Ricardo M.This paper assesses the macroeconomic impact of fiscal policy shocks for four key emerging market economies - Brazil, Russia, India and China (BRICs) – using a Bayesian Structural Vector Auto-Regressive (BSVAR) approach, a Sign-Restrictions Vector Auto-Regressive framework and a Panel Vector Auto-Regressive (PVAR) model. To get a deeper understanding of the government’s behaviour, we also estimate fiscal policy...
The real effects of financial stress in the Euro zone
Mallick, Sushanta K.; Sousa, Ricardo M.Using two identification strategies based on a Bayesian Structural VAR and a Sign-Restriction VAR, we examine the real effects of financial stress in the Eurozone. In particular, we assess the macroeconomic impact of: (i) a monetary policy shock; and (ii ) a financial stress shock. We find that a monetary policy contraction strongly deteriorates financial stress conditions. In addition, unexpected variation in ...
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