We study how the 2007-2009 crisis has changed the impact of financial integration on the transmission of international business cycles, focusing on a sample of 20 developed countries between 1978 and 2009. We use a differences-in-differences strategy for identification and investigate the effect of bilateral financial linkages on the co-movement of output, investment, and consumption before and...

In one-good international macro models with non-diversifiable labor income risk country portfolios are heavily biased toward foreign assets. The fact that the opposite pattern of diversification is observed empirically constitutes the international diversification puzzle. This paper embeds a portfolio choice decision in a two-country, two-good version of the stochastic growth model. In this env...

Business cycles are substantially correlated across countries. Yet, most existing models are not able to generate substantial transmission through international trade. We show that the nature of such transmission depends fundamentally on the features determining the responsiveness of labor supply and labor demand to international relative prices. We augment a standard international macroeconomi...

Abstract T ire cent decades, the internationalization of trade and companies' engagement in the global market has been found with a double significance. Planning and investment to increase the share of non-oil exports in total exports and reform its combination to export of goods and services with higher technology are of approaches of vision plan that export of Construction Services ...

This paper investigates the asymmetric effects of monetary policy on economic growth over business cycles in Iran. Estimating the models using the Hamilton (1989) Markov-switching model and by employing the data for 1960-2012, the results well identify two regimes characterized as expansion and recession. Moreover, the results show that an expansionary monetary policy has a positive and statist...

Identifying the Common Component of International Economic Fluctuations: A New Approach In this paper, we develop an aggregation procedure using time-varying weights for constructing the common component of international economic fluctuations. The methodology for deriving time-varying weights is based on some stylized features of the data documented in the paper. The model allows for a unified ...

The Asian economic crisis dramatically influenced the context in which a growing number of international migrants had begun to spread from poorer to more industrialised countries in East Asia, accompanying the export and FDI booms of the 1990s. Important uncertainties included the impact on clandestine migrant workers, replacement of migrants by local workers and countervailing pressures for in...

This paper aims to identify key challenges facing Iran and South Korea in their bilateral trade and investment relations. In particular, it is concerned with the policy implications which can be useful for policy makers and business people of both countries. For this purpose, we review and analyze the recent developments of the Iranian economy and bilateral trade and investment relations betwee...

web 2.0 is not a single technology or standard but rather a set of concepts and features. web 2.0 concepts and features call for further attention. since, previous studies have only addressed only some of these concepts and features. in order to give a comprehensive view of web 2.0, these features are collected through literature review and a framework of web 2.0 features is presented. also, du...

U.S. commercial banks are increasingly using credit scoring models to underwrite small business credits. This paper discusses this technology, evaluates the research findings on the effects of this technology on small business credit availability, and links these findings to a number of research and public policy issues. JEL classification: G21, G28, G34, L23