 | Tests of German Resilience Author/Editor: Fabian Bornhorst, Ashoka Mody. Release Date:October, 2012 From its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. more...
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 | Paths to Eurobonds Author/Editor: Stijn Claessens, Ashoka Mody, Shahin Vallée. Release Date:July, 2012 This paper discusses proposals for common euro area sovereign securities. Such instruments can
potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the more...
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 | Precautionary Savings in the Great Recession Author/Editor: Ashoka Mody, Franziska Ohnsorge, Damiano Sandri. Release Date:February, 2012 Heightened uncertainty since the onset of the Great Recession has materially increased saving rates, contributing to lower consumption and GDP growth. Consistent with a model of precautionary savings more...
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 | The Eurozone Crisis : How Banks and Sovereigns Came to Be Joined At the Hip Author/Editor: Damiano Sandri, Ashoka Mody. Release Date:November, 2011 We use the rise and dispersion of sovereign spreads to tell the story of the emergence and escalation of financial tensions within the eurozone. This process evolved through three stages. Following more...
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 | Growth From International Capital Flows : The Role of Volatility Regimes Author/Editor: Antu Panini Murshid, Ashoka Mody. Release Date:April, 2011 Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between capital inflows and long-run growth. This paper more...
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 | The Demographic Dividend : Evidence From the Indian States Author/Editor: Ashoka Mody, Shekhar Aiyar. Release Date:February, 2011 Large cohorts of young adults are poised to add to the working-age population of developing economies. Despite much interest in the consequent growth dividend, the size and circumstances of the more...
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 | Sources of Corporate Profits in India:Business Dynamism or Advantages of Entrenchment? Author/Editor: Michael Walton, Anusha Nath, Ashoka Mody. Release Date:January, 2011 Some see India’s corporate sector as the fundamental driver of recent and future prosperity. Others see it as a source of excessive market power, personal enrichment, and influence over the State, more...
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 | Spillovers of Domestic Shocks : Will They Counteract the “Great Moderation”? Author/Editor: Ashoka Mody, Alina Carare. Release Date:March, 2010 Even prior to the extreme volatility just observed, output growth volatility-following protracted decline-was flattening or mildly rising in some countries. More widespread was an increasing tendency more...
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 | After the Crisis: Lower Consumption Growth but Narrower Global Imbalances? Author/Editor: Franziska Ohnsorge, Ashoka Mody. Release Date:January, 2010 We estimate consumption dynamics in the G-7 economies, paying particular attention to the possibility of precautionary behavior in the face of uncertainty. We find that in the short run, continued more...
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 | International Pricing of Emerging Market Corporate Debt: Does the Corporate Matter? Author/Editor: Sonja Keller, Ashoka Mody. Release Date:January, 2010 We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an important effect on spreads, changes in firm-level more...
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