WorldCat Identities

Schmidt-Hebbel, Klaus

Overview
Works: 257 works in 631 publications in 2 languages and 4,964 library holdings
Genres: Case studies  Conference papers and proceedings 
Roles: Author, Editor, Creator, Other, Honoree
Publication Timeline
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Most widely held works by Klaus Schmidt-Hebbel
Saving across the world : puzzles and policies by Klaus Schmidt-Hebbel( )

17 editions published between 1996 and 1997 in English and held by 886 WorldCat member libraries worldwide

World saving by Francesco Grigoli( )

7 editions published in 2014 in English and Undetermined and held by 813 WorldCat member libraries worldwide

This paper presents new evidence on the behavior of saving in the world, by extending previous empirical research in five dimensions. First, it is based on a very large and recent database, covering 165 countries from 1981 to 2012. Second, it conducts a robustness analysis across different estimation techniques. Third, the empirical search is expanded by including potential saving determinants identified by theory but not previously considered in the empirical literature. Fourth, the paper explores differences in saving behavior nesting the 2008-10 crisis period and four different country groups. Finally, it also searches for commonalities and differences in behavior across national, private, household, and corporate saving rates. The results confirm in part existing research, shed light on some ambiguous or contradictory findings, and highlight the role of neglected determinants. Compared to the literature, we find a larger number of significant determinants of saving rates, using different estimators, for different periods and country groups, and for different saving aggregates. --Abstract
The economics of saving and growth : theory, evidence, and implications for policy by Klaus Schmidt-Hebbel( Book )

22 editions published between 1999 and 2006 in English and held by 452 WorldCat member libraries worldwide

Saving rates display great variation across countries and over time. They are also closely related to growth performance. This volume provides a state-of-the-art account of key variables, institutions, and policies that determine saving. Drawing from a systematic exploration of the existing literature, the collection summarizes current knowledge about cross-country saving trends, the relation between saving and growth, the impact of financial policies and institutions on saving, the effect of foreign resource inflows on saving, and the links between income distribution and aggregate saving. In addition, new research results are presented on the two latter areas
Public sector deficits and macroeconomic performance by William Easterly( Book )

13 editions published in 1994 in English and held by 359 WorldCat member libraries worldwide

Colombia's pension reform : fiscal and macroeconomic effects by Klaus Schmidt-Hebbel( )

14 editions published in 1995 in English and held by 332 WorldCat member libraries worldwide

Pension reform and growth by Giancarlo Corsetti( )

11 editions published between 1995 and 1999 in English and Undetermined and held by 122 WorldCat member libraries worldwide

June 1995 Replacing a pay-as-you-go pension system with a fully funded scheme could eliminate the incentives (under the pay-as-you-go system) to informalize production and employment. Simulations of an endogenous-growth model suggest that long-term growth could increase substantially by such a reform. Econometric evidence suggests that pension reform in Chile in 1981 may be a factor in the increase in Chile's private savings since 1980. Corsetti and Schmidt-Hebbel review the qualitative macroeconomic and welfare implications of replacing a pay-as-you-go pension system with a fully funded scheme. They summarize the typically small effects found in the simulations literature, based on exogenous-growth one-sector models. Much larger, and sustained, effects are obtained in the framework of an overlapping-generations model with endogenous growth and formal-informal production sectors--the model presented in this paper. Model simulations using the overlapping-generations model suggest that replacing a pay-as-you-go system with a fully funded system could substantially raise long-term growth rates by eliminating the incentives (under the pay-as-you-go system) to informalize production and employment. A final look at Chile's reform experience suggests that a structural transformation toward formalization is taking place and that both private savings and growth have been rising substantially since 1980. Econometric evidence suggests that Chile's pension reform, in 1981, could be contributing toward Chile's large increase in private savings. This paper--a product of the Macroeconomics and Growth Division, Policy Research Department--is part of a larger effort in the department to understand macroeconomic and financial aspects of pension systems
Pension systems and reform country experiences and research issues by Patricio Arrau( )

11 editions published between 1995 and 1999 in English and held by 122 WorldCat member libraries worldwide

June 1995 Country experiences of old-age social security arrangements, and 15 research and policy design issues not addressed in the literature. Pension reform is spreading around the globe, from Latin America to the OECD countries, and major reform projects are being discussed in many other developing, transition, and OECD countries. Arrau and Schmidt-Hebbel survey current research issues and country experiences related to old-age social security arrangements by introducing the papers selected for a special June 1994 issue of the Revista de Análisis Económico and presented at the July 1994 Conference on Pension Systems and Reforms sponsored by Fundação Getúlio Vargas. They also present 15 research and policy design issues not addressed by the literature, including macroeconomic effects, conditions of political economy, government's role in easing or reducing old-age poverty, and design features of fully funded pension systems. This paper--a product of the Macroeconomics and Growth Division, Policy Research Department--is part of a larger effort in the department to understand macroeconomic and financial aspects of pension systems
Income inequality and aggregate saving the cross-country evidence by Klaus Schmidt-Hebbel( )

11 editions published between 1995 and 1999 in English and Undetermined and held by 121 WorldCat member libraries worldwide

January 1996 No evidence is found to support the notion that income inequality affects aggregate saving across countries-neither in developing nor in industrial countries. Schmidt-Hebbel and Servén empirically review and analyze the link between income distribution and aggregate savings. Recent research has focused on the impact of income inequality and growth. Less attention has been paid to the link between inequality and saving. Once the conventional representative-agent framework is abandoned, consumption theory brings out channels through which income inequality can affect aggregate saving. Schmidt-Hebbel and Servén present new econometric evidence on the link between saving and inequality using new data on income distribution for a large cross-country sample. The results provide no evidence that income inequality affects aggregate saving across countries. This conclusion holds for both industrial and developing countries and is robust to changes in measures of saving, in income distribution indicators, and in functional forms. This paper-a product of the Macroeconomics and Growth Division, Policy Research Department-was prepared as part of ongoing research on the determinants of saving
One decade of inflation targeting in the world : what do we know and what do we need to know? by Frederic S Mishkin( )

14 editions published in 2001 in English and held by 106 WorldCat member libraries worldwide

One decade of inflation targeting in the world offers lessons on the design and implementation of inflation targeting, the conduct of monetary policy, and country performance under inflation targeting. This paper reviews briefly the main design features of 18 inflation targeting experiences, analyzes statistically if countries under inflation targeting are structurally different from non-inflation targeting industrial countries, and reviews existing evidence about the success of inflation targeting. The interaction of inflation targeting design features and the conduct of monetary policy during transition to low inflation are tackled next. The paper ends by focusing on unresolved issues on design and implementation of inflation targeting and their relation to the conduct of monetary policy open issues that have to be addressed in the next decade of inflation targeting
Fiscal and monetary contractions in Chile a rational-expectations approach by Klaus Schmidt-Hebbel( )

8 editions published between 1995 and 1999 in English and held by 104 WorldCat member libraries worldwide

June 1995 To analyze the probable macroeconomic impact of fiscal and monetary retrenchment in Chile, an open-economy, dynamic rational-expectations macroeconomic model is applied to data for Chile. For the past two decades, Chile has consistently pursued a course of macroeconomic stabilization and deep economic reform. But in recent years, real exchange rate appreciation and persistent moderate inflation have become key concerns for Chilean policymakers, suggesting the need for further fiscal and monetary retrenchment. Using an open-economy, dynamic rational-expectations macroeconomic model applied to Chile, Schmidt-Hebbel and Serven analyze and quantify the macroeconomic impact of fiscal and monetary retrenchment. Several features of the model are essential for a realistic assessment of the effects of fiscal and monetary policy shifts in Chile: backward indexation of wages, consolidation of the central bank and the general government, and the coexistence of (1) liquidity-constrained consumers and firms with (2) unconstrained agents whose consumption and investment decisions reflect intertemporal optimization with perfect foresight. This framework makes it possible to distinguish meaningfully between permanent and transitory policy changes, as well as between changes that are or are not anticipated. Simulations show that a balanced-budget fiscal contraction leads to a modest real depreciation, which is sharper in the short term (especially if the contraction is temporary). At the same time, this type of fiscal retrenchment causes a temporary deterioration of the current account. An orthodox money-based disinflation implemented by halving the growth rate of base money leads to a sharp real appreciation in the near term, with steep output and employment costs in the short run, but it also causes a transitory improvement in the current account. This paper--a product of the Macroeconomics and Growth Division, Policy Research Department--is part of a larger effort in the department to model macroeconomic policy in developing countries
What drives private saving around the world? by Norman Loayza( )

10 editions published between 1999 and 2000 in English and Undetermined and held by 96 WorldCat member libraries worldwide

Saving rates vary considerably across countries and over time. Policies that spur development are an indirect but effective way to raise private saving rates, which rise with the level and growth rate of real per capita income
Post-conflict aid, real exchange rate adjustment, and catch-up growth by Ibrahim Elbadawi( )

11 editions published between 2007 and 2012 in English and Undetermined and held by 94 WorldCat member libraries worldwide

Abstract: Post-conflict countries receive substantial aid flows after the start of peace. While post-conflict countries' capacity to absorb aid (that is, the quality of their policies and institutions) is built up only gradually after the onset of peace, the evidence suggests that aid tends to peak immediately after peace is attained and decline thereafter. Aid composition broadly reflects post-conflict priorities, with large parts of aid financing social expenditure and infrastructure investment. Aid has significant short-term effects on the real exchange rate (RER), as inferred from the behavior of RER in the world. While moderate RER overvaluation is observed in post-conflicts, it cannot be traced down to the aid flows. The empirical evidence on world growth reveals new findings about the pattern of catch-up growth during post-conflicts and the role of key growth determinants on post-conflict growth. Aid is an important determinant of growth, both generally and more strongly during post-conflict periods. Because RER misalignment reduces growth, RER overvaluation during post-conflicts reduces catch-up growth. Aid and RER overvaluation combined also lower growth. But the negative growth effect of RER overvaluation declines with financial development
Does inflation targeting make a difference? by Frederic S Mishkin( )

16 editions published between 2001 and 2007 in English and held by 83 WorldCat member libraries worldwide

Yes, as inferred from panel evidence for inflation-targeting countries and a control group of high-achieving industrial countries that do not target inflation. Our evidence suggests that inflation targeting helps countries achieve lower inflation in the long run, have smaller inflation response to oil-price and exchange-rate shocks, strengthen monetary policy independence, improve monetary policy efficiency, and obtain inflation outcomes closer to target levels. Some benefits of inflation targeting are larger when inflation targeters have achieved disinflation and are able to make their inflation targets stationary. Despite these favorable results for inflation targeting, our evidence generally does not suggest that countries that adopt inflation targeting have attained better monetary policy performance relative to our control group of highly successful non-inflation targeters. However, inflation targeting does seem to help all country groups to move toward performance of the control group. The performance attained by industrial-country inflation targeters generally dominates performance of emerging-economy inflation targeters and is similar to that of industrial non-inflation targeting countries
Saving in Latin America and the Caribbean : performance and policies by Francesco Grigoli( )

7 editions published in 2015 in English and held by 74 WorldCat member libraries worldwide

This paper analyzes saving patterns and determinants in Latin America and the Caribbean (LAC), including key policy variables and regimes. The review of previous empirical studies on LAC saving reveals contradictions and omissions. This paper presents empirical results of an extensive search of determinants of private and public saving rates, adding previously neglected variables (including different measures of key external prices and macroeconomic policy regimes), in linear form and in interactions with other saving determinants. It analyzes statistical differences in saving determinants bet
Does openness imply greater exposure? by César Calderón( )

6 editions published in 2005 in English and Undetermined and held by 72 WorldCat member libraries worldwide

External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks
Nota Técnica: Series de ahorro e ingreso por agente económico by Herman Bennett( )

4 editions published between 2000 and 2005 in Spanish and held by 46 WorldCat member libraries worldwide

Nota Técnica: Series de ahorro e ingreso por agente económico
Fiscal adjustment and growth : in and out of Africa by Klaus Schmidt-Hebbel( Book )

4 editions published in 1995 in English and held by 38 WorldCat member libraries worldwide

Saving, investment, and growth in developing countries : an overview by Klaus Schmidt-Hebbel( Book )

9 editions published between 1982 and 1994 in English and held by 33 WorldCat member libraries worldwide

The macroeconomics of public sector deficits : a synthesis by William Easterly( Book )

9 editions published between 1991 and 1992 in English and held by 32 WorldCat member libraries worldwide

Fiscal policy in classical and Keynesian open economies by Klaus Schmidt-Hebbel( Book )

4 editions published in 1994 in English and held by 31 WorldCat member libraries worldwide

 
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The economics of saving and growth : theory, evidence, and implications for policy
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Alternative Names
Dunker, Klaus Schmidt-Hebbel 1955-

Hebbel Dunker, Klaus Schmidt- 1955-

Hebbel, Klaus S.- 1955-

Hebbel Klaus Schmidt-

Hebbel, Klaus Schmidt- 1955-

Klaus Schmidt-Hebbel economist (Pontificia Universidad Católica de Chile)

Klaus Schmidt-Hebbel Wirtschaftswissenschaftler/in (Pontificia Universidad Católica de Chile)

Schmidt-Hebbel D., Klaus 1955-

Schmidt-Hebbel-Dunker, Klaus 1955-

Schmidt-Hebbel, K. 1955-

Languages
English (198)

Spanish (4)