Marta Ruiz-Arranz

Inter-American Development Bank

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i-10 index

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Co-Authors

Erik Lueth

International Monetary Fund

Luca Ricci

International Monetary Fund

Tito Cordella

World Bank

Paola Giuliano

National Bureau of Economic Research

Paul Winters

University of Notre Dame

H. Elif Ture

International Monetary Fund

Marco Stampini

Inter-American Development Bank

Elva Bova

European Commission

Sudhanshu Handa

American Institutes for Research

Frederik Toscani

International Monetary Fund

Cooperative Institutions

Inter-American Development Bank

International Monetary Fund

World Bank

National Bureau of Economic Research

Centro de Investigación y Docencia Económicas

Universidad Complutense de Madrid

Amazon (United States)

Pontificia Universidad Católica de Chile

University of California, Berkeley

Columbia University

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Remittances, financial development, and growth

Journal of Development Economics (2008)

Paola Giuliano Marta Ruiz-Arranz

Endogeneity

Robustness

Investment

Financial sector development

10.1016/j.jdeveco.2008.10.005

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Citations (1,106)

BIDeconomics República Dominicana: Oportunidades para un desarrollo sostenible, inclusivo y resiliente

Joaquín Zentner Fanny Vargas Elizabeth Ochoa María Cecilia Acevedo Paula Castillo

10.18235/0002469

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Are Workers' Remittances a Hedge Against Macroeconomic Shocks? the Case of Sri Lanka

RePEc: Research Papers in Economics (2007)

Marta Ruiz-Arranz Erik Lueth

We estimate a vector error correction (VEC) model for Sri Lanka to determine the response of remittance receipts to macroeconomic shocks. This is the first attempt of its kind in the literature. We find that remittance receipts are procyclical and decline when the island's currency weakens, undermining their usefulness as shock absorber. On the other hand, remittances increase in response to oil price shocks, reflecting the fact that most overseas. Sri Lankan are employed in the Gulf states. The procyclicality of remittances calls into question the notion that remittances are largely motivated by altruism.

Remittance

Sri lanka

Price shock

Hedge

Source

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Citations (8)

Debt Overhang or Debt Irrelevance? Revisiting the Debt-Growth Link

Tito Cordella Luca Ricci Marta Ruiz-Arranz

Do Highly Indebted Poor Countries (HIPCs) suffer from a debt overhang? Is debt relief going to improve their growth rates? To answer these important questions, we look at how the debt-growth relationship varies with indebtedness levels and other country characteristics in a panel of developing countries. Our findings suggest that there is a negative marginal relationship between debt and growth at intermediate levels of debt, but not at very low debt levels, below the “debt overhang” threshold, or at very high levels, above the “debt irrelevance” threshold. Countries with good policies and institutions face overhang when debt rises above 15-30 percent of GDP, but the marginal effect of debt on growth becomes irrelevant above 70-80 percent. In countries with bad policies and institutions, overhang and irrelevance thresholds seem to be lower, but we cannot rule out the possibility that debt does not matter at all.

Debt overhang

Debt service ratio

Debt ratio

Recourse debt

Debt crisis

10.5089/9781451862423.001.a001

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Citations (1)

BIDeconomics Belize: Developing a Sustainable, Resilient and Inclusive Belize

Lucía Martín Janelle Leslie Marta Ruiz-Arranz Ramiro López-Ghio Gian Vasquez

This document presents a comprehensive analysis of challenges and opportunities for promoting inclusive and sustainable development in Belize on a sectoral level, where rekindling faster, sustained economic growth is arguably one of the country's most significant development challenges. The unprecedented hit of the COVID-19 pandemic has added pressure to an economy with characteristically low growth, and dramatically transformed Belize's economic and social outlook. Reigniting economic growth that is sustainable and inclusive, as well as removing structural bottlenecks, requires addressing three priority areas categorized here as pillars. These pillars are: (i) Anchoring fiscal policy for growth, (ii) Transforming the export sector through diversification, integration, and innovation, and (iii) Providing social protection and skills to shape the future. These development challenges are interdependent and tackling them will require a collaborative and synchronous approach. At the IADB, we trust the BIDeconomics Belize will be a valuable tool for the Government of Belize and the country's stakeholders to overcome these challenges. BIDeconomics is a series of publications by the Department of Countries of Central America Haiti, Mexico, Panama and the Dominican Republic that provides analysis and proposals to support the sustainable development of the countries of the region. Each publication summarizes the findings of the Country Development Challenges studies, which are respectively prepared as inputs for each of the IDB Country Strategies.

Inclusive growth

Sustainable Growth Rate

Social Protection

Inclusive Development

10.18235/0003055

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Citations (0)

Are Workers' Remittances a Hedge Against Macroeconomic Shocks? The Case of Sri Lanka

SSRN Electronic Journal (2007)

Erik Lueth Marta Ruiz-Arranz

This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.We estimate a vector error correction (VEC) model for Sri Lanka to determine the response of remittance receipts to macroeconomic shocks.This is the first attempt of its kind in the literature.We find that remittance receipts are procyclical and decline when the island's currency weakens, undermining their usefulness as shock absorber.On the other hand, remittances increase in response to oil price shocks, reflecting the fact that most overseas.Sri Lankan are employed in the Gulf states.The procyclicality of remittances calls into question the notion that remittances are largely motivated by altruism.

Remittance

Sri lanka

Price shock

Hedge

10.2139/ssrn.961752

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Citations (28)

An Impact Evaluation of Agricultural Subsidies on Human Capital Development and Poverty Reduction: Evidence from Rural Mexico

Paul Winters Marco Stampini Benjamin Davis Marta Ruiz-Arranz Sudhanshu Handa

This working papers offers an impact evaluation of two innovative programs cash transfer schemes from the Mexican Government: PROGRESA, which is a national anti-poverty scheme directed at chronic rural poverty, and PROCAMPO, a scheme designed to compensate farmers for the negative price effects of NAFTA. The analysis of data collected for an evaluation of PROGRESA suggests that the overall level of food consumption and health check-ups is lower among PROGRESA households that also participate in PROCAMPO. The overall conclusions are that program conditionality does influence longer-term (human capital) and medium term (productive) investment decisions, the receipt of multiple forms of treatment by beneficiaries can affect the overall impact of each individual program, and conditional transfers may have muted effects among agricultural households in the face of market imperfections.

Rural poverty

10.18235/0011173

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Citations (5)

The impact of contingent liability realizations on public finances

International Tax and Public Finance (2018)

Elva Bova Marta Ruiz-Arranz Frederik Toscani H. Elif Ture

Contingent liability

10.1007/s10797-018-9496-1

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Citations (21)

Remittances, Financial Development, and Growth

SSRN Electronic Journal (2006)

Paola Giuliano Marta Ruiz-Arranz

There has been little systematic empirical study on the relationship between remittances and growth. This paper attempts to examine this relationship. Using a newly constructed cross-country of data series for remittances covering a large sample of developing countries, we relate the interaction between remittances and financial development and its impact on growth. We analyze how a country's capacity to use remittances and its effectiveness in doing so might be influenced by local financial sector conditions. Given the difficulty of borrowing in developing countries, we explore the hypothesis that remittances can substitute for a lack of financial development and hence promote growth. The empirical analysis shows that remittances can promote growth in less financially developed countries. This relationship controls for the endogeneity of remittances and financial development using a Generalized Method of Moments (GMM) approach, does not depend on the particular measure of financial sector development used, and is robust to a number of sensitivity tests.

10.2139/ssrn.888103

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Citations (87)

Are Emerging Asia's Reserves Really Too High?

Marta Ruiz-Arranz Milan Zavadjil

Empirical analysis does not suggest that reserves are too high in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance model under which reserves provide a steady source of liquidity to cushion the impact of a sudden stop in capital inflows on output and consumption. Moreover, the benefits of reserves in terms of reduced spreads on privately held external debt further explains the observed growth in reserves since 1997-98. Using threshold estimation techniques, the paper shows that most of Asia can still benefit from higher reserves in terms of reduced borrowing costs.

Foreign-exchange reserves

Excess reserves

Sudden stop

Consumption

Capital (architecture)

10.5089/9781451870503.001.a001

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