We introduce shocks to the availability of US dollar funding for non-US financial intermediaries in a two-country New Keynesian model with financial frictions. Such dollar shortages lead to uncovered interest rate parity deviations and have a significant negative effects on the macroeconomy....

Do sanctions strengthen the targeted regime? I analyze the 2014 imposition of Western sanctions on Russia and its impact on voting. The United States and the European Union introduced targeted measures against Russian entities and individuals related to President Putin’s regime. Using polling...

Highly interconnected global supply chains make countries vulnerable to supply chain disruptions. In this paper, we estimate the macroeconomic effects of global supply chain shocks for the euro area. Our empirical model combines business cycle variables with data from international container...

This paper investigates whether foreign direct investment (FDI) inflows are higher in countries ruled by trustworthy-looking or competent-looking leaders. After collecting pictures of 276 nondemocratic leaders in office between 1975 and 2010, we use a computer-based survey to assess how these...

It is being investigated the relationship between oil windfalls and income inequality using the subnational data of one of the resource-richest and most unequal countries in the world – Russia. While previous literature has produced contradictory findings due to the use of an aggregate measure...

Western sanctions exposed Russia’s key vulnerabilities - dependence on Western capital and advanced technology, with knock-on effects in other sectors. In response, Russia launched a policy of import substitution and attempted to diversify to non-Western countries to mitigate the impact of...

Presentations and debate this year include: - Building a new Latin America on the opportunity of the global financial crisis - Engaging export credit agencies & multilaterals to increase investment in renewable energy projects - Understanding the changing role of commodities traders - Soft...

The Structured Trade and Export Finance in Russia and the CIS Conference will once again be the ideal opportunity for the international structured trade and export finance communities to come together in Moscow to network and to discuss the pressing issues facing these markets in the current...

Key issues to be discussed include: - China’s role as a global sourcing hub - Facilitating intra-Asia trade and expanding global trade flows - Export finance developments in Indonesia and Vietnam’s infrastructure sectors - The role of ECAs in supporting Asia’s growth - The increasing...

Topics to be covered at the conference include: - Corporates’ perspective: How has the recent market volatility affected borrowers’ access to financing? - Are ECA premiums set to rise on India anytime soon? How will this affect demand for ECA coverage in the region? - Challenges and...