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International Lending of Last Resort and Moral Hazard: A Model of the IMF's Catalytic Finance

Corsetti, Giancarlo; Guimarães, Bernardo; Roubini, Nouriel - C.E.P.R. Discussion Papers - 2004

The provision of liquidity by international institutions such as the IMF to countries experiencing balance of payment … problems could prevent liquidity runs but could also cause moral hazard distortions: expecting to be bailed out by the IMF … and policies by three classes of optimizing agents: international investors, the local government and the IMF. We show how …

Persistent link: https://www.econbiz.de/10005067528

Home Bias at the Fund Level

Hau, Harald; Rey, Hélène - C.E.P.R. Discussion Papers - 2008

This paper presents new stylized facts on the distribution of the home bias at the fund level. We find (i) a large heterogeneity in the degree of home bias across mutual funds; (ii) a positive correlation between the size of funds and home bias; and (iii) a positive correlation between the size...

Persistent link: https://www.econbiz.de/10005791444

International Financial Adjustment

Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2005

The Paper proposes a unified framework to study the dynamics of net foreign assets and exchange rate movements. We show that deteriorations in a country’s net exports or net foreign asset position have to be matched either by future net export growth (trade adjustment channel) or by future...

Persistent link: https://www.econbiz.de/10005662073

The Financial Crisis and the Geography of Wealth Transfers

Gourinchas, Pierre-Olivier; Rey, Hélène; Truempler, … - C.E.P.R. Discussion Papers - 2011

This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who benefited and who lost on their external exposure....

Persistent link: https://www.econbiz.de/10009293659

External Adjustment, Global Imbalances and Valuation Effects

Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2013

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...

Persistent link: https://www.econbiz.de/10011083349

A Formal Model of Optimum Currency Areas

Bayoumi, Tamim - C.E.P.R. Discussion Papers - 1994

A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies,...

Persistent link: https://www.econbiz.de/10005788945

New Open Economy Macroeconomics

Corsetti, Giancarlo - C.E.P.R. Discussion Papers - 2007

'New open economy macroeconomics' (NOEM) refers to a body of literature embracing a new theoretical framework for policy analysis in open economy, aiming to overcome the limitations of the Mundell-Fleming model while preserving the empirical wisdom and policy friendliness of traditional...

Persistent link: https://www.econbiz.de/10005789191

On Regional Monetary Arrangements For ASEAN

Bayoumi, Tamim; Eichengreen, Barry; Mauro, Paolo - C.E.P.R. Discussion Papers - 2000

This paper analyses the extent to which ASEAN may be suitable for a regional monetary arrangement. On the economic front, we review evidence on patterns of trade, economic shocks, the extent of factor mobility, and the monetary transmission mechanism. We find that ASEAN today is less suitable...

Persistent link: https://www.econbiz.de/10005791271

Operationalizing the Theory of Optimum Currency Areas

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1996

Recent years have seen a wave of empirical studies attempting to give empirical content to the theory of optimum currency areas as a way of marshalling evidence on the costs and benefits of EMU. This paper reviews this empirical literature, as a way of examining the success with which theory has...

Persistent link: https://www.econbiz.de/10005791841

The Stability of the Gold Standard and the Evolution of the International Monetary System

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1995

This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this...

Persistent link: https://www.econbiz.de/10005792008