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flows -- such as Jamaica or El Salvador -- are also better off due to migration, but for a different reason: remittances …This paper evaluates the global welfare impact of observed levels of migration using a quantitative multi-sector model … difference, international trade, remittances, and a heterogeneous workforce. We compare welfare under the observed levels of …
Persistent link: https://www.econbiz.de/10011083627
somewhat controversial. The most recent literature has focused on the link between skilled out-migration and educational … home thanks to a relatively larger flow of remittances. Skilled migrants typically earn relatively more and, ceteris … flow of remittances from skilled migrants. Hence, the sign of the impact of the brain drain on total remittances is an …
Persistent link: https://www.econbiz.de/10005114298
We carry out a large-scale investigation of technical trading rules in the foreign exchange market, using daily data over a maximum of forty years for thirty developed and emerging market currencies. Employing a stepwise test to safeguard against data-snooping bias and examining over 21,000...
Persistent link: https://www.econbiz.de/10011083254
We study the role of domestic and global factors on payoffs of portfolios built to mimic carry, dollar carry and momentum strategies. We construct domestic and global factors from a large dataset of macroeconomic and financial variables and find that global equity market factors render strong...
Persistent link: https://www.econbiz.de/10011084700
This paper summarises the results of a survey of UK based foreign exchange dealers conducted in 1998. It addresses topics in three main areas: The microeconomic operation of the foreign exchange market; the beliefs of dealers regarding the importance, or otherwise, of macroeconomic fundamental...
Persistent link: https://www.econbiz.de/10005067624
The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....
Persistent link: https://www.econbiz.de/10005661901
We assess the progress made by the profession in understanding real exchange rate behaviour, through a selective and critical but nonetheless expository review of the literature. Our reading of the literature leads us to the main conclusions that purchasing power parity might be viewed as a...
Persistent link: https://www.econbiz.de/10005662032
In this paper we develop a multivariate threshold vector error correction model of spot and forward exchange rates that allows for different forms of equilibrium reversion in each of the cointegrating residual series. By introducing the notion of an indicator matrix to differentiate between the...
Persistent link: https://www.econbiz.de/10005666602
We provide empirical evidence that deviations from the uncovered interest rate parity (UIP) condition display significant nonlinearities, consistent with theories based on transactions costs or limits to speculation. This evidence suggests that the forward bias documented in the literature may...
Persistent link: https://www.econbiz.de/10005666605
A major puzzle in international finance is the inability of models based on monetary fundamentals to produce better out-of-sample forecasts of the nominal exchange rate than a naive random walk. While prior research has generally evaluated exchange rate forecasts using conventional statistical...
Persistent link: https://www.econbiz.de/10005666632