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Exchange-Rate Adjustment and Macroeconomic Interdependence between Stagnant and Fully Employed Countries

Ono, Yoshiyasu - CESifo - 2014

This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge...

Persistent link: https://www.econbiz.de/10010747221

The Impact of Financial (De-)Regulation on Current Account Balances

Moral-Benito, Enrique; Röhn, Oliver - CESifo - 2014

Both global imbalances and financial market (de-)regulation feature prominently among the potential causes of the global financial crisis, but they have been largely discussed separately. In this paper, we take a different angle and investigate the relationship between financial market...

Persistent link: https://www.econbiz.de/10011082830

Exchange Rate Uncertainty and International Portfolio Flows

Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Nicola - CESifo - 2013

is negative in all countries except Canada (where it is positive) in the case of bond flows. Under the assumption of risk …

Persistent link: https://www.econbiz.de/10010659181

Capital Flight: China's Experience

Cheung, Yin-Wong; Qian, Xingwang - CESifo - 2010

We study the empirical determinants of China’s capital flight. In addition to the covered interest differential, our empirical exercise includes a rather exhaustive list of macroeconomic variables and a few institutional factors. Overall, our regression exercise shows that China’s capital...

Persistent link: https://www.econbiz.de/10008596571

International Credit Flows and Pecuniary Externalities

Brunnermeier, Markus; Sannikov, Yuliy - CESifo - 2015

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...

Persistent link: https://www.econbiz.de/10011124895

The Impact of Fiscal Rules on Public Finances: Theory and Empirical Evidence for the Euro Area

Marneffe, Wim; Aarle, Bas Van; Wielen, Wouter Van Der; … - CESifo - 2010

This paper presents a review of the most significant fiscal rules policymakers can choose from. The insights from this review are then applied to the current budgetary situation of the European Union. In the European Union, the supranational Stability and Growth Pact (SGP) should provide the...

Persistent link: https://www.econbiz.de/10008833927

Transatlantic Monetary and Fiscal Policy Interaction

Aarle, Bas van; Garretsen, Harry; Huart, Florence - CESifo - 2003

This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...

Persistent link: https://www.econbiz.de/10005765866

'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks

Bjønnes, Geir H.; Holden, Steinar; Rime, Dagfinn; … - CESifo - 2009

What is the role of “large players” like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information to smaller agents. In contrast, many observers argue that large players...

Persistent link: https://www.econbiz.de/10005181546

Securitization of Mortgage Debt, Asset Prices and International Risk Sharing

Hoffmann, Mathias; Nitschka, Thomas - CESifo - 2009

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption … risk sharing in tranquil times but that it actually fails to provide international insurance in severe crisis periods …

Persistent link: https://www.econbiz.de/10005406369

Does the Exchange Regime Matter for inflation and Growth?

International Monetary Fund - 1996

Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that...

Persistent link: https://www.econbiz.de/10014399171

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