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Why Do Firms Issue Abroad? Lessons from Onshore and Offshore Corporate Bond Finance in Asian Emerging Markets

Mizen, Paul - 2014

Corporate bond issuers in emerging economies in Asia have often had a choice between an onshore market and an offshore one. Since 1998, however, many of these issuers have increasingly turned to the onshore market. This paper investigates systematically what factors have influenced this choice...

Persistent link: https://www.econbiz.de/10013064182

From Carry Trades to Trade Credit : Financial Intermediation by Nonfinancial Corporations

Hardy, Bryan - 2019

borrowing in foreign currency and lending in domestic currency, largely to related partners (trade credit), accumulating … at a quarterly frequency, generating an expansion in foreign currency borrowing and FX mismatch, gross trade credit and … depreciation, but maintain their supply of trade credit …

Persistent link: https://www.econbiz.de/10012890863

What Drives the Current Account in Commodity Exporting Countries? The Cases of Chile and New Zealand

Medina, Juan Pablo; Munro, Anella; Soto, Claudio - 2013

This paper uses an open economy DSGE model with a commodity sector and nominal and real rigidities to ask what factors account for current account developments in two small commodity exporting countries. We estimate the model, using Bayesian techniques, on Chilean and on New Zealand data, and...

Persistent link: https://www.econbiz.de/10014218884

Spillovers, Capital Flows and Prudential Regulation in Small Open Economies

Castillo, Paul - 2014

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

Persistent link: https://www.econbiz.de/10013047530

Policymaking from a 'Macroprudential' Perspective in Emerging Market Economies

Moreno, Ramon - 2013

accumulation; measures to strengthen bank balance sheets and capital and measures to maintain the quality of credit or to influence … credit growth or allocation, and capital controls. Certain implementation issues are also discussed, including signals to …

Persistent link: https://www.econbiz.de/10013092853

Monetary Policy, the Financial Cycle and Ultra-Low Interest Rates

Juselius, Mikael - 2016

Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as commonly thought? We argue that this is only part of the story. The critical role of financial factors in influencing medium-term economic fluctuations must also be taken...

Persistent link: https://www.econbiz.de/10012986636

Chronicle of Currency Collapses : Re-Examining the Effects on Output

Tovar, Camilo Ernesto - 2011

The impact of currency collapses (i.e., large nominal depreciations or devaluations) on real output remains unsettled in the empirical macroeconomic literature. This paper provides new empirical evidence on this relationship using a dataset for 108 emerging and developing economies for the...

Persistent link: https://www.econbiz.de/10013133235

Foreign Currency Borrowing, Balance Sheet Shocks and Real Outcomes

Hardy, Bryan - 2019

for shocks to firms' credit supply to identify the balance sheet shock and examine its real consequences. I find that non …

Persistent link: https://www.econbiz.de/10012896700

A Policy Model to Analyze Macroprudential Regulations and Monetary Policy

Alpanda, Sami - 2014

We construct a small-open-economy, New Keynesian dynamic stochastic general-equilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...

Persistent link: https://www.econbiz.de/10013047527

Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy

Bianchi, Javier - 2015

The unconventional shocks and non-linear dynamics behind the high volatility of financial markets present a challenge for the implementation of macroprudential policy. This paper introduces two of these unconventional shocks, news shocks about future fundamentals and regime changes in global...

Persistent link: https://www.econbiz.de/10013018427