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The International Financial Integration of China and India

Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006

Three main features characterize the international financial integration of China and India. First, while only having a … small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …

Persistent link: https://www.econbiz.de/10005662395

Do International Investment Income Flows Smooth Income?

Lane, Philip R. - C.E.P.R. Discussion Papers - 1999

We explore some empirical properties of gross international investment positions. In order to provide income-smoothing, net investment income should negatively covary with GDP. Moreover, to maximize stabilization of GNP in the face of GDP fluctuations, the yield on foreign assets should move...

Persistent link: https://www.econbiz.de/10005504758

On the Evolution of Credibility and Flexible Exchange Rate Target Zones

Avesani, Renzo; Gallo, Giampiero M; Salmon, Mark - C.E.P.R. Discussion Papers - 1995

This paper considers a new approach to the optimal management and analysis of exchange rate target zones by regarding the operation of a target zone as a dynamic signalling game between the monetary authorities and the financial markets. A Sequential Open Loop (Feedback) policy of sterilized...

Persistent link: https://www.econbiz.de/10005123996

International Liquidity and Exchange Rate Dynamics

Gabaix, Xavier; Maggiori, Matteo - C.E.P.R. Discussion Papers - 2014

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...

Persistent link: https://www.econbiz.de/10011083240

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

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...

Persistent link: https://www.econbiz.de/10011084027

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

-run historical work has uncovered a range of important stylized facts concerning financial instability and the role of credit in …

Persistent link: https://www.econbiz.de/10011213304

Global Imbalances and the Financial Crisis: Products of Common Causes

Obstfeld, Maurice; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2009

rate and other economic policies followed by emerging markets such as China contributed to the United States’ ability to …

Persistent link: https://www.econbiz.de/10008557008

Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries

Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2006

This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For each country, using long-run restrictions, we identify shocks that increase permanently domestic labour productivity in manufacturing (our measure of tradables) relative to an...

Persistent link: https://www.econbiz.de/10005662111

Interpreting the ERM Crisis: Country-Specific and Systemic Issues

Buiter, Willem H.; Corsetti, Giancarlo; Pesenti, Paolo - C.E.P.R. Discussion Papers - 1996

Most interpretations of the Exchange Rate Mechanism crisis of 1992/3 ignore the key role played by structural policy spillovers among European countries, and overlook the effects of coordination (or lack thereof) of monetary and exchange rate policies among the countries making up the periphery...

Persistent link: https://www.econbiz.de/10005123505