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Causal Effects of Countercyclical Interest Rates : Evidence from the Classical Gold Standard

Mitchener, Kris; Pina, Gonçalo - 2022

subjected economies to a “commodity lottery” in the form of price fluctuations in world markets. Capital mobility and a currency …

Persistent link: https://www.econbiz.de/10013291318

The Global Financial Cycle and Capital Flow Episodes : A Wobbly Link?

Scheubel, Beatrice - 2019

We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...

Persistent link: https://www.econbiz.de/10012858195

Barriers to Global Capital Allocation

Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain T. - 2021

benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …-country inequality: the standard deviation of log capital per employee is 80% higher than it would be in a world without barriers to …

Persistent link: https://www.econbiz.de/10013226659

International Credit Flows and Pecuniary Externalities

Brunnermeier, Markus; Sannikov, Yuliy - 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/10010480876

Different No More : Country Spreads in Advanced and Emerging Economies

Born, Benjamin - 2020

Interest-rate spreads fluctuate widely across time and countries. We characterize their behavior using some 3,200 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Before the financial crisis, spreads are 10 times more volatile in emerging economies than in...

Persistent link: https://www.econbiz.de/10012841745

Different No More: Country Spreads in Advanced and Emerging Economies

Born, Benjamin; Müller, Gernot; Pfeifer, Johannes; … - 2020

Persistent link: https://www.econbiz.de/10012179882

COVID-19 shocking global value chains

Eppinger, Peter S.; Felbermayr, Gabriel; Krebs, Oliver; … - 2021

(in contrast to final goods trade) in transmitting the shock. In a hypothetical world without GVCs, the welfare loss due … with input-output linkages to gauge the effects of this adverse supply shock in China on the global economy through … countries even gain from the shock due to trade diversion. As a key methodological contribution, we quantify the role of GVCs …

Persistent link: https://www.econbiz.de/10013315297

The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets

Liu, Emily - 2019

This paper shows that monetary policy and prudential policies interact. U.S. banks issue more commercial and industrial loans to emerging market borrowers when U.S. monetary policy eases. The effect is less pronounced for banks that are more constrained through the U.S. bank stress tests,...

Persistent link: https://www.econbiz.de/10012858696

COVID-19 and Capital Flows : The Responses of Investors to the Responses of Governments

Goldbach, Stefan; Nitsch, Volker - 2021

This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral...

Persistent link: https://www.econbiz.de/10013313448

Risk Sharing in Currency Unions : The Migration Channel

Kohler, Wilhelm; Müller, Gernot J.; Wellmann, Susanne - 2021

Country-specific business cycle fluctuations are potentially very costly for member states of currency unions because they lack monetary autonomy. The actual costs depend on the extent to which consumption is shielded from these fluctuations and thus on the extent of risk sharing across member...

Persistent link: https://www.econbiz.de/10013235109