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Volatility and Diversification of Exports : Firm-Level Theory and Evidence

Vannoorenberghe, Gonzague - 2014

contrast to standard portfolio theory for small exporters, is robust to a wide array of specifications and controls. Our …-run demand shocks. In this setup, the volatility of a firm's exports depends not only on the diversification of its destination … doubt on the commonly held belief that diversification must decrease volatility …

Persistent link: https://www.econbiz.de/10013048894

Diversification, Risk Aversion and Expectation in a Holdout Scenario

Eggert, Wolfgang - 2015

We argue a holdout is not a destructive investor behaviour but a rational investment decision. This investment decision is characterised by the mean-variance approach. We investigate intercreditor conflict by diverse portfolio structure. We demonstrate that at some point during the Greek (2012)...

Persistent link: https://www.econbiz.de/10013013489

The International Transmission of Monetary Policy

Buch, Claudia M. - 2018

This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking...

Persistent link: https://www.econbiz.de/10012911041

The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions

Clemens, Christiane - 2013

This paper examines the consequences of international financial integration in a two-sector heterogeneous-agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic and distributional effects of financial market...

Persistent link: https://www.econbiz.de/10013073605

International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through

Enders, Almira - 2018

This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we...

Persistent link: https://www.econbiz.de/10012933708

Cross-Border Banking in Regulated Markets : Is Financial Integration Desirable?

Haufler, Andreas - 2016

market. Duopolistic banks can choose their levels of monitoring of firms and thus the levels of risk-taking, where the risk …

Persistent link: https://www.econbiz.de/10012978391

Taxing Multinationals in the Presence of Internal Capital Markets

Köthenbürger, Marko - 2013

There is ample evidence that internal capital markets incur efficiency costs for multinational enterprises (MNEs). This paper analyzes whether tax avoidance behavior interacts with the costs of running an internal capital market and how policies of competing governments respond to it. We show...

Persistent link: https://www.econbiz.de/10013077455

International Capital Markets Structure, Preferences and Puzzles : The US-China Case

Caporale, Guglielmo Maria - 2014

A canonical two country-two good model with standard preferences does not address three classic international macroeconomic puzzles as well as two well-known asset pricing puzzles. Specifically, under financial autarky, it does not account for the high real exchange rate (RER) volatility...

Persistent link: https://www.econbiz.de/10013056830

International Capital Markets, Oil Producers and the Green Paradox

van der Meijden, Gerard - 2014

A rapidly rising carbon tax leads to faster extraction of fossil fuels and accelerates global warming. We analyze how general equilibrium effects operating through the international capital market affect this Green Paradox. In a two-region, two-period world with identical homothetic preferences...

Persistent link: https://www.econbiz.de/10013046050

Taxation and the Optimal Constraint on Corporate Debt Finance

Birch Sørensen, Peter - 2014

The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for thin-capitalization rules limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of...

Persistent link: https://www.econbiz.de/10013039997