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Global Financial Transmission of Monetary Policy Shocks

Ehrmann, Michael; Fratzscher, Marcel - 2021

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10013317648

Evaluating China's Integration in World Trade with a Gravity Model Based Benchmark

Bussière, Matthieu; Schnatz, Bernd - 2021

The rapid transition of China from a closed agricultural society to an industrial powerhouse has been associated with a … rapid increase in the share of China in world trade. As the world is taking the full measure of this phenomenon, tensions … have been arising ranging from holding China partly responsible for global imbalances to complaints about the "excessive …

Persistent link: https://www.econbiz.de/10013317365

Reverse Causality in Global Current Accounts

Schnabl, Gunther - 2010

The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...

Persistent link: https://www.econbiz.de/10013142986

Exchange Rate Anchoring - Is there Still a De Facto US Dollar Standard?

Bracke, Thierry - 2011

The paper provides a measure of exchange rate anchoring behavior across 149 emerging market and developing economies for the 1980-2010 period. An extension of the Frankel and Wei (2008) methodology is used to determine whether exchange rates are pegged or floating, and in the case of pegs, to...

Persistent link: https://www.econbiz.de/10013124257

The Effect of G20 Summits on Global Financial Markets

Lo Duca, Marco - 2014

In the wake of the global financial crisis, the G20 has become the most important forum of global governance and cooperation, largely replacing the once powerful G7. In this paper we run an event study to test whether G20 meetings at ministerial and Leaders level have had an impact on global...

Persistent link: https://www.econbiz.de/10013058549

Large Global Volatility Shocks, Equity Markets and Globalisation : 1885-2011

Mehl, Arnaud - 2015

I estimate the transmission of large global volatility shocks in international equity markets from the earlier (pre-1914) to the modern era of globalisation. To that end, I identify 43 such shocks over the period 1885-2011, defined as significant increases in unanticipated volatility in US...

Persistent link: https://www.econbiz.de/10013035639

The Great Moderation in International Capital Flows : A Global Phenomenon?

McQuade, Peter - 2016

This paper highlights a recent ‘great moderation' in global capital flows, characterized by smaller volumes and lower volatility of cross-border transactions. However, there are substantial differences across countries and regions which we analyse by comparing the level of international...

Persistent link: https://www.econbiz.de/10012983089

Financial Policy in an Exuberant World

Walther, Ansgar - 2020

This paper studies optimal financial policy in a world where the financial sector can become excessively optimistic. I decompose the welfare effects of bank capital regulation to demonstrate the effects of exuberance and its interaction with incentive problems in banking. The optimal policy...

Persistent link: https://www.econbiz.de/10012839106

Investment Funds, Monetary Policy, and the Global Financial Cycle

Kaufmann, Christoph - 2021

This paper studies the role of international investment funds in the transmission of global financial conditions to the euro area using structural Bayesian vector auto regressions. While cross-border banking sector capital flows receded significantly in the aftermath of the global financial...

Persistent link: https://www.econbiz.de/10013314948

Leaning Against the Global Financial Cycle

Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; … - 2022

We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the diﬀerent eﬀects of the GFC...

Persistent link: https://www.econbiz.de/10014258652