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This paper examines the impact of international financial integration on macroeconomic volatility in a large group of … industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …
Persistent link: https://www.econbiz.de/10013212317
With the rapid growth of countries' foreign asset and liability positions over the last two decades,financial returns on those positions ('NFA returns') have become material drivers of current accounts and net stock positions. This paper documents the relative importance of NFA return versus...
Persistent link: https://www.econbiz.de/10012918561
volatility. The paper provides anoverview of the recent developments in the conventional debt market. It builds an empiricaltwo … that nonresident flows are behind the observedexchange rate volatility. The results suggest that the public debt market in …
Persistent link: https://www.econbiz.de/10012892918
,foreign holdings are greatly associated with increased yield volatility. A case study usingPoland data elaborates on the cross country …
Persistent link: https://www.econbiz.de/10013057732
We review the debate on the association of financial globalization with inequality. We show that the within-country distributional impact of capital account liberalization is context specific and that different types of flows have different distributional effects. Their overall impact depends on...
Persistent link: https://www.econbiz.de/10013243076
We present empirical evidence that the Thai baht's value is driven in part by investors' cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005 and 2006....
Persistent link: https://www.econbiz.de/10013098595
emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital …
Persistent link: https://www.econbiz.de/10013076315
The literature on the drivers of capital flows stresses the prominent role of global financialfactors. Recent empirical work, however, highlights how this role varies across countries andtime, and this heterogeneity is not well understood. We revisit this question by focusing onfinancial...
Persistent link: https://www.econbiz.de/10012913878
The US economy is often referred to as the “banker to the world,” due to its unique role in supplying global reserve …
Persistent link: https://www.econbiz.de/10013306735
Asset allocation decisions of international investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly investor base dataset for 22 advanced economies over 2004-2012. We find that a one percentage point...
Persistent link: https://www.econbiz.de/10013057736