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The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence … copper price boom, the higher copper price and associated capital inflows create upward pressure on the real exchange rate …. The appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could …
Persistent link: https://www.econbiz.de/10013321367
The energy transition requires substantial amounts of metals such as copper, nickel, cobalt and lithium. Are these …
Persistent link: https://www.econbiz.de/10013306742
Motivated by the tension first revealed during the global financial crisis between thedomestic and international financial stability obligations of central bank reserve managers,this paper offers some reflections along four main lines. First, the paper highlights howofficial reserve management...
Persistent link: https://www.econbiz.de/10012924272
A strand of research documents Chile's copper dependence hence significant exposure to terms of trade shocks. Copper …'s adjustment capacity to external shocks. Following Malz (2014), this paper builds a time-varying measure of copper price …
Persistent link: https://www.econbiz.de/10012966554
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a...
Persistent link: https://www.econbiz.de/10013074694
This paper examines the international portfolio flows of European Union. Our analysis includes three dimensions: (1) the level of countries' portfolio investment concentration (those who invest evenly among counterparties versus those who invest more heavily in some counterparties); (2) the...
Persistent link: https://www.econbiz.de/10013053042
Experience from the global financial crisis suggests that countries' borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant role. This paper investigates the effect of...
Persistent link: https://www.econbiz.de/10013060546
Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more “idiosyncratic” and less reliant on economic and corporate fundamentals in their...
Persistent link: https://www.econbiz.de/10013056805
After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the … Global Financial Crisis. We identify 14 “active diversifiers,” defined as countries that purchased gold and raised its share … diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold …
Persistent link: https://www.econbiz.de/10014257753
We estimate a latent factor model that decomposes international stock returns into global, country-, and industry-specific shocks and allows for stock-specific exposures to these shocks. We find that across stocks there is substantial dispersion in these exposures, which is partly explained by...
Persistent link: https://www.econbiz.de/10013318071