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Consumption, Income, and International Capital Market Integration

MacDonald, Ronald - 1994

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

Persistent link: https://www.econbiz.de/10014395974

Financial Globalization and Monetary Policy

Devereux, Michael B. - 2007

What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and...

Persistent link: https://www.econbiz.de/10014399256

Liquidity management under fixed exchange rate with open capital account

El Hamiani Khatat, Mariam; Veyrune, Romain Michel - 2019

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity...

Persistent link: https://www.econbiz.de/10012009594

One ring to rule them all? : new evidence on world cycles

Monnet, Eric; Puy, Damien - 2019

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …

Persistent link: https://www.econbiz.de/10012103742

International capital flows at the security level : evidence from the ECB's Asset Purchase Programme

Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced away from securities targeted under the Public Sector...

Persistent link: https://www.econbiz.de/10012251289

Financial globalization and inequality : capital flows as a two-edged sword

Eichengreen, Barry; Csonto, Balazs; ElGanainy, Asmaa Adel; … - 2021

Persistent link: https://www.econbiz.de/10012487207

Facing the global financial cycle : what role for policy responses?

Batini, Nicoletta; Durand, Luigi - 2021

Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...

Persistent link: https://www.econbiz.de/10012518283

Capital flows : the role of bank and nonbank balance sheets

Hashimoto, Yūko; Krogstrup, Signe - 2019

This paper assesses the role of bank and nonbank financial institutions' balance sheet foreign exposures and risk management practices in driving capital flow responses to global risk. Using a unique and previously unexplored dataset on domestic and cross border balance sheet positions of...

Persistent link: https://www.econbiz.de/10012019857

How Does Financial Globalization Affect Risk Sharing? : Patterns and Channels

Terrones, Marco E. - 2007

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international...

Persistent link: https://www.econbiz.de/10014400319

Financial Globalization and Exchange Rates

Milesi-Ferretti, Gian Maria - 2005

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the …

Persistent link: https://www.econbiz.de/10014400701