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

Terrones, Marco E. - 2007

certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing …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 …

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

International Financial Integration

Lane, Philip R. - 2003

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to...

Persistent link: https://www.econbiz.de/10014403839

Financial Market Integration and Exchange Rate Policy

Rojas-Suárez, Liliana - 1990

This paper examines how a country’s exchange rate policy should be adjusted when the degree of integration between domestic and external financial markets increases as a result of both domestic financial liberalization and the relaxation of capital controls. As the financial structure is...

Persistent link: https://www.econbiz.de/10014396254

Emerging Markets Crisis : An Asset Markets Perspective

Krishnamurthy, Arvind - 1999

The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp fire sales of domestic assets and possibly foreign exchange and the ensuing collapse in the balance sheets of both the financial and nonfinancial sector. Why and how do such crises materialize? And...

Persistent link: https://www.econbiz.de/10014400170

Portfolio Diversification, Leverage, and Financial Contagion

Smith, T. Todd - 1999

portfolio theory without recourse to market imperfections. It also demonstrates that “Value-at-Risk” portfolio management rules … optimal to sell many higher-risk assets when a shock to one asset occurs …

Persistent link: https://www.econbiz.de/10014400415

Uncertainty and cross-border banking flows

Choi, Sangyup; Furceri, Davide - 2018

While global uncertainty-measured by the VIX-has proven to be a robust global 'push' factor of international capital flows, there has been no systematic study assessing the role of country-specific uncertainty as a key (pull and push) factor of international capital flows. This paper tries to...

Persistent link: https://www.econbiz.de/10011799580

China's bond market and global financial markets

Cerutti, Eugenio M.; Obstfeld, Maurice - 2018

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening...

Persistent link: https://www.econbiz.de/10011978420

Managing macrofinancial risk

Adrian, Tobias; Vitek, Francis - 2020

We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism … their conditional distributions. In particular, the model matches the key stylized facts of growth at risk. Accounting for …

Persistent link: https://www.econbiz.de/10012300643

Macrofinancial linkages and growth at risk in the Dominican Republic

Bespalova, Olga; Rousset, Marina - 2019

This paper uses the Growth-at-Risk (GaR) methodology to examine how macrofinancial conditions affect the growth outlook …

Persistent link: https://www.econbiz.de/10012154738

The Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks

Blancher, Nicolas R. - 2006

The paper discusses the limits to market-based risk transfer in the financial system and the implications for the … markets as part of governments'' role as a risk manager …

Persistent link: https://www.econbiz.de/10014400372