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Globalization and Innovation in Emerging Markets

Gorodnichenko, Yuriy - 2014

Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 emerging market economies, we estimate the effects of foreign competition, vertical linkages with foreign firms, and international...

Persistent link: https://www.econbiz.de/10012751127

Sudden Stops : Determinants and Output Effects in the First Era of Globalization, 1880-1913

Bordo, Michael D. - 2010

Using a sample of 20 emerging countries from 1880 to 1913, we study the determinants and output effects of sudden stops in capital inflows during an era of intensified globalization. We find that higher levels of original sin (hard currency debt to total debt) and large current account deficits...

Persistent link: https://www.econbiz.de/10012759772

A Global Safe Asset for and from Emerging Market Economies

Brunnermeier, Markus K. - 2018

This paper examines how a newly designed global safe asset can mitigate international capital flows induced by flight-to-safety. In the model domestic investors have to co-invest in a safe asset along with their physical capital. At times of crisis, investors replace the initially safe domestic...

Persistent link: https://www.econbiz.de/10012906325

The Rise of Middle Kingdoms : Emerging Economies in Global Trade

Hanson, Gordon H. - 2012

-income countries into the global economy. Led by China and India, the share of developing economies in global exports more than doubled … between 1994 and 2008. One feature of new trade patterns is greater South-South trade. China and India have booming demand for …-South commerce overtakes North-North flows. China's export specialization evolves rapidly over time, revealing a capacity to speed up …

Persistent link: https://www.econbiz.de/10013108243

Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma

Aizenman, Joshua - 2010

Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...

Persistent link: https://www.econbiz.de/10013145228

Financial Globalization, Financial Crises and Contagion

Mendoza, Enrique G. - 2010

Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing...

Persistent link: https://www.econbiz.de/10013150545

Causes of the Great Recession of 2007-9 : The Financial Crisis is the Symptom Not the Disease!

Jagannathan, Ravi - 2010

Globalization has made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world's effective labor supply, triggered by...

Persistent link: https://www.econbiz.de/10013150645

Financial Globalization and Emerging Markets : With or Without Crash?

Martin, Philippe; Rey, Hélène - 2021

We analyze the impact of financial globalization on asset prices, investment and the possibility of crashes driven by self-fulfilling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level),...

Persistent link: https://www.econbiz.de/10013227189

Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies

Obstfeld, Maurice - 2021

Among the developing countries of the world, those emerging markets that have sought some degree of integration into world finance are characterized by higher per capita incomes, higher long-run growth rates, and lower output and consumption volatility. These characteristics are more likely to...

Persistent link: https://www.econbiz.de/10013246095

Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets

Mendoza, Enrique G. - 2013

We study the short- and long-run effects of financial integration in emerging economies using a two-sector model with a collateral constraint on external debt and trading costs incurred by foreign investors. The probability of a financial crisis displays overshooting: It rises sharply initially...

Persistent link: https://www.econbiz.de/10013081498