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Financial globalization and economic policies
Kose, M. Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, … - 2009
We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...
Persistent link: https://www.econbiz.de/10010269041
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Thresholds in the process of international financial integration
Kose, M. Ayhan; Prasad, Eswar S.; Taylor, Ashley D. - 2009
The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....
Persistent link: https://www.econbiz.de/10010269032
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Emerging Market Economies: Liberalization and Performance Nexus
Das, Dilip K. - In: Kredit und Kapital 37 (2004) 1, pp. 117-141
supported by many analysts. It was believed that capital account liberalization leads to volatility, which led to a support of … and sequential manner and if short-term capital flows are liberalized last, and kept under limits, the risk of volatility … volatility. However, the equity markets' volatility was not intensified by financial liberalization. If anything, the opposite …
Persistent link: https://www.econbiz.de/10014522602
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Real-time price discovery in stock, bond and foreign exchange markets
Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; … - 2004
We characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. Our analysis is based on a unique data set of high-frequency futures returns for each of the markets. We find that news surprises produce conditional mean...
Persistent link: https://www.econbiz.de/10010298290
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Análisis del efecto día de semana en los principales mercados accionarios latinoamericanos: Una aproximación mediante el criterio de dominancia estocástica
Kristjanpoller, Werner; Muñoz, Roberto E. - In: Estudios de Economía 39 (2012) 1, pp. 5-26
In this paper we study the presence of calendar anomalies in the main Latin- American stock markets, for the 1993 to 2007 period. The literature has shown that the detection of those effects may depend on error distribution assumptions (Baker et al., 2008), and that their existence could be due...
Persistent link: https://www.econbiz.de/10011538731
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Welfare effects of commodity price and exchange rate volatilities in a multi-sector small open economy model
Dib, Ali - 2008
. Labour and capital are imperfectly mobile across sectors. Commodities, whose prices are exogenously set in world markets and …
Persistent link: https://www.econbiz.de/10010279935
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Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?
Arratibel, Olga; Furceri, Davide; Martin, Reiner - 2008
This paper analyzes the relation between exchange rate volatility and several macroeconomic variables, namely real per … find that lower exchange rate volatility is associated with higher growth (for relatively less financially developed …
Persistent link: https://www.econbiz.de/10011604975
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China's current account and exchange rate
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - 2009
predicted by estimates based upon a cross-country sample, when using the 2006 vintage of the World Development Indicators. The …
Persistent link: https://www.econbiz.de/10010264589
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The role of demographics in precipitating crises in financial institutions
Macunovich, Diane J. - 2009
There are significant effects of changing demographics on economic indicators: growth in GDP especially, but also the current account balance and gross capital formation. The 15-24 age group appears to be one of the key age groups in these effects, with increases in that age group exerting...
Persistent link: https://www.econbiz.de/10010271339
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Hoarding of international reserves: Mrs Machlup's wardrobe and the joneses
Cheung, Yin-Wong; Qian, Xingwang - 2007
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...
Persistent link: https://www.econbiz.de/10010276301