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During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time, asymmetries in information and other financial market frictions have remain prevalent. We study both empirically and theoretically the implications of the opening up...
Persistent link: https://www.econbiz.de/10014072512
. Furthermore, there is only limited evidence that East Asian economies including China and Japan are accumulating an excessive …
Persistent link: https://www.econbiz.de/10013095899
This paper estimates the cash flow and real effects of currency mismatches generated by foreign-priced operations of French manufacturers. The value of transactions invoiced in foreign currencies is twice as sensitive to exchange rates as the value of transactions invoiced in the domestic...
Persistent link: https://www.econbiz.de/10013310101
This paper provides insights into the determinants of currency choice in cross-border bank lending, such as bilateral distance, financial and trade linkages to issuer countries of major currencies, and invoicing currency patterns. Cross-border bank lending in US dollars, and particularly in...
Persistent link: https://www.econbiz.de/10014507151
This paper examines empirically the dynamic process of regional market integration in twelve Asian economies using a new modeling approach combining DF with ECM. This approach enables us to obtain latent regional dynamic factors which correspond well with the 'foreign' parity variables in theory...
Persistent link: https://www.econbiz.de/10010529711
During the past three decades, Japan's current account experienced five large swings. The yen appreciated considerably … in periods when the current account boomed, and it depreciated whenever Japan's external performance weakened. However … regularities. It argues that as a result of the large movements of the current account, the flows of cash between Japan and ist …
Persistent link: https://www.econbiz.de/10013319615
This paper estimates a tri-variate VAR-GARCH(1,1)-in-mean model to examine linkages between the stock markets of three Central and Eastern European countries (CEECs), specifically the Czech Republic, Hungary, and Poland, and both the UK and Russia. The adopted framework allows to analyse...
Persistent link: https://www.econbiz.de/10003942221
This paper estimates a tri-variate VAR-GARCH(1,1)-in-mean model to examine linkages between the stock markets of three Central and Eastern European countries (CEECs), specifically the Czech Republic, Hungary, and Poland, and both the UK and Russia. The adopted framework allows to analyse...
Persistent link: https://www.econbiz.de/10013095004
economies, we find that the main driver of consumer price inflation is the global demand shock. A negative global demand shock …
Persistent link: https://www.econbiz.de/10012176017
Persistent link: https://www.econbiz.de/10001768923