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The implications of global and domestic credit cycles for emerging market economies : measures of finance-adjusted output gaps

Grintzalis, Ioannis; Lodge, David; Manu, Ana-Simona - 2017

credit cycles for a sample of emerging market economies (EMEs). Following recent BIS research, we use a state …-space representation of an HP filter augmented with a measure of the credit gap to estimate finance-adjusted output gaps. We measure the … domestic and global credit gaps as the deviation of private-sector real credit growth and net capital flows to EMEs from long …

Persistent link: https://www.econbiz.de/10011637326

How Much Do Trade and Financial Linkages Matter for Business Cycle Synchronization in a Small Economy?

García-Herrero, Alicia - 2018

We analyze empirically whether trade and financial linkages between two countries increase the synchronization of their business cycles directly or indirectly. In a system of equations, we use a newly processed database on the bilateral linkages of a small open economy, namely Spain. We prefer...

Persistent link: https://www.econbiz.de/10012921979

Inflation Targeting, Exchange Rate and Financial Globalization

Tahir, Muhammad Naveed - 2011

In this paper we investigate the impact of financial globalization on the behavior of inflation targeting emerging market economies with respect to exchange rate – do central banks respond to exchange rate movements or not. We use quarterly data for six emerging market inflation targeting...

Persistent link: https://www.econbiz.de/10013117767

Defending an Emerging Economy from Global Financial Turbulences

Lee, Jong-Eun - 2014

The purpose of this article is to go back to basics of the international balance of payments to take a closer look at the roles of international reserves and related factors in the exchange rate managements of an emerging economy. It is a timely attempt because; (1) international reserves are...

Persistent link: https://www.econbiz.de/10013048681

Growing Up to Financial Stability

Bordo, Michael D. - 2022

This lecture briefly revisits the evidence on the incidence and severity of different varieties of crises within the context of globalization then (pre 1914) and now (1980 to the present), in my earlier work with Barry Eichengreen and in my recent work with Chris Meissner. I then discuss the...

Persistent link: https://www.econbiz.de/10014080427

EME financial conditions : which global shocks matter?

Lodge, David; Manu, Ana-Simona - 2019

This paper provides a quantitative assessment of the relative importance of global structural shocks for changes in financial conditions across a sample of emerging market economies. We disentangle four key drivers of global financial markets (oil supply shocks, global economic news shocks,...

Persistent link: https://www.econbiz.de/10012009181

The global financial resource curse

Benigno, Gianluca; Fornaro, Luca; Wolf, Martin - 2020

Since the late 1990s, the United States has received large capital flows from developing countries and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that...

Persistent link: https://www.econbiz.de/10012167488

Bank Globalization and Monetary Policy Transmission in Small Open Economies

So, Inhwan - 2017

This paper investigates how the openness of banking sector influences the transmission channels of home and foreign monetary policy shocks in small open economies. For the analysis, I construct a small open economy DSGE model enriched with a banking sector. I consider two forms of bank...

Persistent link: https://www.econbiz.de/10012943162

Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Mercantilism

Durdu, Ceyhun Bora; Mendoza, Enrique G.; Terrones, Marco E. - 2007

Sudden Stop risk. In this framework, credit constraints produce endogenous Sudden Stops. We find that financial globalization …

Persistent link: https://www.econbiz.de/10014221388

Financial Globalisation and Monetary Independence

Disyatat, Piti - 2016

Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper summarises the results from our recent research, which tackles this question from the bond market perspective for both advanced and emerging market economies. Using an asset pricing...

Persistent link: https://www.econbiz.de/10012980219