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The cyclicality of official bilateral lending : which cycle do flows follow?

Avellán, Leopoldo; Galindo Andrade, Arturo José; … - 2022

Using a large panel of official bilateral loan data for 111 borrowing countries and 78 lending countries between 1980 and 2020, this paper shows that international government borrowing from bilateral sources is acyclical with respect to the economic cycle of the borrower, but procyclical with...

Persistent link: https://www.econbiz.de/10014477205

What drives business cycles and international trade in emerging market economies?

Sánchez, Marcelo - 2007

This paper investigates the role of domestic and external factors in explaining business cycle and international trade developments in fifteen emerging market economies. Results from signrestricted VARs show that developments in real output, inflation, real exchange rates and international trade...

Persistent link: https://www.econbiz.de/10011604776

Real convergence and its illusions

Kolasa, Marcin - 2010

This paper uses the EAGLE, a multi-country dynamic general equilibrium model, to illustrate dynamic adjustments in a small open economy undergoing real convergence. We consider the effects of productivity catch-up and misperceptions about future productivity developments. Our results indicate...

Persistent link: https://www.econbiz.de/10011605277

Business Cycle Fluctuations and International Financial Integration

Kizys, Renatas; Pierdzioch, Christian - 2004

Theoretical research on the determinants of business-cycle fluctuations implies that the degree of international financial integration can have important implications for the propagation of, e.g., macroeconomic policy shocks in an open economy. An important assumption underlying this research is...

Persistent link: https://www.econbiz.de/10010260476

Financial Openness and Business Cycle Volatility

Pierdzioch, Christian; Döpke, Jörg; Buch, Claudia M. - 2002

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock....

Persistent link: https://www.econbiz.de/10010260514

Macroeconomic Shocks and Foreign Bank Assets

Buch, Claudia M.; Carstensen, Kai; Schertler, Andrea - 2005

Changes in foreign asset holdings are one channel through which agents adjust to macroeconomic shocks. In this paper, we test whether foreign bank assets change as a result of domestic and foreign macroeconomic shocks. We frame our empirical analysis in a standard new open economy macro model in...

Persistent link: https://www.econbiz.de/10010260537

The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility

Buch, Claudia M.; Pierdzioch, Christian - 2003

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/10010260621

International Banking and the Allocation of Risk

Buch, Claudia M.; DeLong, Gayle L.; Neugebauer, Katja - 2007

Macroeconomic risks could magnify individual bank risk. Mitigating the influence of economy-wide risks on banks could … bank risk is the volatility of banks? pretax profits. We find that macroeconomic volatility increases banks? profit … volatility and that international openness of the banking system lowers bank risk. We find no impact of banking regulation on …

Persistent link: https://www.econbiz.de/10010262871

How do trade and financial integration affect the relationship between growth and volatility?

Kose, M. Ayhan; Prasad, Eswar S.; Terrones, Marco E. - 2006

The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization a term typically used to...

Persistent link: https://www.econbiz.de/10010268058

Has the Euro changed the Business Cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot J. - 2009

In this paper we analyze European business cycles before and under EMU. Across the two periods we ?nd 1) a signi?cant decline in real exchange rate volatility, 2) signi?cant changes in cross-country correlations, and 3) the volatility of macroeconomic fundamentals largely un- changed. We develop...

Persistent link: https://www.econbiz.de/10010270020