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Asset prices and macroeconomic outcomes : a survey

Claessens, Stijn; Kose, M. Ayhan - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10011761064

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009

insufficient; one must also consider the size of the banking system (M2). Here, we show that a country's reserve holdings just …

Persistent link: https://www.econbiz.de/10005774513

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2008

The rapid growth of international reserves---a development concentrated in the emerging markets---remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital...

Persistent link: https://www.econbiz.de/10005777623

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

Understanding the Recent Surge in the Accumulation of International Reserves

Vujanovic, Petar - Economics Department, Organisation de Coopération et … - 2011

This paper looks at the empirical determinates of foreign currency reserve holdings across a panel of around 130 countries between 1980 and 2008. The paper builds on the existing literature by adopting a panel error-correction model specification and by extending the sample to include the recent...

Persistent link: https://www.econbiz.de/10009024408

When Banks Punch Back : Macrofinancial Feedback Loops in Stress Tests

Catalán, Mario - 2020

banking sector into an otherwise standard macroeconomic structural vector autoregressive model. It shows that accounting for …

Persistent link: https://www.econbiz.de/10012829700

The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies

Berg, Andrew; Borensztein, Eduardo - In: Journal of Applied Economics III (2000) November, pp. 285-324

We examine the implications of high degrees of dollarization for the choice of exchange rate regime and the information …

Persistent link: https://www.econbiz.de/10005168964

Living and Dying with Hard Pegs : The Rise and Fall of Argentina's Currency Board

Torre, Augusto de la; Levy-Yeyati, Eduardo Levy; … - 2004

financial dollarization, but did not foster fiscal or monetary discipline. The failure to adequately address the currency …

Persistent link: https://www.econbiz.de/10014102178

"Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board"

Torre, Augusto de la; Yeyati, Eduardo Levy; Schmukler, … - In: ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN … (2003)

financial dollarization, but did not foster fiscal or monetary discipline. The failure to adequately address the currency …

Persistent link: https://www.econbiz.de/10009021334

Regional inflation and financial dollarization

Brown, Martin; Haas, Ralph de; Sokolov, Vladimir - 2013

perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation … experience an increase in the dollarization of household deposits and a decrease in the dollarization of loans to households and … to firms in non-tradable sectors. The impact of inflation on credit dollarization is weaker in regions with less …

Persistent link: https://www.econbiz.de/10010407636