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Globalización, crecimiento y crisis financieras. Lecciones de México y del mundo en desarrollo
Martínez, Lorenza; Tornell, Aarón; Westermann, Frank - In: El Trimestre Económico LXXI (2) (2004) 282, pp. 251-351
Is liberalization in developing countries good for growth even if it leads to crises? The answer is a clear yes. But then, how can we explain the less-than-stellar growth performance of Mexico, a prominent liberalizer and member of NAFTA? In this paper we address these questions by analyzing the...
Persistent link: https://www.econbiz.de/10004995009
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Securitization of mortgage debt, asset prices and international risk sharing
Hoffmann, Mathias; Nitschka, Thomas - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption … risk sharing in tranquil times but that it actually fails to provide international insurance in severe crisis periods …
Persistent link: https://www.econbiz.de/10003806732
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Inequality and the Structure of Countries’ External Liabilities
Harms, Philipp; Hoffmann, Mathias; Kohl, Miriam; … - 2022
In this paper, we present empirical evidence that higher income inequality is associated with a greater equity share in countries' external liabilities, and we develop a theoretical model that can explain this observation: In a small open economy with traded and nontraded goods, entry barriers...
Persistent link: https://www.econbiz.de/10014079898
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Non-US global banks and dollar (co-)dependence: How housing markets became internationally synchronized
Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2020
US net capital inflows drive the international synchronization of house price growth. An increase (decrease) in US net capital inflows improves (tightens) US dollar funding conditions for non-US global banks, leading them to increase (decrease) foreign lending to third-party borrowing countries....
Persistent link: https://www.econbiz.de/10012420688
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Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized
Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2020
US net capital inows drive the international synchronization of house price growth. An increase (decrease) in US net capital inows improves (tightens) US dollar funding conditions for non-US global banks, leading them to increase (decrease) foreign lending to third-party borrowing countries....
Persistent link: https://www.econbiz.de/10012606369
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Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized
Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2020
US net capital inflows drive the international synchronization of house price growth. An increase (decrease) in US net capital inflows improves (tightens) US dollar funding conditions for non-US global banks, leading them to increase (decrease) foreign lending to third-party borrowing countries....
Persistent link: https://www.econbiz.de/10012420240
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Non-US global banks and dollar (co-)dependence : how housing markets became internationally synchronized
Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2020
US net capital inows drive the international synchronization of house price growth. An increase (decrease) in US net capital inows improves (tightens) US dollar funding conditions for non-US global banks, leading them to increase (decrease) foreign lending to third-party borrowing countries....
Persistent link: https://www.econbiz.de/10012416275
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Non-US Global Banks and Dollar (Co-)Dependence : How Housing Markets Became Internationally Synchronized
Ehlers, Torsten; Hoffmann, Mathias; Raabe, Alexander - 2021
US net capital inflows drive the international synchronization of house price growth. An increase (decrease) in US net capital inflows improves (tightens) US dollar funding conditions for non-US global banks, leading them to increase (decrease) foreign lending to third-party borrowing countries....
Persistent link: https://www.econbiz.de/10013251049
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Securitization of mortgage debt, domestic lending, and international risk sharing
Hoffmann, Mathias; Nitschka, Thomas - In: Canadian Journal of Economics 45 (2012) 2, pp. 493-508
international diversification of macroeconomic risk: in the years 2003-2008, the increase in international cross-holdings of … to better international risk sharing only if debt is securitized and traded internationally. Conversely, the risk …
Persistent link: https://www.econbiz.de/10010615452
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The home bias in equities and distribution costs
Harms, Philipp; Hoffmann, Mathias; Ortseifer, Christina - Deutsche Bundesbank - 2010
positions for a wide range of parameter values, even if agents have an incentive to hedge labor income risk by purchasing …
Persistent link: https://www.econbiz.de/10008804629