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The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the...
liability side, allowing investors sell domestic and foreign bonds and capturing changes in counterparty risk in a stylized way … prices are mainly affected by financiers' concern for counterparty risk: impact effects are deep and in line with the terms … cumulative effects have instead more mixed results on fluctuations. -- borrowing limits ; counterparty risk ; financial flows …
We study international business cycles and capital flows in the UK, the United States and the Emerging Periphery in the period 1885-1939. Based on the same set of parameters, our model explains current account dynamics under both the Classical Gold Standard and during the Interwar period. We...
liability side, allowing investors sell domestic and foreign bonds and capturing changes in counterparty risk in a stylized way … prices are mainly affected by financiers' concern for counterparty risk: impact effects are deep and in line with the terms …
On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...
care for this risk and renounce to a part of the expected excess return - favouring current borrowing. The main …
these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …
these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …
these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …