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Global macro-financial cycles and spillovers

Ha, Jongrim; Kose, M. Ayhan; Otrok, Christopher M.; … - 2020

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

Persistent link: https://www.econbiz.de/10012178610

Does openness to international financial flows contribute to productivity growth?

Kose, M. Ayhan (contributor); Prasad, Eswar S. (contributor) - 2008

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...

Persistent link: https://www.econbiz.de/10003747653

How does financial globalization affect risk sharing? : Patterns and channels

Kose, M. Ayhan (contributor); Prasad, Eswar S. (contributor) - 2007

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international...

Persistent link: https://www.econbiz.de/10003586563

Financial globalization and economic policies

Kose, M. Ayhan; Prasad, Eswar S.; Rogoff, Kenneth S.; … - 2009

We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...

Persistent link: https://www.econbiz.de/10003816538

Financial shocks and the erosion of interpersonal trust : evidence from longitudinal data

Jetter, Michael; Kristoffersen, Ingebjørg - 2017

a positive financial shock (e.g., winning the lottery). However, trust falls sharply following a negative financial … shock (e.g., bankruptcy). In terms of magnitude, this effect is approximately equivalent to the effect observed after one …, following a negative financial shock. In turn, locus of control is closely associated with interpersonal trust levels. …

Persistent link: https://www.econbiz.de/10011775876

Fewer jobs or smaller paychecks? : aggregate crisis impacts in selected middle-income countries

Khanna, Gaurav; Newhouse, David Locke; Paci, Pierella - 2011

This paper reviews evidence from 44 middle income countries on how the recent financial crisis affected jobs and workers' income. In addition to providing a rare assessment of the magnitude of the impact across several middle-income countries, the paper describes how labor markets adjusted and...

Persistent link: https://www.econbiz.de/10009408899

Trade and capital flows: substitutes or complements? : an empirical investigation

Belke, Ansgar; Domnick, Clemens - 2019

This paper examines the linkages between the trade of goods and financial assets. Do both flows behave as complements (implying a positive correlation) or as substitutes (negative correlation)? Although a classic topic in international macroeconomics, the empirical evidence has remained...

Persistent link: https://www.econbiz.de/10012099470

Firm dynamics and real exchange rate fluctuations : does trade openness matter? ; evidence from Mexico's manufacturing sector

Fuentes, Miguel Andrés; Ibarrarán, Pablo - 2009

In this paper we study the effect of NAFTA on the responsiveness of Mexican economy to real exchange rate shocks. We argue that, by opening the U.S. and Canadian markets to Mexican goods, NAFTA made it easier for domestic producers to take advantage of the opportunities brought by the...

Persistent link: https://www.econbiz.de/10003904720

Asymmetric labor market institutions in the EMU and the volatility of inflation and unemployment differentials

Abbritti, Mirko; Müller, Andreas - 2012

How does the asymmetry of labor market institutions affect the adjustment of a currency union to shocks? To answer this question, this paper sets up a dynamic currency union model with monopolistic competition and sticky prices, hiring frictions and real wage rigidities. In our analysis, we...

Persistent link: https://www.econbiz.de/10009536516

Identifying the common component of international economic fluctuations : a new approach

Lumsdaine, Robin L.; Prasad, Eswar S. - 2002

common component, we find evidence for a "world business cycle" as well as evidence for a distinct European common component …

Persistent link: https://www.econbiz.de/10011411238

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