A workhorse two-country portfolio model that embeds net foreign asset (NFA) imbalances rationalizes the following observation: debtor countries have on average a less diversified international portfolio than creditor countries. Abstracting from NFA imbalances, the model would feature a...

We introduce shocks to the availability of US dollar funding for non-US financial intermediaries in a two-country New Keynesian model with financial frictions. Such dollar shortages lead to uncovered interest rate parity deviations and have a significant negative effects on the macroeconomy....

This paper sheds light on the effectiveness of policies addressing high non-performing loans (NPLs). Using data on ownership of subsidiaries of foreign banks in Emerging Europe, we first show that changes in NPLs of parent banks are associated with changes in NPLs of their foreign affiliates,...

This years conference will be the second annual conference of the Economics of Digitization Research Area of the CESifo Network. The area studies societal and economic consequences of digitization. It has a wide scope of relevant research and its aim is bring the leading researchers from both...

The purpose of this conference is to bring together CESifo members who are working in the areas of macroeconomics and money to present and discuss their ongoing research, and to stimulate interaction and co-operation between them. All CESifo research network members are invited to submit their...

The purpose of this event is to bring together CESifo members who are working in the areas of macroeconomics and money to present and discuss their ongoing research, and to stimulate interaction and co-operation between them. All CESifo research network members are invited to submit their...

Participants are expected to address, and deliver potential answers to, a number of specific questions including, but not limited to: • Have the recent changes to the Eurozone fiscal framework been effective? • Does the Eurozone require deeper fiscal integration? • What are the benefits...

The recent crises at the global and regional levels have brought this issue to the forefront of policy debate in many parts of the world. China, for instance, has recently increased its efforts to promote the use of the renmimbi in international transactions. Eurozone countries have been...

Relevant issues and factors for current account adjustment may include: - The exchange rate regime (external versus internal devaluations) - The modality of fiscal consolidations (tax versus spending adjustments) - Firm heterogeneity and export performance - Labour market reforms - Financial...

The purpose of this event is to bring together CESifo members who are working in the areas of macroeconomics and money to present and discuss their ongoing research, and to stimulate interaction and co-operation between them. All CESifo research network members are invited to submit their...