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Financial crisis, US unconventional monetary policy and international spillovers

Chen, Qianying; Filardo, Andrew J.; He, Dong; Zhu, Feng - 2015

Persistent link: https://www.econbiz.de/10011281170

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Chen, Qianying - 2015

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures...

Persistent link: https://www.econbiz.de/10014412116

Determinants of bank credit in emerging market economies

Guo, Kai; Stepanyan, Vahram - 2011

Persistent link: https://www.econbiz.de/10009486190

Determinants of Bank Credit in Emerging Market Economies

Stepanyan, Vahram - 2011

We examine changes in bank credit across a wide range of emerging market economies during the last decade. The rich time-series and cross-section information allows us to draw broader lessons compared to many existing researches, which focus on a specific set of emerging market economies or on...

Persistent link: https://www.econbiz.de/10014402554

Financial Integration, Growth, and Volatility

Epaulard, Anne - 2005

The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, we build a stochastic endogenous growth model for a small open economy that can (i) borrow from the rest of the world, (ii) invest in foreign assets, and...

Persistent link: https://www.econbiz.de/10014399779

Financial Development, Financial Fragility, and Growth

Loayza, Norman - 2005

This paper studies the apparent contradictions between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private domestic credit...

Persistent link: https://www.econbiz.de/10014404211

What do deviations from covered interest parity and higher FX hedging costs mean for Asia?

Hong, Gee Hee; Oeking, Anne; Kang, Kenneth H.; Rhee, … - 2019

Asian countries have high demand for U.S. dollars and are sensitive to U.S. dollar funding costs. An important, but often overlooked, component of these costs is the basis spread in the cross-currency swap market that emerges when there are deviations from covered interest parity (CIP). CIP...

Persistent link: https://www.econbiz.de/10012102189

Dollarization and financial development

Bannister, Geoffrey J.; Gardberg, Malin; Turunen, Jarkko - 2018

Despite significant strides in financial development over the past decades, financial dollarization, as reflected in elevated shares of foreign currency deposits and credit in the banking system, remains common in developing economies. We study the impact of financial dollarization,...

Persistent link: https://www.econbiz.de/10011932543

U.S. Dollar Risk Premiums and Capital Flows

Balakrishnan, Ravi - 2006

This paper sheds light on the attractiveness of U.S. assets by studying dollar risk premiums, calculated using Consensus exchange rate forecasts, and linking them to bilateral capital flows. The paper finds that the presence of negative dollar risk premiums (i.e. expectations of a dollar...

Persistent link: https://www.econbiz.de/10014402980

U.S. dollar currency premium in corporate bonds

Caramichael, John; Gopinath, Gita; Liao, Gordon Y. - 2021

We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o … without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency … mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the …

Persistent link: https://www.econbiz.de/10012605639

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