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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

Monetization in low- and middle-income countries

McLoughlin, Cameron; Kinoshita, Noriaki - 2012

The degree of an economy's monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal GDP--...

Persistent link: https://www.econbiz.de/10009618525

Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization

Schmukler, Sergio L. - 2003

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...

Persistent link: https://www.econbiz.de/10014404015

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

Liberalized Markets Have More Stable Exchange Rates : Short-Run Evidence From Four Transition Countries

Bulir, Ales - 2004

The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This ""endogenous liquidity"" hypothesis suggests that opening financial...

Persistent link: https://www.econbiz.de/10014404080

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 Liberalization and Financial Fragility

Detragiache, Enrica - 1998

A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant...

Persistent link: https://www.econbiz.de/10014400719

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

The non-U.S. bank demand for U.S. dollar assets

Adrian, Tobias; Xie, Peichu - 2020

The USD asset share of non-U.S. banks captures the demand for dollars by these investors. An instrumental variable strategy identifies a causal link from the USD asset share to the USD exchange rate. Cross-sectional asset pricing tests show that the USD asset share is a highly significant...

Persistent link: https://www.econbiz.de/10012252026

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

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