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Productivity and the Euro-Dollar Exchange Rate Puzzle

Alquist, Ron; Chinn, Menzie David - 2021

This paper documents the evidence for a productivity based model of the dollar/euro real exchange rate over the 1985 … the Johansen (1988) and Stock-Watson (1993) procedures. We find that each percentage point in the US-Euro area … estimation methodology, the variables included in the regression, and the sample period. We conjecture that productivity …

Persistent link: https://www.econbiz.de/10013247630

Optimal Currency Shares in International Reserves : The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias - 2010

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may …

Persistent link: https://www.econbiz.de/10012761272

The Global Spatial Distribution of Economic Activity : Nature, History, and the Role of Trade

Henderson, J. Vernon - 2016

We study the distribution of economic activity, as proxied by lights at night, across 250,000 grid cells of average area 560 square kilometers. We first document that nearly half of the variation can be explained by a parsimonious set of physical geography attributes. A full set of country...

Persistent link: https://www.econbiz.de/10012994896

Growth Volatility and Financial Liberalization

Bekaert, Geert - 2012

We examine the effects of both equity market liberalization and capital account openness on real consumption growth variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are robust, surviving controls for business-cycle...

Persistent link: https://www.econbiz.de/10012755765

Financial Constraints, Institutions, and Foreign Ownership

Alquist, Ron - 2018

This paper examines how external finance dependence, financial development, and institutions influence brownfield foreign direct investment (FDI). We develop a model of cross-border acquisitions in which the foreign acquirer's choice of ownership structure reflects a trade-off between easing...

Persistent link: https://www.econbiz.de/10012929015

International Currency Exposures, Valuation Effects, and the Global Financial Crisis

Bénétrix, Agustín S. - 2015

We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal...

Persistent link: https://www.econbiz.de/10013030632

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops

Razin, Asaf; Rubinstein, Yona - 2021

The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the...

Persistent link: https://www.econbiz.de/10013225587

On the Measurement of the International Propagation of Shocks

Rigobon, Roberto - 2021

In this paper I offer an alternative identification assumption that allows one to test for changing patterns regarding the international propagation of shocks when endogenous variables, omitted variables, and heteroskedasticity are present in the data. Using this methodology, I demonstrate that...

Persistent link: https://www.econbiz.de/10013248543

Systemic Crises and Growth

Rancière, Romain; Tornell, Aaron; Westermann, Frank - 2022

In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...

Persistent link: https://www.econbiz.de/10013324629

Does Emigration Delay Political Change? Evidence from Italy During the Great Recession

Anelli, Massimo - 2016

Mobility within the European Union (EU) brings great opportunities and large overall benefits. Economically stagnant areas, however, may be deprived of talent through emigration, which may harm dynamism and delay political, and economic, change. A significant episode of emigration took place...

Persistent link: https://www.econbiz.de/10012988512