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Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment
Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - CESifo - 2012
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...
Persistent link: https://www.econbiz.de/10010877847
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Sovereigns versus Banks: Credit, Crises, and Consequences
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...
Persistent link: https://www.econbiz.de/10010877944
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Capital Flight: China's Experience
Cheung, Yin-Wong; Qian, Xingwang - CESifo - 2010
We study the empirical determinants of China’s capital flight. In addition to the covered interest differential, our … regression exercise shows that China’s capital flight is quite well explained by its own history and covered interest … differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China …
Persistent link: https://www.econbiz.de/10008596571
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Exchange Rate Uncertainty and International Portfolio Flows
Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Nicola - CESifo - 2013
This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity and bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in-mean...
Persistent link: https://www.econbiz.de/10010659181
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Capital Importers Pay More for their Imports
Adam, Antonis; Moutos, Thomas - CESifo - 2012
We examine the effects that a country’s net capital flows have on the (border) prices that a country pays for its imports of goods. Using data from 2000 to 2009 for 11 euro area countries we utilize a pricing-to-market specification to study exporters’ pricing behavior to the rest of the...
Persistent link: https://www.econbiz.de/10009645628
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Oil Prices, Exchange Rates and Asset Prices
Fratzscher, Marcel; Schneider, Daniel; Robays, Ine Van - CESifo - 2013
This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...
Persistent link: https://www.econbiz.de/10010877722
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On the Linkages between Stock Prices and Exchange Rates: Evidence from the Banking Crisis of 2007-2010
Caporale, Guglielmo Maria; Hunter, John; Ali, Faek Menla - CESifo - 2013
This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated...
Persistent link: https://www.econbiz.de/10010636593
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Exchange Rate Management in Emerging Markets: Intervention via an Electronic Limit Order Book
Melvin, Michael; Menkhoff, Lukas; Schmeling, Maik - CESifo - 2009
This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank’s target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our...
Persistent link: https://www.econbiz.de/10004979392
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The Impact of Financial Constraints and Wealth Inequality on International Trade Flows, Capital Movements and Entrepreneurial Migration
Bougheas, Spiros; Falvey, Rod - CESifo - 2014
We introduce financial frictions into a simple two sector model of international trade with heterogeneous agents and investigate the impact of differences in the strength of financial institutions and wealth inequality on trade flows, capital movements and entrepreneurial migration. Distinct...
Persistent link: https://www.econbiz.de/10010764301
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The Impact of Financial Market Frictions on Trade Flows, Capital Flows and Economic Development
Bougheas, Spiros; Falvey, Rod - CESifo - 2011
We introduce financial frictions in a two sector model of international trade with heterogeneous agents. The level of specialization in the economy (economic development) depends on the quality of financial institutions. Underdeveloped financial markets prohibit an economy to specialize in...
Persistent link: https://www.econbiz.de/10008833896