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America First? A US-centric View of Global Capital Flows

McQuade, Peter - 2019

with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining “rest of the world” flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …

Persistent link: https://www.econbiz.de/10012892830

Patterns in Invoicing Currency in Global Trade

Georgiadis, Georgios - 2020

This paper presents the most comprehensive and up-to-date panel data set of invoicing currencies in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for more than 100 countries since 1990. The evidence from these data...

Persistent link: https://www.econbiz.de/10012825651

Large Global Volatility Shocks, Equity Markets and Globalisation : 1885-2011

Mehl, Arnaud - 2015

I estimate the transmission of large global volatility shocks in international equity markets from the earlier (pre-1914) to the modern era of globalisation. To that end, I identify 43 such shocks over the period 1885-2011, defined as significant increases in unanticipated volatility in US...

Persistent link: https://www.econbiz.de/10013035639

Global Crises and Equity Market Contagion

Bekaert, Geert; Ehrmann, Michael; Fratzscher, Marcel; … - 2021

Using the 2007-2009 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use an asset pricing framework with global and local factors to predict crisis returns, defining unexplained increases in factor loadings as...

Persistent link: https://www.econbiz.de/10013315979

The Great Moderation in International Capital Flows : A Global Phenomenon?

McQuade, Peter - 2016

This paper highlights a recent ‘great moderation' in global capital flows, characterized by smaller volumes and lower volatility of cross-border transactions. However, there are substantial differences across countries and regions which we analyse by comparing the level of international...

Persistent link: https://www.econbiz.de/10012983089

China's Dominance Hypothesis and the Emergence of a Tri-Polar Global Currency System

Fratzscher, Marcel - 2011

This paper assesses whether the international monetary system is already tripolar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China's “dominance hypothesis”, i.e. whether the renminbi is already the dominant currency in Asia, exerting...

Persistent link: https://www.econbiz.de/10013119934

Financial Markets and International Risk Sharing in Emerging Market Economies

Schmitz, Martin - 2012

In light of rapidly increasing foreign equity liability positions of emerging market economies, we test for a necessary condition of international risk sharing, namely for systematic patterns between idiosyncratic output fluctuations and financial market developments. Panel analysis of 22...

Persistent link: https://www.econbiz.de/10013104147

When Did the Dollar Overtake Sterling as the Leading International Currency? Evidence From the Bond Markets

Chitu, Livia - 2012

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...

Persistent link: https://www.econbiz.de/10013107004

Distance(s) and the Volatility of International Trade(s)

Mehl, Arnaud - 2019

Does distance matter for the volatility of international real and financial transactions? We show that it does, in addition to its well-established relevance for the level of trade. A simple model of trade with endogenous markups shows that demand shocks have a larger impact on trade between...

Persistent link: https://www.econbiz.de/10012889878

Mars or Mercury Redux : The Geopolitics of Bilateral Trade Agreements

Eichengreen, Barry - 2019

We analyze the role of economic and security considerations in bilateral trade agreements. We use the pre-World War I …

Persistent link: https://www.econbiz.de/10012891795