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Regional Contagion and the Globalization of Securities Markets

Calvo, Guillermo A. - 1999

This paper argues that the globalization of securities markets may promote contagion among investors by weakening incentives for gathering costly country-specific information and by strengthening incentives for imitating arbitrary market portfolios. In the presence of short-selling constraints,...

Persistent link: https://www.econbiz.de/10012471634

Global Macro-Financial Cycles and Spillovers

Ha, Jongrim - 2020

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

Persistent link: https://www.econbiz.de/10012479322

On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012479979

The Spread of Deposit Insurance and the Global Rise in Bank Asset Risk since the 1970s

Calomiris, Charles W. - 2018

We construct a new measure of the changing generosity of deposit insurance for many countries, empirically model the international influences on the adoption and generosity of deposit insurance, and show that the expansion of deposit insurance generosity increased asset risk in banking systems....

Persistent link: https://www.econbiz.de/10012480591

How Big (Small?) are Fiscal Multipliers?

Ilzetzki, Ethan - 2010

We contribute to the debate on the macroeconomic effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a...

Persistent link: https://www.econbiz.de/10012462178

The "Other" Imbalance and the Financial Crisis

Caballero, Ricardo J. - 2010

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments …

Persistent link: https://www.econbiz.de/10012463014

Financial Globalization, Financial Crises and Contagion

Mendoza, Enrique G. - 2009

financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we …

Persistent link: https://www.econbiz.de/10012463217

Thresholds in the Process of International Financial Integration

Kose, M. Ayhan - 2009

, however, is that there seem to be certain "threshold" levels of financial and institutional development that an economy needs …

Persistent link: https://www.econbiz.de/10012463732

Global Imbalances and Financial Fragility

Caballero, Ricardo J. - 2009

behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …

Persistent link: https://www.econbiz.de/10012463959

Does Openness to International Financial Flows Raise Productivity Growth?

Kose, M. Ayhan - 2008

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...

Persistent link: https://www.econbiz.de/10012464090