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Sovereign credit ratings and the transnationalization of finance : evidence from a gravity model of portfolio investment
Körner, Finn Marten; Trautwein, Hans-Michael - 2015
It is a matter of debate in how far credit ratings contribute to allocative efficiency or to excessive volatility of asset prices and cross-border capital flows. Yet it is generally taken for granted that ratings play a significant role in the transnationalization of financial relations. This...
Persistent link: https://www.econbiz.de/10010496949
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Chapter 10. External Adjustment, Global Imbalances, Valuation Effects
Gourinchas, Pierre-Olivier; Rey, Hélène - In: Handbook of international economics : Volume 4, (pp. 585-645). 2014
We provide an overview of the recent developments of the literature on the determinants of long-term capital flows, global imbalances, and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown...
Persistent link: https://www.econbiz.de/10014025376
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Chapter 16 Are financial assets priced locally or globally?
Karolyi, G. Andrew; Stulz, René M. - 2003
We review the international finance literature to assess the extent to which international factors affect financial asset demands and prices. International asset-pricing models with mean-variance investors predict that an asset's risk premium depends on its covariance with the world market...
Persistent link: https://www.econbiz.de/10014023855
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The chain effect of an antidumping policy
Kao, Kuo-Feng; Mai, Zhaocheng - In: Southern economic journal 85 (2018) 2, pp. 424-440
Persistent link: https://www.econbiz.de/10011973328
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Analysing sectoral capital flows : Covariates, co-movements, and controls
Lepers, Etienne - 2021
This paper assembles a comprehensive sectoral capital flows dataset for 64 advanced and emerging economies from 2000-18. This includes direct, portfolio and other investments to and from five sectors: central banks (CB), general government (GG), banks (BKs), non-financial corporates (NFCs) and...
Persistent link: https://www.econbiz.de/10012630401
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Chapter 4. Global Demographic Trends : Consumption, Saving, and International Capital Flows
Attanasio, O.; Bonfatti, A.; Kitao, S.; Weber, G. - In: Handbook of the economics of population aging : Volume 1, (pp. 179-235). 2016
In this chapter we review the recent literature on the effects of changing global demographic trends on consumption, factor prices and social security. We also construct an overlapping generation model with four regions of the world. The model is calibrated so that we match some basic statistics...
Persistent link: https://www.econbiz.de/10014023467
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Chapter 9. Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - In: Handbook of international economics : Volume 4, (pp. 523-584). 2014
This chapter is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation...
Persistent link: https://www.econbiz.de/10014025377
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Home Bias in Open Economy Financial Macroeconomics
Rey, Helene; Coeurdacier, Nicolas - National Bureau of Economic Research (NBER) - 2011
Home bias is a perennial feature of international capital markets. We review various explanations of this puzzling phenomenon highlighting recent developments in macroeconomic modelling that incorporate international portfolio choices in standard two-country general equilibrium models. We refer...
Persistent link: https://www.econbiz.de/10009395459
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Is Home Bias in Assets Related to Home Bias in Goods?
van Wincoop, Eric; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2006
Obstfeld and Rogoff (2000) have reinvigorated an old literature on the link between home bias in the goods market and … home bias in the asset market by arguing that trade costs in the goods market can account for the observed portfolio home … the implied home bias are close to zero, casting significant doubt on a meaningful link between home bias in the goods and …
Persistent link: https://www.econbiz.de/10005710854
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A Portfolio Approach to a Cross-sectoral and Cross-National Investment Strategy in Transition Economies
Buiter, Willem H.; Lago, Ricardo; Rey, Hélène - C.E.P.R. Discussion Papers - 1997
international terms of trade, shocks to the relative price of traded and non-traded goods, domestic and foreign interest rates … provisioning rules from the perspective of portfolio theory. …
Persistent link: https://www.econbiz.de/10005661678