Similar Search Results

Speculation, Hedging and Intermediation in the Foreign Exchange Market.

Krüger, Malte - Banco de España - 1996

In this study it is attempted to estimate the amount of speculation in foreign exchange market.

Persistent link: https://www.econbiz.de/10005155219

Global financial integration, monetary policy and reserve accumulation. Assessing the limits in emerging economies

Alberola, Enrique; Serena, José María - Banco de España - 2007

This paper assesses whether domestic costs of reserve accumulation -and in particular monetary costs- constitute an eventual limit to the process in emerging markets. We find that sterilization is the first measure to deal with these costs. Then, we turn to study whether diminishing ability to...

Persistent link: https://www.econbiz.de/10005155257

Can fundamentals explain cross-country correlations of asset returns?

Restoy, Fernando; Rodríguez, Rosa - Banco de España - 2005

Previous studies show that existing correlations between national returns are higher than correlations between the national growth rates of fundamental variables. This paper examines the ability of intertemporal asset pricing models to explain crosscountry correlations of national returns. We...

Persistent link: https://www.econbiz.de/10005590670

Sovereign external assets and the resilience of global imbalances

Alberola, Gabriel Enrique; Serena, José María - Banco de España - 2009

Sovereign external assets (SEAs) comprise foreign exchange reserves and sovereign wealth funds (SWFs). The global stock of reserves reached 7 $trn in the second quarter of 2008, but data on SWF are rather elusive. Our estimation puts the SWFs at around 2,5 $trn dollars by 2007 and in the last...

Persistent link: https://www.econbiz.de/10005590696

Contagion and portfolio shift in emerging countries' sovereign bonds

Ríos, Antonio Díez de los; Herrero, Alicia García - Banco de España - 2003

The paper tests whether there were events of contagion, and portfolio shift, in the sovereign bond markets of eleven emerging countries' between January 1995 and November 2001. From existing definitions, we narrow down the concept of contagion by focusing on pricing errors, after general market...

Persistent link: https://www.econbiz.de/10004965259

The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America

Gallego, Sonsoles; Gardó, Sándor; Martin, Reiner; … - Banco de España - 2010

This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered...

Persistent link: https://www.econbiz.de/10008587080

The transmission of emerging market shocks to global equity markets

Sáez, Lucía Cuadro; Fratzscher, Marcel; Thimann, Christian - Banco de España - 2007

The paper analyses whether, and to what extent, emerging market economies (EMEs) have systemic importance for global financial markets, above and beyond their influence during crises episodes. Using a novel database of exogenous economic and political shocks for 14 EMEs, we find that EME shocks...

Persistent link: https://www.econbiz.de/10005022262

EU framework for safeguarding financial stability: Towards an analytical benchmark for assessing its effectiveness

Nieto, María J.; Schinasi, Garry J. - Banco de España - 2008

European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability —including decision-making processes for providing financial-stability public goods— have remained decentralized with some explicit mechanisms for coordination across...

Persistent link: https://www.econbiz.de/10005022299

Structured finance and the financial turmoil of 2007-2008: and introductory overview

Criado, Sarai; Rixtel, Adrian van - Banco de España - 2008

This paper provides an overview of the most important structured finance instruments in the context of the development of the financial turmoil that started in the third quarter of 2007 and continued into 2008. These financial market tensions were triggered by concerns about exposures of...

Persistent link: https://www.econbiz.de/10005022306

Volatility in Spanish Financial Markets: The Recent Experience.

Ayuso, Juan; Núñez, Soledad; Pérez-Jurado, María - Banco de España - 1996

The potential negative consequences of high financial volatility have been an important concern recently. Although its … have been conducted, therefore, to determine which is the relevant concept of volatility and how to measure it, which … factors explain the course it follows, and which steps should be taken in order to curb volatility. In this paper, we present …

Persistent link: https://www.econbiz.de/10005088314