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The Emergence of the Euro as an International Currency

Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

Persistent link: https://www.econbiz.de/10005662175

The Return of Financial Repression

Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012

Periods of high indebtedness have historically been associated with a rising incidence of default or restructuring of public and private debts. Sometimes the debt restructuring is more subtle and takes the form of 'financial repression'. Consistent negative real interest rates are equivalent to...

Persistent link: https://www.econbiz.de/10011083679

Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten

Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2013

Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is...

Persistent link: https://www.econbiz.de/10011084399

Crowding Out Redefined: The Role of Reserve Accumulation

Reinhart, Carmen M.; Tashiro, Takeshi - C.E.P.R. Discussion Papers - 2013

It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its...

Persistent link: https://www.econbiz.de/10011083567

When the North Last Headed South: Revisiting the 1930s

Reinhart, Carmen M.; Reinhart, Vincent - C.E.P.R. Discussion Papers - 2010

The U.S recession of 2007 to 2009 is unique in the post-World-War-II experience by the broad company it kept. Activity contracted around the world, with the advanced countries of the North experiencing declines in spending normally the purview of the developing economies of the South. The last...

Persistent link: https://www.econbiz.de/10008468628

The Determinants of Cross-Border Equity Flows

Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1999

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...

Persistent link: https://www.econbiz.de/10005067617

A Decade of Debt

Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2011

This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...

Persistent link: https://www.econbiz.de/10008925708

A Distant Mirror of Debt, Default, and Relief

Reinhart, Carmen M.; Trebesch, Christoph - C.E.P.R. Discussion Papers - 2014

We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

Persistent link: https://www.econbiz.de/10011083377

A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises

Reinhart, Carmen M. - C.E.P.R. Discussion Papers - 2012

We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark is the Great Depression (or the Great Contraction, as...

Persistent link: https://www.econbiz.de/10011083815

Capital Flow Bonanzas: An Encompassing View of the Past and Present

Reinhart, Carmen M.; Reinhart, Vincent - C.E.P.R. Discussion Papers - 2008

A considerable literature has examined the causes, consequences, and policy responses to surges in international capital flows. A related strand of papers has attempted to catalog current account reversals and capital account "sudden stops." This paper offers an encompassing approach with an...

Persistent link: https://www.econbiz.de/10005666522