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Finance and Efficiency: Do Bank Branching Regulations Matter?

Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for investments in the real economy, the efficient Sharpe...

Persistent link: https://www.econbiz.de/10005504526

Income and Consumption Smoothing Among US States: Regions or Clubs?

Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 1997

We measure the amount of income insurance and cross-sectional consumption smoothing (lending and borrowing) achieved within subgroups of states, such as regions or clubs, e.g. the club of rich states. We find that there is as much income insurance between, as well as within, regions. By...

Persistent link: https://www.econbiz.de/10005504778

Dollarization and Exchange Rate Fluctuations

Honohan, Patrick - C.E.P.R. Discussion Papers - 2007

Although the worldwide growth in dollarization of bank deposits has recently slowed, it has already reached very high levels in dozens of countries. Building on earlier findings that allowed the main cross-country variations in the share of dollars to be explained in terms of national policies...

Persistent link: https://www.econbiz.de/10005497830

Finance at Center Stage: Some Lessons of the Euro Crisis

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013

macroeconomic policy. Consistent with macroeconomic paradigms prevalent at the time, the original architecture of the euro zone … euro crisis in financial-market developments, this essay draws some conclusions for the reform of euro area institutions …. The euro area is moving quickly to correct one flaw in the Maastricht treaty, the vesting of all financial supervisory …

Persistent link: https://www.econbiz.de/10011083272

Never Say Never: Commentary on a Policymaker’s Reflections

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014

Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally systemic Asian crisis, as the IMF’s First Deputy...

Persistent link: https://www.econbiz.de/10011083383

Global Banks, Financial Shocks and International Business Cycles: Evidence from an Estimated Model

Kollmann, Robert - C.E.P.R. Discussion Papers - 2012

This paper estimates a two-country model with a global bank, using US and Euro Area (EA) data, and Bayesian methods …

Persistent link: https://www.econbiz.de/10011084059

The EMS Crisis in Retrospect

Eichengreen, Barry - C.E.P.R. Discussion Papers - 2001

This Paper reconsiders the 1992/3 crisis in the European Monetary System in light of its emerging market successors. That episode was a predecessor of the Mexican and Asian crises in the sense that both capital movements and domestic financial fragility played important roles. The output effects...

Persistent link: https://www.econbiz.de/10005067395

On the Optimality of Consumption Across Canadian Provinces

Bayoumi, Tamim - C.E.P.R. Discussion Papers - 1994

This paper tests for the optimality of consumption across Canadian provinces. The results indicate that consumption is highly integrated within the central and eastern core of the country, based around Ontario and Quebec. This is not true for provinces in the western half of the country,...

Persistent link: https://www.econbiz.de/10005661433

Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

Finance and Efficiency: Do Bank Branching Regulations Matter?

Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for investments in the real economy. We study how rapidly...

Persistent link: https://www.econbiz.de/10005662195