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The International Financial Integration of China and India
Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006
Three main features characterize the international financial integration of China and India. First, while only having a … small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …
Persistent link: https://www.econbiz.de/10005662395
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On the Evolution of Credibility and Flexible Exchange Rate Target Zones
Avesani, Renzo; Gallo, Giampiero M; Salmon, Mark - C.E.P.R. Discussion Papers - 1995
This paper considers a new approach to the optimal management and analysis of exchange rate target zones by regarding the operation of a target zone as a dynamic signalling game between the monetary authorities and the financial markets. A Sequential Open Loop (Feedback) policy of sterilized...
Persistent link: https://www.econbiz.de/10005123996
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Do International Investment Income Flows Smooth Income?
Lane, Philip R. - C.E.P.R. Discussion Papers - 1999
We explore some empirical properties of gross international investment positions. In order to provide income-smoothing, net investment income should negatively covary with GDP. Moreover, to maximize stabilization of GNP in the face of GDP fluctuations, the yield on foreign assets should move...
Persistent link: https://www.econbiz.de/10005504758
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
-run historical work has uncovered a range of important stylized facts concerning financial instability and the role of credit in …
Persistent link: https://www.econbiz.de/10011213304
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The International Monetary System: Living with Asymmetry
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10009385766
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When Credit Bites Back: Leverage, Business Cycles, and Crises
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2011
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
Persistent link: https://www.econbiz.de/10009365001
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Interpreting the ERM Crisis: Country-Specific and Systemic Issues
Buiter, Willem H.; Corsetti, Giancarlo; Pesenti, Paolo - C.E.P.R. Discussion Papers - 1996
Most interpretations of the Exchange Rate Mechanism crisis of 1992/3 ignore the key role played by structural policy spillovers among European countries, and overlook the effects of coordination (or lack thereof) of monetary and exchange rate policies among the countries making up the periphery...
Persistent link: https://www.econbiz.de/10005123505
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International Liquidity and Exchange Rate Dynamics
Gabaix, Xavier; Maggiori, Matteo - C.E.P.R. Discussion Papers - 2014
We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such...
Persistent link: https://www.econbiz.de/10011083240
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External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2013
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 in...
Persistent link: https://www.econbiz.de/10011083349
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Sovereigns versus Banks: Credit, Crises, and Consequences
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...
Persistent link: https://www.econbiz.de/10011084027