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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

Broner, Fernando A; Erce, Aitor; Martin, Alberto; … - C.E.P.R. Discussion Papers - 2013

these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …

Persistent link: https://www.econbiz.de/10011084507

The Valuation Channel of International Adjustment

Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - C.E.P.R. Discussion Papers - 2015

, capital gains, and portfolio adjustment for consumption risk sharing when financial markets are incomplete, showing how these …

Persistent link: https://www.econbiz.de/10011266533

The process by which the Dollar will fall: the effect of forward-looking consumers

Kuralbayeva, Karlygash; Vines, David - C.E.P.R. Discussion Papers - 2009

This paper extends the analysis of the forthcoming fall in the dollar by Blanchard, Giavazzi and Sà 2005), using a model which incorporates forward-looking consumers. It provides additional underpinnings for the idea of a rapid adjustment in the value of the dollar. We analyze what will happen...

Persistent link: https://www.econbiz.de/10005016248

World Finance and the US 'New Economy': Risk Sharing and Risk Exposure

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2005

supply side ‘shock’ to consume more against expected future output and to spread risk by selling shares. Since irrational …

Persistent link: https://www.econbiz.de/10005123520

International Debt Deleveraging

Fornaro, Luca - C.E.P.R. Discussion Papers - 2015

an episode of international deleveraging, world consumption demand is depressed and the world interest rate is low …

Persistent link: https://www.econbiz.de/10011196040

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 … their required compensation for holding currency risk, thus impacting both the level and volatility of exchange rates. Our … theory of exchange rate determination in imperfect financial markets not only rationalizes the empirical disconnect between …

Persistent link: https://www.econbiz.de/10011083240

Capital Controls and Recovery from the Financial Crisis of the 1930s

Mitchener, Kris; Wandschneider, Kirsten - C.E.P.R. Discussion Papers - 2014

We examine the first widespread use of capital controls in response to a global or regional financial crisis. In particular, we analyze whether capital controls mitigated capital flight in the 1930s and assess their causal effects on macroeconomic recovery from the Great Depression. We find...

Persistent link: https://www.econbiz.de/10011084261

The Feldstein-Horioka Fact

Giannone, Domenico; Lenza, Michele - C.E.P.R. Discussion Papers - 2004

This Paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment observed in OECD countries. We introduce a novel factor augmented panel regression to control for general equilibrium effects where global shocks are allowed to affect each...

Persistent link: https://www.econbiz.de/10005666697

Large Capital Inflows, Sectoral Allocation and Economic Performance

Benigno, Gianluca; Converse, Nathan; Fornaro, Luca - C.E.P.R. Discussion Papers - 2015

This paper describes the stylized facts characterizing periods of exceptionally large capital inflows in a sample of 70 middle- and high-income countries over the last 35 years. We identify 155 episodes of large capital inflows and find that these events are typically accompanied by an economic...

Persistent link: https://www.econbiz.de/10011266535

Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries

Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2006

find that, consistent with standard theory, these shocks raise relative consumption, deteriorate net exports, and raise the …

Persistent link: https://www.econbiz.de/10005662111

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