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Global Imbalances: In Midstream?
Blanchard, Olivier J; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2010
been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does …
Persistent link: https://www.econbiz.de/10008468701
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How Do Credit Supply Shocks Propagate Internationally? A GVAR approach
Eickmeier, Sandra; Ng, Tim - C.E.P.R. Discussion Papers - 2011
period 1983-2009. We experiment with inter-country links that distinguish bilateral trade, portfolio investment, foreign … direct investment and banking exposures, as well as asset-side vs. liability-side financial channels. Capturing both … bilateral trade and inward foreign direct investment or outward banking claim exposures in a GVAR fits the data better than …
Persistent link: https://www.econbiz.de/10009399715
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How Big are the Gains from International Financial Integration?
Hoxha, Indrit; Kalemli-Ozcan, Sebnem; Vollrath, Dietrich - C.E.P.R. Discussion Papers - 2011
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10009364327
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International Capital Flows under Dispersed Information: Theory and Evidence
Tille, Cédric; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2008
We develop a new theory of international capital flows based on dispersed information across individual investors. There is extensive evidence of information heterogeneity within and across countries, which has proven critical to understanding asset price behavior. We introduce information...
Persistent link: https://www.econbiz.de/10005662291
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Financial Globalization and Real Regionalization
Heathcote, Jonathan; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2002
Over the period 1972-86, the correlations of GDP, employment and investment between the United States and an aggregate …
Persistent link: https://www.econbiz.de/10005666529
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EMU: Why and How It Might Happen
Wyplosz, Charles - C.E.P.R. Discussion Papers - 1997
This paper reviews the history, economic rationale and main components of the project of establishing a monetary union in Europe by 1999. The adoption of a single currency is shown to be the best available option following the liberalization of capital movements. Much of the institutional design...
Persistent link: https://www.econbiz.de/10005666857
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The EMU and the NAMU: What is the Case for North American Monetary Union?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 1999
The paper considers the pros and cons for Canada of monetary union between Canada and the U.S. The current Canadian monetary arrangements, a flexible exchange rate and an inflation target, are contrasted both with a unilateral adoption by Canada of the U.S. dollar and with a full, formally...
Persistent link: https://www.econbiz.de/10005666942
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The International Diversification Puzzle is Not as Bad as You Think
Heathcote, Jonathan; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2008
In simple one-good international macro models, the presence of non-diversifiable labor income risk means that country portfolios should be heavily biased toward foreign assets. The fact that the opposite pattern of diversification is observed empirically constitutes the international...
Persistent link: https://www.econbiz.de/10005789147
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Options For The Exchange Rate Policies Of The EU Accession Countries (And Other Emerging Market Economies)
Bofinger, Peter; Wollmershaeuser, Timo - C.E.P.R. Discussion Papers - 2000
We develop an institutional framework for central banks that try to pursue a stability-oriented monetary policy with the strategy of exchange rate targeting. Recent experience shows that a crucial element of this approach is to avoid destabilizing capital inflows. Policy makers can exert...
Persistent link: https://www.econbiz.de/10005791576
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EMU, EU, capital market integration and consumption smoothing
Christev, Atanas; Melitz, Jacques - C.E.P.R. Discussion Papers - 2010
This empirical study of the impact of EMU on capital market integration and consumption smoothing comes to three conclusions: first, EMU promotes members’ holdings of foreign assets and foreign liabilities; second, no benefits of consumption smoothing result; third, EU membership, not a single...
Persistent link: https://www.econbiz.de/10008468696