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Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment

Kocenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - CESifo - 2012

The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...

Persistent link: https://www.econbiz.de/10010877847

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - CESifo - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation 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...

Persistent link: https://www.econbiz.de/10010877944

Capital Flight: China's Experience

Cheung, Yin-Wong; Qian, Xingwang - CESifo - 2010

We study the empirical determinants of China’s capital flight. In addition to the covered interest differential, our … regression exercise shows that China’s capital flight is quite well explained by its own history and covered interest … differentials. The other possible determinants offer relatively small additional explanatory power. It is also found that China …

Persistent link: https://www.econbiz.de/10008596571

Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis

Auguste, Sebastian; Dominguez, Kathryn M.E.; Kamil, Herman - William Davidson Institute, University of Michigan - 2002

This paper examines the surprising performance of the Argentine stock market in the midst of the country’s most recent financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital controls, they were able to purchase stocks with...

Persistent link: https://www.econbiz.de/10005784778

Financial Sector Returns and Creditor Moral Hazard: Evidence from Indonesia, Korea, and Thailand

Tong, Jian; Xu, Chenggang - William Davidson Institute, University of Michigan - 2004

This paper introduces a framework of investor behavior in which investors form their expectations regarding the credibility of a prospective IMF program in reforming the financial sector characterized by domestic implicit guarantees. We examine the changes in financial sector returns in response...

Persistent link: https://www.econbiz.de/10005651501

Exchange Rate Uncertainty and International Portfolio Flows

Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Nicola - CESifo - 2013

This paper examines the impact of exchange rate uncertainty on different components of portfolio flows, namely equity and bond flows, as well as the dynamic linkages between exchange rate volatility and the variability of these two types of flows. Specifically, a bivariate GARCH-BEKK-in-mean...

Persistent link: https://www.econbiz.de/10010659181

Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks

Engelmann, Dirk; Hanousek, Jan; Kocenda, Evžen - William Davidson Institute, University of Michigan - 2004

We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...

Persistent link: https://www.econbiz.de/10005677454

Capital Importers Pay More for their Imports

Adam, Antonis; Moutos, Thomas - CESifo - 2012

We examine the effects that a country’s net capital flows have on the (border) prices that a country pays for its imports of goods. Using data from 2000 to 2009 for 11 euro area countries we utilize a pricing-to-market specification to study exporters’ pricing behavior to the rest of the...

Persistent link: https://www.econbiz.de/10009645628

Why Do Governments Sell Privatised Companies Abroad?

Bortolotti, Bernardo; Fantini, Marcella; Scarpa, Carlo - William Davidson Institute, University of Michigan - 2000

This paper provides an empirical analysis of Governments' decisions to sell privatised companies on both international and domestic markets in a sample of 392 privatisations in 42 countries. Political theories of privatisation find strong support in our analyses: market oriented Governments...

Persistent link: https://www.econbiz.de/10005677641

Oil Prices, Exchange Rates and Asset Prices

Fratzscher, Marcel; Schneider, Daniel; Robays, Ine Van - CESifo - 2013

This paper takes a financial market perspective in examining the relationship between oil prices, the US dollar and asset prices, and it exploits the heteroskedasticity for the identification of causality in a multifactor model. It finds a bidirectional causality between the US dollar and oil...

Persistent link: https://www.econbiz.de/10010877722

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