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Home Bank Intermediation of Foreign Direct Investment
Poelhekke, Steven - CESifo - 2011
lower volumes of outward FDI from the bank’s home market. …This paper investigates the benefits of banks’ direct investment in foreign subsidiaries and branches for non …-financial multinationals. The paper builds on the literature on international banks which has primarily focused on the implications for host …
Persistent link: https://www.econbiz.de/10009147744
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Credit Shocks and Macroeconomic Fluctuations in Emerging Markets
Romain, Houssa; Mohimont, Jolan; Otrok, Chris - CESifo - 2013
In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for Emerging Markets. For this purpose, we impose a set of zero and sign restrictions within a medium-scale Bayesian Vector Auto-Regressive model. Quarterly data from South Africa and G-7...
Persistent link: https://www.econbiz.de/10010668472
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Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and other Culprits
Egert, Balazs - CESifo - 2010
focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the …
Persistent link: https://www.econbiz.de/10008596582
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Bank Networks: Contagion, Systemic Risk and Prudential Policy
Aldasoro, Inaki; Gatti, Domenico Delli; Faia, Ester - CESifo - 2015
We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest …
Persistent link: https://www.econbiz.de/10011155379
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Common Trends and Common Cycles among Interest Rates of the G7-Countries
Lindenberg, Nannette; Westermann, Frank - CESifo - 2009
In this paper we re-investigate the comovements of interest rates in the G7-countries. We propose a structured modus operandi to analyze the time series characteristics of interest rates and to test for common features. We conduct cointegration, serial correlation common feature and codependence...
Persistent link: https://www.econbiz.de/10005405925
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Around the World with Irving Fisher
Gylfason, Thorvaldur; Tómasson, Helgi; Zoega, Gylfi - CESifo - 2015
This paper aims to show why Irving Fisher’s own data on interest rates and inflation in New York, London, Paris, Berlin, Calcutta, and Tokyo from 1825 to 1927 suggested to him that nominal interest rates adjusted neither quickly nor fully to changes in inflation, not even in the long run. In...
Persistent link: https://www.econbiz.de/10011205384
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On the Effects of Monetary Policy Shocks on Exchange Rates
Binder, Michael; Chen, Qianying; Zhang, Xuan - CESifo - 2010
In this paper we re-consider the effects of monetary policy shocks on exchange rates and forward premia. In the recent empirical literature, these effects have been predominantly described as puzzling, in that they would include delayed overshooting of the exchange rate as well as persistent...
Persistent link: https://www.econbiz.de/10008498996
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The VARying Effect of Foreign Shocks in Central and Eastern Europe
Jiménez-Rodriguez, Rebeca; Morales-Zumaquero, Amalia; … - CESifo - 2010
This paper investigates the impact of international shocks – interest rate, commodity price and industrial production shocks – on key macroeconomic variables in ten Central and Eastern European (CEE) countries by using near-VAR models and monthly data from the early 1990s to 2009. In...
Persistent link: https://www.econbiz.de/10008596588
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Shooting on a Moving Target: Eyplaining European Bank Rates during the Interwar Period
Wandschneider, Kirsten; Wolf, Nikolaus - CESifo - 2009
This paper describes the monetary policy response of countries during the inter-war period. How did central banks react … estimate central bank rate reaction functions for a panel of 22 countries during the inter-war gold standard. The estimates …
Persistent link: https://www.econbiz.de/10005034638
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...
Persistent link: https://www.econbiz.de/10005405989