Narrow search
Showing 1 - 10 of 119
Cover Image
Challenges for the dollar as a reserve currency
Benigno, Gianluca - Centre for Economic Performance, LSE - 2011
Gianluca Benigno examines the extent to which the financial crisis has undermined the dollar's pre-eminence.
Persistent link: https://www.econbiz.de/10009147097
Cover Image
House Price Booms and the Current Account
Adam, Klaus; Kuang, Pei; Marcet, Albert - Centre for Economic Performance, LSE - 2011
A simple open economy asset pricing model can account for the house price and current account dynamics in the G7 over the years 2001-2008. The model features rational households, but assumes that households entertain subjective beliefs about price behavior and update these using Bayes' rule. The...
Persistent link: https://www.econbiz.de/10009220235
Cover Image
The Financial Resource Curse
Benigno, Gianluca; Fornaro, Luca - Centre for Economic Performance, LSE - 2013
with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is … the engine of growth, and productivity growth is increasing in the amount of labor employed by firms in the tradable … stagnant productivity growth. We show that capital controls can be welfare-enhancing and can be used as a second best policy …
Persistent link: https://www.econbiz.de/10010655944
Cover Image
Reserve Accumulation, Growth and Financial Crises
Benigno, Gianluca; Fornaro, Luca - Centre for Economic Performance, LSE - 2012
We present a model that reproduces two salient facts characterizing the international monetary system: i) Faster growing countries are associated with lower net capital inflows and ii) Countries that grow faster accumulate more international reserves and receive more net private inflows. We...
Persistent link: https://www.econbiz.de/10010567972
Cover Image
Large Capital Inflows, Sectoral Allocation and Economic Performance
Benigno, Gianluca; Converse, Nathan; Fornaro, Luca - Centre for Economic Performance, LSE - 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/10011271361
Cover Image
Capital Flows and Asset Prices
Aoki, Kosuke; Benigno, Gianluca; Kiyotaki, Nobuhiro - Centre for Economic Performance, LSE - 2009
After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account liberalization depends upon the degree of development of a domestic...
Persistent link: https://www.econbiz.de/10005256484
Cover Image
On the International Dimension of Fiscal Policy
Benigno, Gianluca; Paoli, Bianca De - Centre for Economic Performance, LSE - 2009
This paper analyses the international dimension of fiscal policy using a small open economy framework in which the government finances its spending by levying distortionary taxation and issuing non-state-contingent debt. The main finding of the paper is that, once the open economy aspect of the...
Persistent link: https://www.econbiz.de/10005797240
Cover Image
Leveraging Monopoly Power by Degrading Interoperability: Theory and Evidence from Computer Markets
Genakos, Christos; Kühn, Kai Uwe; Reenen, John Van - Centre for Economic Performance, LSE - 2011
When will a monopolist have incentives to foreclose a complementary market by degrading compatibility/interoperability of his products with those of rivals? We develop a framework where leveraging extracts more rents from the monopoly market by "restoring" second degree price discrimination. In...
Persistent link: https://www.econbiz.de/10009150055
Cover Image
Adjusting to Capital Account Liberalization
Aoki, Kosuke; Benigno, Gianluca; Kiyotaki, Nobuhiro - Centre for Economic Performance, LSE - 2010
We study theoretically how the adjustment to liberalization of international financial transaction depends upon the degree of domestic financial development. Using a model with domestic and international borrowing constraints, we show that, when the domestic financial system is underdeveloped,...
Persistent link: https://www.econbiz.de/10008694925
Cover Image
Financial Globalization and Exchange Rates
Lane, Philip R.; Milesi-Feretti, G - Centre for Economic Performance, LSE - 2004
The founders of the Bretton Woods System sixty years ago were primarily concerned with orderly exchange rateadjustment in a world economy that was characterized by widespread restrictions on international capitalmobility. In contrast, the rapid pace of financial globalization during recent years...
Persistent link: https://www.econbiz.de/10005510409