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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
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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
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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
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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
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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
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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
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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
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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
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Do Workers' Remittances Reduce the Probability of Current Account Reversals?
Bugamelli, Matteo; Paternò, Francesco - Centre for Economic Performance, LSE - 2006
The paper combines the literature on financial crises in emerging markets and developing economies with that on international migrations by investigating whether the increasingly large flows of workers' remittances can help reduce the probability of current account reversals. The rationale for...
Persistent link: https://www.econbiz.de/10005151047
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International Financial Integration and Entrepreneurship
Alfaro, Laura; Charlton, Andrew - Centre for Economic Performance, LSE - 2006
We explore the relation between international financial integration and the level of entrepreneurial activity in a country. Using a unique data set of approximately 24 million firms in nearly 100 countries in 1999 and 2004, we find suggestive evidence that international financial integration has...
Persistent link: https://www.econbiz.de/10005796107