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How do credit supply shocks propagate internationally? A GVAR approach

Eickmeier, Sandra; Ng, Tim - Deutsche Bundesbank - 2011

period 1983-2009. We experiment with inter-country links that distinguish bilateral trade, portfolio investment, foreign … bilateral trade and inward foreign direct investment or outward banking claim exposures in a GVAR fits the data better than … using trade weights only. We use sign restrictions on the short-run impulse responses to financial shocks that have the …

Persistent link: https://www.econbiz.de/10009416983

International financial competitiveness and incentives to foreign direct investment

Jochem, Axel - Deutsche Bundesbank - 2008

inward FDI stocks. For a panel of five advanced economies from 1980 to 2006 it is shown that price competitiveness, stable …-Saxon legislation also play a role. Financial competitiveness in turn encourages FDI inflows whereas it benefits fixed investment …

Persistent link: https://www.econbiz.de/10005083177

Integration of financial markets and national price levels: the role of exchange rate volatility

Hoffmann, Mathias; Tillmann, Peter - Deutsche Bundesbank - 2008

How does international financial integration affect national price levels? To analyze this question, this paper formulates a two-country open economy sticky-price model under either segmented or complete asset markets. It is shown that the effect of financial integration, i.e. moving from...

Persistent link: https://www.econbiz.de/10005083180

International financial markets' influence on the welfare performance of alternative exchange rate regimes

Hoffmann, Mathias - Deutsche Bundesbank - 2008

the paper shows that financial market integration causes a monetary policy trade-off between stabilising domestic goods … prices as opposed to stabilising the terms of trade. Therefore, the welfare ranking of different exchanges rate rules changes …

Persistent link: https://www.econbiz.de/10005083237

Exports versus FDI in German manufacturing: firm performance and participation in international markets

Arnold, Jens Matthias; Hussinger, Katrin - Deutsche Bundesbank - 2006

This paper tests some of the predictions of recent advances in trade theory that have focused on different trade …

Persistent link: https://www.econbiz.de/10005083169

Tax incentives and the location of FDI: evidence from a panel of German multinationals

Buettner, Thiess; Ruf, Martin - Deutsche Bundesbank - 2005

Using a firm-level dataset this paper investigates the impact of taxation on the decision of German multinationals to hold direct investments in other European countries or abroad. Controlling for firm-specific differences in the valuation of potential locations, the results confirm significant...

Persistent link: https://www.econbiz.de/10005083194

Financial frictions and global spillovers

Metiu, Norbert; Hilberg, Björn; Grill, Michael - Deutsche Bundesbank - 2015

We investigate whether frictions in US financial markets amplify the international propagation of US financial shocks. The dynamics of the US economy is modeled jointly with global macroeconomic and financial variables using a threshold vector autoregression that allows us to capture...

Persistent link: https://www.econbiz.de/10011212003

International capital flows, external assets and output volatility

Hoffmann, Mathias; Krause, Michael; Tillmann, Peter - Deutsche Bundesbank - 2014

This paper proposes a new perspective on international capital flows and countries' long-run external asset position. Cross-sectional evidence for 84 developing countries shows that over the last three decades countries that have had on average higher volatility of output growth (1) accumulated...

Persistent link: https://www.econbiz.de/10011093848

Banking across borders

Niepmann, Friederike - Deutsche Bundesbank - 2013

variation from an international trade theory perspective. In the model, banking across borders arises from differences in factor …

Persistent link: https://www.econbiz.de/10010957150

Location choice and employment decisions: a comparison of German and Swedish multinationals

Becker, Sascha O.; Ekholm, Karolina; Jäckle, Robert; … - Deutsche Bundesbank - 2005

Using data for German and Swedish multinational enterprises (MNEs), this paper assesses international employment patterns. It analyzes determinants of location choice and the degree of substitutability of labor across locations. Countries with highly skilled labor forces attract German MNEs, but...

Persistent link: https://www.econbiz.de/10005083075