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Are financially dollarized countries more prone to costly crises?

Arteta, Carlos O. - Federal Reserve Board (Board of Governors of the … - 2003

In view of the role of liability dollarization in recent financial crises, whether or not the widespread presence of foreign-currency-denominated deposits and credits in developing-country banking systems leads to greater financial fragility is an open and pressing question. Using a...

Persistent link: https://www.econbiz.de/10005368511

Monetary policy independence in the ERM: was there any?

Edison, Hali J.; MacDonald, Ronald - Federal Reserve Board (Board of Governors of the … - 2000

Recently proposals for introducing greater exchange rate fixity into the behavior of key exchange rates have become fashionable. One proposal, for example, suggests that a target zone arrangement for the dollar, mark and yen would represent a desirable reform of the international monetary...

Persistent link: https://www.econbiz.de/10005712641

Immigration, remittances and business cycles

Mandelman, Federico; Zlate, Andrei - Federal Reserve Board (Board of Governors of the … - 2010

-country business cycle model of labor migration and remittances. The model matches the cyclical dynamics of labor migration to the U … volatility of unskilled wages and remittances. We quantify the welfare implications of various immigration policies for the ….S. and documents how remittances to Mexico serve an insurance role to smooth consumption across the border. During expansions …

Persistent link: https://www.econbiz.de/10008498915

Cash flows and discount rates, industry and country effects, and co-movement in stock returns

Ammer, John; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2004

innovations. We apply the Campbell (1991) decomposition for industry-by-country, all-country, global industry, and world market …

Persistent link: https://www.econbiz.de/10005368137

Firm-level access to international capital markets: evidence from Chilean equities

Holland, Sara B.; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2003

High growth, liquid Chilean firms have greater relative weights in U.S. equity portfolios, but the most important determinant of a firm's portfolio weight is whether it is listed on a U.S. exchange. Cross-listing does not, however, appear to have permanent benefits: Weights in U.S. portfolios of...

Persistent link: https://www.econbiz.de/10005368169

Global asset prices and FOMC announcements

Hausman, Joshua; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2006

This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate...

Persistent link: https://www.econbiz.de/10005368193

How do FOMC actions and U.S. macroeconomic data announcements move Brazilian sovereign yield spreads and stock prices?

Robitaille, Patrice; Roush, Jennifer E. - Federal Reserve Board (Board of Governors of the … - 2006

This paper provides a robust structural identification of the effects of U.S. interest rates on an emerging economy's asset values. Using newly available intraday data, we investigate how surprises associated with U.S. macro data and FOMC announcements move the yield spread on a benchmark...

Persistent link: https://www.econbiz.de/10005368201

Home bias and high turnover reconsidered

Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2001

It is a stylized fact of international finance that foreign equities are underweighted (the home bias) but overtraded (the high turnover). Since stylized facts drive research, theoretical models are now developed to explain the puzzling coexistence of home bias and high turnover, first presented...

Persistent link: https://www.econbiz.de/10005368209

Expected consumption growth from cross-country surveys: implications for assessing international capital markets

Engel, Charles; Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 2008

Survey data show that the expected growth rates of consumption across countries vary widely and are not highly correlated. This data contradicts the simplest of open-economy models in which there is a freely traded non- state-contingent bond and purchasing power parity holds. We explore two...

Persistent link: https://www.econbiz.de/10005368228

The U.S. external deficit in the 1980s: an empirical analysis

Helkie, William L.; Hooper, Peter - Federal Reserve Board (Board of Governors of the … - 1987

This paper presents an empirical analysis of the factors that contributed to the unprecedented widening of the U.S. external deficit between 1980 and 1986. The paper presents an empirical model of the U.S. current account that is used to assess the relative importance of changes in U.S. price...

Persistent link: https://www.econbiz.de/10005368243

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