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This paper is an empirical investigation into the duration of exchange rate episodes characterized by the absence of speculative attacks. We estimate a duration model for OECD countries during the 1970-1997 period. Specifically, we use semi-parametric methods to estimate model with unrestricted...
Persistent link: https://www.econbiz.de/10010744847
This paper brings together the literature on determination of home bias in equity holdings and the portfolio balance model of exchange rates to consider whether the dollar might be affected by a change in transactions costs that alters international portfolio allocations. Our empirical findings...
Persistent link: https://www.econbiz.de/10010745774
We document that cross-sectional FX correlation disparity is countercyclical, as exchange rate pairs with high average correlation become more correlated in bad times whereas pairs with low average correlation become less correlated. We show that currencies that perform badly (well) during...
Persistent link: https://www.econbiz.de/10011170089
We study the response of domestic unemployment rates to shocks in total factor productivity for economies with high capital mobility and low labour mobility. We show that rapid capital movements across national borders, like those experienced by developed nations in the last twenty years,...
Persistent link: https://www.econbiz.de/10010744954
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/10010746519
This paper explains why capital does not flow from the North to the South - the Lucas Paradox - with a New Economic Geography model that incorporates mobile capital, immobile labour, and productively heterogeneous firms. In contrast to neoclassical theories, the results show that even a small...
Persistent link: https://www.econbiz.de/10010746716
This short article argues that an adequate response to the implications for governance raised by ‘Big Data’ requires much more attention to agency and reflexivity than theories of ‘algorithmic power’ have so far allowed. It develops this through two contrasting examples: the sociological...
Persistent link: https://www.econbiz.de/10011126163
Economic damage from natural hazards can sometimes be prevented and always mitigated. However, private individuals tend to underinvest in such measures due to problems of collective action, information asymmetry and myopic behavior. Governments, which can in principle correct these market...
Persistent link: https://www.econbiz.de/10011126175
Persistent link: https://www.econbiz.de/10011126227
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Persistent link: https://www.econbiz.de/10011126423