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constraints, more severe in fast-growing countries, can explain three prominent global trends: a divergence in private saving … world interest rate. Micro-level evidence on the evolution of age-saving profiles in the U.S. and China corroborates our … mechanism. Quantitatively, our model explains about 40 percent of the divergence in aggregate saving rates, and a significant …
Persistent link: https://www.econbiz.de/10010745077
consumption being higher than output, and negative comovement in aggregate investment and employment. This paper shows that …
Persistent link: https://www.econbiz.de/10010746152
Commodity trade and financial asset trade are both integral parts of globalization, yet little has been studied on their interplay. In a framework that integrates these two paradigms of trade, a new force driving international capital flows emerges: capital tends to flow towards countries that...
Persistent link: https://www.econbiz.de/10010746535
, more severe in fast-growing countries, can explain three prominent global trends: a divergence in private saving rates … interest rate. Micro-level evidence on the evolution of age-saving profiles in the U.S. and China corroborates our mechanism …. Quantitatively, our model explains about 40 percent of the divergence in aggregate saving rates, and a significant portion of the …
Persistent link: https://www.econbiz.de/10011071411
The founders of the Bretton Woods System sixty years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent...
Persistent link: https://www.econbiz.de/10010745076
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
which international financial integration can affect entrepreneurship (a foreign direct investment channel and a capital …
Persistent link: https://www.econbiz.de/10010746519
This paper uses a new data-set to examine how internal capital markets and foreign ownership affect investment. Our … data allow us to compare investment behaviour of listed subsidiaries with stand-alone firms while controlling for … investment opportunities of parent and subsidiary firms. We evaluate how the size of ownership and the geographical proximity of …
Persistent link: https://www.econbiz.de/10010884649
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/10010744942
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/10010745119