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Credit constraints and growth in a global economy
Jin, Keyu; Guibaud, Stéphane; Coeurdacier, Nicolas - London School of Economics (LSE) - 2011
We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints, more severe in fast-growing countries, can explain three prominent global trends: a divergence in private saving rates between advanced and emerging economies, large net...
Persistent link: https://www.econbiz.de/10011071411
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Reserve accumulation, growth and financial crises
Benigno, Gianluca; Fornaro, Luca - London School of Economics (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/10010744942
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Credit constraints and growth in a global economy
Jin, Keyu; Guibaud, Stéphane; Coeurdacier, Nicolas - London School of Economics (LSE) - 2013
We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints, more severe in fast-growing countries, can explain three prominent global trends: a divergence in private saving rates between advanced and emerging economies, large net...
Persistent link: https://www.econbiz.de/10010745077
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Capital flows and asset prices
Aoki, Kosuke; Benigno, Gianluca; Kiyotaki, Nobuhiro - London School of Economics (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/10010745119
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International business cycles with heterogeneous sectors
Jin, Keyu - London School of Economics (LSE) - 2009
productivity shocks across countries, competing with the standard, `resource allocation effect'. Moreover, a country …
Persistent link: https://www.econbiz.de/10010746152
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The financial resource curse
Benigno, Gianluca; Fornaro, Luca - London School of Economics (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/10010746513
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Industrial structure and financial capital flows
Jin, Keyu - London School of Economics (LSE) - 2009
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
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James Tobin : an appreciation of his contribution to economics
Buiter, Willem H. - London School of Economics (LSE) - 2003
Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...
Persistent link: https://www.econbiz.de/10011071326
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On the international dimension of fiscal policy
Benigno, Gianluca; De Paoli, Bianca - London School of Economics (LSE) - 2009
This paper analyses the international dimension of fiscal policy using a small open economy framework in which the government finances its spending by levying distortionary taxation and issuing non-state-contingent debt. The main finding of the paper is that, once the open economy aspect of the...
Persistent link: https://www.econbiz.de/10010746678
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Optimal monetary responses to oil discoveries
Wills, Samuel - London School of Economics (LSE) - 2014
This paper studies how monetary policy should respond to news about an oil discovery, using a workhorse New Keynesian model. Good news about future production can create a recession today under exchange rate pegs and a simple Taylor rule, as seen in practice. This is explained by forward-looking...
Persistent link: https://www.econbiz.de/10011126400