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This paper uses micro-level data on mutual funds from different financial centers investing in equity and bonds to study how investors and managers behave and transmit shocks across countries. The paper finds that the volatility of mutual fund investments is driven quantitatively by both the...
Persistent link: https://www.econbiz.de/10012461300
-dimensional connections between globalization and innovation. We develop a model that features many of those mechanisms that connect trade and …
Persistent link: https://www.econbiz.de/10012794638
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10012479322
valuation gap for firms from developed markets increases by 31% after the GFC - a reversal in financial globalization - while …
Persistent link: https://www.econbiz.de/10012481979
. Financial globalization gathered force. Trade globalization, however, reversed course since the Global Financial Crisis. The new … financial globalization …
Persistent link: https://www.econbiz.de/10012482149
. The paper provides an overview of the new globalization trends in the world and in Israel, with emphasis on the role of …Post WWII globalization forces are facing headwinds in the form of global crises-the "The Great Recession" and the "The … Pandemic Recession". Israel's trade and financial globalization, however, is steadily rising. The pandemic-induced slump in …
Persistent link: https://www.econbiz.de/10012482557
The global imbalance explanation of the financial crisis of 2007-09 suggests that demand for riskless assets from countries with current account surpluses created fragility in countries with current account deficits, most notably, in the United States. We examine this explanation by analyzing...
Persistent link: https://www.econbiz.de/10012462576
Economists devote too much attention to international flows of goods and services and not enough to international flows of ideas. Traditional trade flows are an imperfect substitute for flows of the underlying ideas. The simplest textbook trade model shows that a welfare-enhancing move toward...
Persistent link: https://www.econbiz.de/10012462900
Two observations suggest that financial globalization played an important role in the recent financial crisis. First … large asset price spillovers of country-specific shocks to bank capital. The impact of these shocks on asset prices are … amplified by bank capital requirements based on mark-to-market …
Persistent link: https://www.econbiz.de/10012463217
Globalization has made it possible for labor in developing countries to augment labor in the developed world, without … world's effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability …
Persistent link: https://www.econbiz.de/10012463245