Showing 1 - 6 of 6
We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in...
Persistent link: https://www.econbiz.de/10012462310
A major focus of the recent literature on the determination of optimal portfolios in open-economy macroeconomic models has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the...
Persistent link: https://www.econbiz.de/10012463739
the world. In this paper, we show that a small set of fundamentals--shifts in relative output levels, the stock of public …
Persistent link: https://www.econbiz.de/10012470354
Research on the geographical distribution of international portfolios has mainly focused on data aggregated to the country level. We exploit newly-available data that disaggregates the holders and issuers of international securities along sectoral lines. We find that patterns evident in the...
Persistent link: https://www.econbiz.de/10012456211
We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal...
Persistent link: https://www.econbiz.de/10012457846
imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this …
Persistent link: https://www.econbiz.de/10012461306