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History, Gravity and International Finance

Chițu, Livia - 2013

We analyze patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a "history effect" in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors' foreign...

Persistent link: https://www.econbiz.de/10012459968

Bond Markets as Conduits for Capital Flows : How Does Asia Compare?

Eichengreen, Barry - 2006

have made some progress on this front compared to Latin America and other parts of the world. The contrast with Latin …

Persistent link: https://www.econbiz.de/10012466257

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets

Chitu, Livia - 2012

This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...

Persistent link: https://www.econbiz.de/10012460562

Is Globalization Today Really Different than Globalization a Hunderd Years Ago?

Bordo, Michael D. - 1999

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

Persistent link: https://www.econbiz.de/10012471593

Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?

Eichengreen, Barry - 2008

Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...

Persistent link: https://www.econbiz.de/10012464545

Global Imbalances and the Lessons of Bretton Woods

Eichengreen, Barry - 2004

interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …

Persistent link: https://www.econbiz.de/10012468196

Crises Now and Then : What Lessons from the Last Era of Financial Globalization

Eichengreen, Barry - 2002

international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …

Persistent link: https://www.econbiz.de/10012469999

Was There Really an Earlier Period of International Financial Integration Comparable to Today?

Bordo, Michael D. - 1998

In this paper we reconsider the international market integration, starting at high levels in the late nineteenth century, collapsing between the wars, and recovering gradually after 1945 to reach levels comparable to pre-1914 in the 1990's. The empirical evidence we survey suggests that in some...

Persistent link: https://www.econbiz.de/10012472076

The External Impact of China's Exchange Rate Policy : Evidence from Firm Level Data

Eichengreen, Barry - 2011

We examine the impact of renminbi revaluation on firm valuations, considering two surprise announcements of changes in China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive effect on firms exporting to China but little...

Persistent link: https://www.econbiz.de/10012461061

Global Business Cycles and Credit Risk

Pesaran, M. Hashem - 2005

risk factors. Using a global vector autoregressive macroeconomic model accounting for about 80% of world output, we propose …

Persistent link: https://www.econbiz.de/10012467187