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International Capital Flows, Returns and World Financial Integration
Evans, Martin D. D. - 2005
International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and debt markets. Such developments are often attributed to the increased integration of world financial markets. We present a model that allows us to examine how...
Persistent link: https://www.econbiz.de/10012466971
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Firing Costs, Misallocation, and Aggregate Productivity
Da-Rocha, José-María - 2016
We assess the quantitative impact of firing costs on aggregate total factor productivity (TFP) in a dynamic general …-equilibrium framework where the distribution of establishment-level productivity is not invariant to the policy. Firing costs not only … losses. Firing costs equivalent to 5 year's wages imply a drop in TFP of more than 20 percent. Factor misallocation accounts …
Persistent link: https://www.econbiz.de/10012455672
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Can Capital Mobility be Destabilizing?
Meng, Qinglai - 1999
In a standard two-sector neoclassical model with distortions, capital mobility can render the steady state indeterminate, in the sense that there exist infinitely many convergent paths. In the closed economy with no international capital mobility, the utility function must be linear or close to...
Persistent link: https://www.econbiz.de/10012471527
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International Capital Flows under Dispersed Information : Theory and Evidence
Tille, Cédric - 2008
We develop a new theory of international capital flows based on dispersed information across individual investors …
Persistent link: https://www.econbiz.de/10012464257
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A Quantitative Analysis of Tax Competition v. Tax Coordination under Perfect Capital Mobility
Mendoza, Enrique G. - 2003
Theory predicts that strategically-determined tax rates induce negative externalities across countries in relative …
Persistent link: https://www.econbiz.de/10012468952
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Country Portfolios in Open Economy Macro Models
Devereux, Michael B. - 2008
This paper develops a simple approximation method for computing equilibrium portfolios in dynamic general equilibrium open economy macro models. The method is widely applicable, simple to implement, and gives analytical solutions for equilibrium portfolio positions in any combination or types of...
Persistent link: https://www.econbiz.de/10012464274
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Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization
Obstfeld, Maurice - 1984
This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...
Persistent link: https://www.econbiz.de/10012477560
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Tests of Three Parity Conditions : Distinguishing Risk Premia and Systematic Forecast Errors
Marston, Richard C. - 1994
Two explanations are given for why nominal or real returns differ across currencies: foreign exchange risk premia and systematic (rational) forecast errors. This study reexamines three parity conditions in international finance, uncovered interest parity, purchasing power parity, and real...
Persistent link: https://www.econbiz.de/10012473981
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On the Gains to International Trade in Risky Financial Assets
Davis, Steven J. - 2000
This paper develops and implements a framework for quantifying the gains to international trade in risky financial assets. The framework can handle may agents, many assets, incomplete markets and limited participation in asset markets. It delivers closed-form analytic solutions for consumption,...
Persistent link: https://www.econbiz.de/10012470954
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Emerging Market Crises : An Asset Markets Perspective
Caballero, Ricardo J. - 1998
Although internal policy mismanagements can be cited in most recent emerging market crises, they seldom account fully for the severity of these crises. The reluctance of international investors to provide the resources that would limit the extent of the reversal almost invariably plays a key...
Persistent link: https://www.econbiz.de/10012471969