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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

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

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

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

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

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

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

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

NBER International Seminar on Macroeconomics 2009

Reichlin, Lucrezia (contributor); … - International Seminar on Macroeconomics <32, 2009, Nikosia> - 2010

NBER International Seminar on Macroeconomics 2009 Edited by Lucrezia Reichlin and Kenneth D. West The University of Chicago Press Chicago and London Contents Abstracts xi Introduction 1 Lucrezia Reichlin and Kenneth D. West Fart I: Financial Crisis 1 Free Flows, Limited...

Persistent link: https://www.econbiz.de/10003937515

Global Capital Allocation

Florez-Orrego, Sergio; Maggiori, Matteo; Schreger, Jesse; … - National Bureau of Economic Research - 2023

We survey the literature on global capital allocation. We begin by reviewing the rise of cross-border investment, the shift towards portfolio investment, and the literature focusing on aggregate patterns in multilateral and bilateral positions. We then turn to the recent literature that uses...

Persistent link: https://www.econbiz.de/10014337832