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An Asset-Pricing View of External Adjustment
Pavlova, Anna - 2007
Recent evidence on the importance of cross-border equity flows calls for a rethinking of the standard theory of …
Persistent link: https://www.econbiz.de/10012465180
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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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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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NBER International Seminar on Macroeconomics 2009
Reichlin, Lucrezia (contributor);  … - International Seminar on Macroeconomics <32, 2009, Nikosia> - 2010
Persistent link: https://www.econbiz.de/10003937515
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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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International Liquidity Management : Sterilization Policy in Illiquid Financial Markets
Caballero, Ricardo J. - 2000
During the booms that precede crises in emerging economies, policy makers often struggle to limit capital flows and their expansionary consequences. The main policy tool for this task is sterilization - essentially a swap of international reserves for public bonds. However, there is an extensive...
Persistent link: https://www.econbiz.de/10012471010
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International Capital Movements Under Uncertainty
Grossman, Gene M. - 1983
In this paper, we analyze the determinants of international movements of physical capital in a model with uncertainty and international trade in goods and securities.In our model, the world allocation of capital is governed, to some extent, by the asset preferences of risk averse...
Persistent link: https://www.econbiz.de/10012478028
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela L. - 2008
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10012464398