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Financial Globalization and Real Regionalization
Heathcote, Jonathan - 2002
Over the period 1972-1986, the correlations of GDP, employment and investment between the United States and an aggregate of Europe, Canada and Japan were respectively 0.76, 0.66, and 0.63. For the period 1986 to 2000 the same correlations were much lower: 0.26, 0.03 and -0.07 (real...
Persistent link: https://www.econbiz.de/10012469415
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The Comovement of Returns and Investment Within the Multinational Firm
Desai, Mihir A. - 2004
Can financial integration, particularly the cross-border investments of multinational firms, help explain the synchronization of business cycles? This paper presents evidence on the comovement of returns and investment within U.S. multinational firms to address this question. These firms...
Persistent link: https://www.econbiz.de/10012467905
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Modeling the Impact of Warming in Climate Change Economics
Pindyck, Robert S. - 2010
and consumption. Most integrated assessment models (IAMs) relate temperature to the level of real GDP and consumption, but … uncertainty over future temperature change and its impact? I address these questions by estimating the fraction of consumption …
Persistent link: https://www.econbiz.de/10012462960
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Leverage Constraints and the International Transmission of Shocks
Devereux, Michael B. - 2010
Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent...
Persistent link: https://www.econbiz.de/10012462429
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International Business Cycle Synchronization in Historical Perspective
Bordo, Michael D. - 2010
evidence for the past 20 or 30 years and which has produced mixed results. We then examine the role of global shocks and shock …
Persistent link: https://www.econbiz.de/10012462553
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Have National Business Cycles Become More Synchronized?
Bordo, Michael D. - 2003
In this paper, we document evidence on the synchronization of business cycles across 16 countries over the past century and a quarter, demarcated into four exchange rate regimes. We find using three different methodologies that there is a secular trend towards increased synchronization for much...
Persistent link: https://www.econbiz.de/10012468564
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Trade Linkages and Output-Multiplier Effects : A Structural VAR Approach with a Focus on Asia
Abeysinghe, Tilak - 2001
This paper develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries …. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …
Persistent link: https://www.econbiz.de/10012470116
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Heterogeneous Global Booms and Busts
Farboodi, Maryam; Kondor, Péter - National Bureau of Economic Research - 2021
periphery countries in booms, with larger credit and output growth in periphery countries. However, a common global shock that …
Persistent link: https://www.econbiz.de/10012533383
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Business Cycles and the Asset Structure of Foreign Trade
Baxter, Marianne - 1994
business cycles, since these govern the extent to which individuals can smooth consumption in the presence of country …
Persistent link: https://www.econbiz.de/10012473924
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Cyclical Dispersion in Expected Defaults
Gomes, João F. - 2017
A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed various explanations, the economic mechanism behind these results remains an open question. In this paper, we show that a simple, frictionless, model explains empirical findings...
Persistent link: https://www.econbiz.de/10012454978