Narrow search
Showing 1 - 10 of 866
Cover Image
Accounting for Chinese Trade : Some National and Regional Considerations
Fung, K.C. - 1996
subcontracting. `Illegal' trade between China and Taiwan has been induced by Taiwan's `no direct trade' policy. Illegal trade such as …China's trade has three features: high incidence of re-exports through Hong Kong, high degree of trade related to ….S. data and accounting for re-exports, the U.S.-China trade balance has to be lowered by 35 percent. Foreign investments in …
Persistent link: https://www.econbiz.de/10012473253
Cover Image
Global Natural Rates in the Long Run : Postwar Macro Trends and the Market-Implied r* in 10 Advanced Economies
Davis, Joshua M.; Fuenzalida, Cristian; Huetsch, Leon; … - National Bureau of Economic Research - 2023
Benchmark finance and macroeconomic models appear to deliver conflicting estimates of the natural rate and bond risk premia. This natural rate puzzle applies not only in the U.S. but across many advanced economies. We use a unified no-arbitrage macro- finance model with two trend factors to...
Persistent link: https://www.econbiz.de/10014421212
Cover Image
The US, Economic News, and the Global Financial Cycle
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2023
We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...
Persistent link: https://www.econbiz.de/10014247914
Cover Image
Getting to the Core : Inflation Risks Within and Across Asset Classes
Fang, Xiang; Liu, Yang; Roussanov, Nikolai - National Bureau of Economic Research - 2022
Do "real" assets protect against inflation? Core inflation betas of stocks are negative while energy betas are positive; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are reflected in the prices of inflation risks: only...
Persistent link: https://www.econbiz.de/10013334388
Cover Image
Intermediary Balance Sheets and the Treasury Yield Curve
Du, Wenxin; Hébert, Benjamin; Li, Wenhao - National Bureau of Economic Research - 2022
We document regime change in the U.S. Treasury market post-Global Financial Crisis (GFC): dealers switched from a net short to a net long position in the Treasury market. We first derive bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net...
Persistent link: https://www.econbiz.de/10013334440
Cover Image
Currency Risk Premiums : A Multi-horizon Perspective
Chernov, Mikhail; Dahlquist, Magnus - National Bureau of Economic Research - 2023
We review the literature on multi-horizon currency risk premiums. We show how the multi-horizon implications arise from the classic present-value relationship. We further show how these implications manifest themselves in the interaction between bond and currency risk premiums. This link is...
Persistent link: https://www.econbiz.de/10014322805
Cover Image
When do Treasuries Earn the Convenience Yield? : A Hedging Perspective
Acharya, Viral V.; Laarits, Toomas - National Bureau of Economic Research - 2023
We document that the convenience yield of U.S. Treasuries exhibits properties that are consistent with a hedging perspective of safe assets. The convenience yield tends to be low when the covariance of Treasury returns with the aggregate stock market returns is high. A decomposition of the...
Persistent link: https://www.econbiz.de/10014436994
Cover Image
Quantities and Covered-Interest Parity
Moskowitz, Tobias J.; Ross, Chase P.; Ross, Sharon Y.; … - National Bureau of Economic Research - 2024
Studies of intermediated arbitrage argue that bank balance sheets are an important consideration, yet little evidence exists on banks' positioning in this context. Using confidential supervisory data (covering $25 trillion in daily notional exposures) we examine banks' positions in connection...
Persistent link: https://www.econbiz.de/10014635670
Cover Image
The Golden Revolving Door
Cen, Ling; Cohen, Lauren; Wu, Jing; Zhang, Fan - National Bureau of Economic Research - 2024
Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine war and associated trade …
Persistent link: https://www.econbiz.de/10014576650
Cover Image
China as an International Lender of Last Resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2023
This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt … distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights … into China's growing role in the global financial system. A key finding is that the global swap line network put in place …
Persistent link: https://www.econbiz.de/10014250123