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Tracing the International Transmission of a Crisis Through Multinational Firms

Biermann, Marcus; Huber, Kilian - National Bureau of Economic Research - 2023

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...

Persistent link: https://www.econbiz.de/10014247983

Internationalizing Like China

Clayton, Christopher; Santos, Amanda dos; Maggiori, Matteo - National Bureau of Economic Research - 2022

We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of...

Persistent link: https://www.econbiz.de/10013361990

Chronicle of a Dollarization Foretold : Inflation and Exchange Rates Dynamics

Caravello, Tomás E.; Martinez-Bruera, Pedro; Werning, Iván - National Bureau of Economic Research - 2023

We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date …, in a simple open-economy model. Motivated by the profile of countries considering dollarization we make the following …, without dollarization monetary policy finances a deficit via seignorage. We focus on the pre-dollarization period. Our results …

Persistent link: https://www.econbiz.de/10014421188

The Great Exchange Rate Debate After Argentina

Edwards, Sebastian - 2002

of economic performance under strict dollarization. And (3), I analyze emerging countries' experiences with flexible …

Persistent link: https://www.econbiz.de/10012469452

Limiting Currency Volatility to Stimulate Goods Market Integration : A Price Based Approach

Parsley, David C. - 2001

This paper empirically studies the effect of instrumental and institutional stabilization of the exchange rate on the integration of goods markets. An instrumental stabilization of the exchange rate is accomplished through intervention in the foreign exchange market, or by monetary policies. An...

Persistent link: https://www.econbiz.de/10012470250

Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effect

Fernández-Villaverde, Jesús; Mineyama, Tomohide; … - National Bureau of Economic Research - 2024

After decades of rising global economic integration, the world economy is now fragmenting. To measure this phenomenon, we introduce an index of geopolitical fragmentation derived from various empirical indicators. This index is developed using a flexible dynamic factor model with time-varying...

Persistent link: https://www.econbiz.de/10014576667

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...

Persistent link: https://www.econbiz.de/10014250123

International Diversification, Reallocation, and the Labor Share

David, Joel M.; Rancière, Romain; Zeke, David - National Bureau of Economic Research - 2023

How does growing international financial diversification affect firm-level and aggregate labor shares? We study this question using a novel framework of firm labor choice in the face of aggregate risk. The theory implies a cross-section of labor risk premia and labor shares that appear as...

Persistent link: https://www.econbiz.de/10014250185

Dollar Reserves and U.S. Yields : Identifying the Price Impact of Official Flows

Ahmed, Rashad; Rebucci, Alessandro - National Bureau of Economic Research - 2022

This paper shows that the price impact of foreign official (FO) purchases or sales of U.S. Treasuries (USTs) is about twice as large as previously reported in the literature once critical sources of endogeneity are addressed. We also show that prevailing estimates of this price impact suffer...

Persistent link: https://www.econbiz.de/10013388832

An 'Austrian' Model of Global Value Chains

Antràs, Pol - National Bureau of Economic Research - 2023

I develop a stylized model of multi-stage production in which the time length of each stage is endogenously determined. Letting the production process mature for a longer period of time increases labor productivity, but it comes at the cost of higher working capital needs for firms. Under...

Persistent link: https://www.econbiz.de/10013537793

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