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Risk and Global Economic Architecture : Why Full Financial Integration May Be Undesirable
Stiglitz, Joseph E. - 2010
simplistic models arguing for financial integration typically employed in economics assume convexity; but the world is rife with …
Persistent link: https://www.econbiz.de/10012462933
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Financial Integration and Liquidity Crises
Castiglionesi, Fabio - 2017
allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a world interbank market. We … second-best world, financial integration can increase the welfare benefits of liquidity requirements …
Persistent link: https://www.econbiz.de/10012455322
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Financial Integration, Entrepreneurial Risk and Global Imbalances
Angeletos, George-Marios - 2011
How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? We investigate this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk-- a risk that...
Persistent link: https://www.econbiz.de/10012461896
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Thresholds in the Process of International Financial Integration
Kose, M. Ayhan - 2009
identifiable thresholds in variables such as financial depth and institutional quality -- the cost-benefit trade-off from financial …
Persistent link: https://www.econbiz.de/10012463732
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Financial Integration, Financial Deepness and Global Imbalances
Mendoza, Enrique G. - 2007
Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show …
Persistent link: https://www.econbiz.de/10012465747
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Globalization and Capital Markets
Obstfeld, Maurice - 2002
these vicissitudes quantitatively and explaining them. Economic theory and economic history together can provide useful …
Persistent link: https://www.econbiz.de/10012469869
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The Portuguese Slump and Crash and the Euro Crisis
Reis, Ricardo - 2013
Between 2000 and 2012, the Portuguese economy grew less than the United States during the Great Depression and less than Japan during its lost decade. This paper asks why this happened, with a particular focus on the slump between 2000 and 2007. It describes the main facts of Portugal's recent...
Persistent link: https://www.econbiz.de/10012459373
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How Big are the Gains from International Financial Integration?
Hoxha, Indrit - 2009
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10012464013
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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
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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 greater integration in world financial markets affects the behavior …
Persistent link: https://www.econbiz.de/10012466971