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Gancia, Gino - 2016

The first wave of globalization (1830-1914) witnessed a decline in the number of countries from 125 to 54. Political consolidation was often achieved through war and conquest. The second wave of globalization (1950-present) has led instead to an increase in the number of countries to a record...

Persistent link: https://www.econbiz.de/10012456628

Arbitrage Capital of Global Banks

Anderson, Alyssa G.; Du, Wenxin; Schlusche, Bernd - National Bureau of Economic Research - 2021

We show that the role of unsecured, short-term wholesale funding for global banks has changed significantly in the post-financial-crisis regulatory environment. Global banks mainly use such funding to finance liquid, near risk-free arbitrage positions--in particular, the interest on excess...

Persistent link: https://www.econbiz.de/10012510537

The Rest of the World's Dollar-Weighted Return on U.S. Treasurys

Jiang, Zhengyang; Krishnamurthy, Arvind; Lustig, Hanno - National Bureau of Economic Research - 2022

Since 1980, foreign investors have timed their purchases and sales of U.S. Treasurys to yield particularly low returns. Their annual dollar-weighted returns, measured by IRRs, are around 3% lower than a buy-and-hold strategy over the same horizon. In comparison, the IRRs achieved by domestic...

Persistent link: https://www.econbiz.de/10013210117

On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012479979

U.S. Monetary Policy and International Risk Spillovers

Kalemli-Özcan, Ṣebnem - 2019

I show that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies. The monetary policy of the U.S. affects domestic credit costs in other countries through its effect on global investors' risk perceptions. Capital flows in and out...

Persistent link: https://www.econbiz.de/10012480242

The Imbalances of the Bretton Woods System 1965 to 1973 : U.S. Inflation, The Elephant in the Room

Bordo, Michael D. - 2018

the rest of the world rather than focusing on issues with U.S. monetary and fiscal policies. In addition, at the urging of …

Persistent link: https://www.econbiz.de/10012481056

U.S. Banks and Global Liquidity

Correa, Ricardo - 2020

We characterize how U.S. global systemically important banks (GSIBs) supply short-term dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial Crisis regulatory environment and serve as the "lenders-of-second-to-last-resort". Using daily supervisory bank balance...

Persistent link: https://www.econbiz.de/10012481346

Capital Structure with Risky Foreign Investment

Desai, Mihir A. - 2006

American multinational firms respond to politically risky environments by adjusting their capital structures abroad and … affiliates of the same parent companies. American firms further limit their equity exposures in politically risky countries by …

Persistent link: https://www.econbiz.de/10012466392

Foreign Direct Investment in a World of Multiple Taxes

Desai, Mihir A. - 2001

character of foreign direct investment by American multinational firms. Indirect tax burdens significantly exceed foreign income … to be partly attributable to the inability of American investors to claim foreign tax credits for indirect tax payments …. Estimates imply that 10 percent higher indirect tax rates are associated with 9.2 percent lower reported income of American …

Persistent link: https://www.econbiz.de/10012470279

Stock Market Spillovers via the Global Production Network : Transmission of U.S. Monetary Policy

Di Giovanni, Julian; Hale, Galina - National Bureau of Economic Research - 2021

We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks to stock returns across countries and sectors using a newly constructed dataset. Our estimation strategy is based on a standard open-economy production network model that delivers a...

Persistent link: https://www.econbiz.de/10012533376

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