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A Theory of the Global Financial Cycle
Davis, Scott; Van Wincoop, Eric - National Bureau of Economic Research - 2021
We develop a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle (GFC). The multi-country model features global risk-aversion shocks and heterogeneity of investors both within and across countries. Within-country...
Persistent link: https://www.econbiz.de/10012629437
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Lessons Unlearned? Corporate Debt in Emerging Markets
Alfaro, Laura - 2017
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...
Persistent link: https://www.econbiz.de/10012455274
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Corporate Debt Structure and the Financial Crisis
De Fiore, Fiorella - 2014
We present a DSGE model where firms optimally choose among alternative instruments of external finance. The model is used to explain the evolving composition of corporate debt during the financial crisis of 2008-09, namely the observed shift from bank finance to bond finance, at a time when the...
Persistent link: https://www.econbiz.de/10012457936
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A Model of Secular Stagnation
Eggertsson, Gauti B. - 2014
We propose an overlapping generations New Keynesian model in which a permanent (or very persistent) slump is possible without any self-correcting force to full employment. The trigger for the slump is a deleveraging shock, which creates an oversupply of savings. Other forces that work in the...
Persistent link: https://www.econbiz.de/10012458091
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Global Macro-Financial Cycles and Spillovers
Ha, Jongrim - 2020
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10012479322
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Is Financial Globalization in Reverse After the 2008 Global Financial Crisis? Evidence from Corporate Valuations
Doidge, Craig - 2020
valuation gap for firms from developed markets increases by 31% after the GFC - a reversal in financial globalization - while …
Persistent link: https://www.econbiz.de/10012481979
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De-globalization : Driven by Global Crises?
Razin, Assaf - 2020
. Financial globalization gathered force. Trade globalization, however, reversed course since the Global Financial Crisis. The new … financial globalization …
Persistent link: https://www.econbiz.de/10012482149
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Globalization and Global Crises : Rest of the World vs. Israel
Razin, Asaf - National Bureau of Economic Research - 2021
. The paper provides an overview of the new globalization trends in the world and in Israel, with emphasis on the role of …Post WWII globalization forces are facing headwinds in the form of global crises-the "The Great Recession" and the "The … Pandemic Recession". Israel's trade and financial globalization, however, is steadily rising. The pandemic-induced slump in …
Persistent link: https://www.econbiz.de/10012482557
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Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
Acharya, Viral V. - 2010
The global imbalance explanation of the financial crisis of 2007-09 suggests that demand for riskless assets from countries with current account surpluses created fragility in countries with current account deficits, most notably, in the United States. We examine this explanation by analyzing...
Persistent link: https://www.econbiz.de/10012462576
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G. - 2009
Two observations suggest that financial globalization played an important role in the recent financial crisis. First …
Persistent link: https://www.econbiz.de/10012463217