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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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Globalization and Capital Markets
Obstfeld, Maurice - 2002
The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them. This paper is devoted to documenting these vicissitudes quantitatively and explaining them....
Persistent link: https://www.econbiz.de/10012469869
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Global Imbalances and the Lessons of Bretton Woods
Eichengreen, Barry - 2004
interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …
Persistent link: https://www.econbiz.de/10012468196
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Does the Current Account Still Matter?
Obstfeld, Maurice - 2012
Do global current account imbalances still matter in a world of deep international financial markets where gross two …" view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also …
Persistent link: https://www.econbiz.de/10012460782
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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
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 … concentrated in bonds. As integration progresses and households gain access to world equity markets, the size and volatility of …
Persistent link: https://www.econbiz.de/10012466971
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Market Integration and Contagion
Bekaert, Geert - 2003
to providing new insights on contagion during crisis periods, we document patterns through time in world and regional …
Persistent link: https://www.econbiz.de/10012469193
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Time-Varying World Market Integration
Bekaert, Geert - 1994
-switching model, allows us to describe expected returns in countries that are segmented from world capital markets in one part of the …
Persistent link: https://www.econbiz.de/10012474072
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Dilemma not Trilemma : The Global Financial Cycle and Monetary Policy Independence
Rey, Hélène - 2015
For the past few decades, international macroeconomics has postulated the "trilemma": with free capital mobility, independent monetary policies are feasible if and only if exchange rates are floating. The global financial cycle transforms the trilemma into a "dilemma" or an "irreconcilable duo":...
Persistent link: https://www.econbiz.de/10012457505
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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