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investment became substantially weaker after the mid-1990s. The research reported in the current paper suggests that this is true … savings-investment link (i.e., the savings retention coefficient) remains relatively high …The Feldstein-Horioka study of 1980 found that OECD countries with high saving rates had high investment rates and vice …
Persistent link: https://www.econbiz.de/10012466816
We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital both in equity and bond markets. In the last twenty years, China's presence went from raising a negligible amount of capital in these markets to accounting for more than half...
Persistent link: https://www.econbiz.de/10013537759
Foreign investors' changing appetite for risk-taking have been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of UIP premia, capital flows, and exchange rates. To understand how these risk sentiment changes...
Persistent link: https://www.econbiz.de/10013210054
We extend the sudden stops literature by allowing crisis episodes to be caused by either the retreat of global investors, as is assumed but not shown in the extant literature, or the sudden flight of local investors. We find that almost half of the previously defined sudden stops are actually...
Persistent link: https://www.econbiz.de/10012465934
This paper is concerned with integration in the world capital market between the" economies of the core and periphery … likely" implications for future saving, investment, and international capital flows." …
Persistent link: https://www.econbiz.de/10012472511
gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same … have conjectured that financial globalization contributed to the improved performance in the level and predictability of …
Persistent link: https://www.econbiz.de/10012460862
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
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … perspective on the macroeconomic effects of financial globalization, both in terms of growth and volatility. Overall, our critical … benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support …
Persistent link: https://www.econbiz.de/10012466181
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
inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …
Persistent link: https://www.econbiz.de/10012472249