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International Financial Remoteness and Macroeconomic Volatility
Rose, Andrew K. - 2008
This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In particular, we show that countries that are further from major locations of international financial activity systematically experience more volatile growth rates in both output...
Persistent link: https://www.econbiz.de/10012464312
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Volatility in International Financial Market Issuance : The Role of the Financial Center
Cipriani, Marco - 2006
We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial integration has not made financial markets more...
Persistent link: https://www.econbiz.de/10012466075
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Why Global and Local Solutions of Open-Economy Models with Incomplete Markets Differ and Why it Matters
De Groot, Oliver; Durdu, Ceyhun Bora; Mendoza, Enrique G. - National Bureau of Economic Research - 2023
Global and local methods used to study open-economy incomplete-markets models yield different cyclical moments, impulse responses, spectral densities and precautionary savings. Endowment and RBC model solutions obtained with first-order, higher-order, and risky-steady-state local methods are...
Persistent link: https://www.econbiz.de/10014337778
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Monetary Policy in the Capitals of Capital
Gerko, Elena - 2017
The importance of financial markets and international capital flows have increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom....
Persistent link: https://www.econbiz.de/10012455031
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The Impact of Brexit on Foreign Investment and Production
McGrattan, Ellen R. - 2017
Kingdom from the European Union (popularly known as Brexit). Our predictions are based on simulations of a multicountry … intangible capital that is used nonrivalrously by their subsidiaries at home and abroad. We analyze several post-Brexit scenarios …
Persistent link: https://www.econbiz.de/10012455464
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The Impacts of Crises on the Trilemma Configurations
Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022
The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...
Persistent link: https://www.econbiz.de/10013362059
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Globalisation, Pass-through and the Optimal Policy Response to Exchange Rates
Devereux, Michael B. - 2014
Most central banks in Asia have actively used sterilised foreign exchange intervention as a policy tool to smooth … Asia is decreasing …
Persistent link: https://www.econbiz.de/10012458414
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Bond Markets as Conduits for Capital Flows : How Does Asia Compare?
Eichengreen, Barry - 2006
of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base … head and shoulders above other regions in terms of financial integration. More interesting is that Asia already seems to …, and greater transparency that lead to larger and better developed financial systems in Asia, something that is conducive …
Persistent link: https://www.econbiz.de/10012466257
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High Frequency Contagion of Currency Crises in Asia
Ito, Takatoshi - 2002
Using daily data during the period of Asian Currency Crises, this paper examines high-frequency contagion effects among Asian six countries. By identifying the origin' (of exchange rate depreciation, or decline in stock prices) and the affected' (currencies, or stock prices) in spillover...
Persistent link: https://www.econbiz.de/10012469327
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The Political Economy of Geoeconomic Power
Clayton, Christopher; Maggiori, Matteo; Schreger, Jesse - National Bureau of Economic Research - 2025
Great powers are increasingly using their economic and financial strength for geopolitical aims. This rise of "geoeconomics" has the potential to reshape the international trade and financial system. This paper examines the role of domestic political economy forces in determining a government's...
Persistent link: https://www.econbiz.de/10015194998