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Diversification, Integration and Emerging Market Closed-End Funds
Bekaert, Geert - 1995
Using an extensive new data set on U.S. and U.K.-traded closed- end funds, we examine the diversification benefits from … emerging equity markets and the extent of their integration with global capital markets. To measure diversification benefits … significant diversification benefits for the U.K. country funds, but not for the U.S. funds. The difference appears to relate to …
Persistent link: https://www.econbiz.de/10012473908
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Diversification through Trade
Caselli, Francesco - 2015
importance of the two mechanisms (sectoral specialization and cross-country diversification) and provide a new answer to the …
Persistent link: https://www.econbiz.de/10012457170
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Globalization and Emerging Markets : With or Without Crash?
Martin, Philippe - 2005
This paper develops a theory of financial crisis based on the demand side of the economy. We analyze the impact of financial and trade globalizations on asset prices, investment and the possibility of self-fulfilling financial crashes. In a two-country model, we show that financial and trade...
Persistent link: https://www.econbiz.de/10012467128
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Financial Globalization and Emerging Markets : With or Without Crash?
Martin, Philippe - 2002
We analyze the impact of financial globalization on asset prices, investment and the possibility of crashes driven by self-fulfilling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level),...
Persistent link: https://www.econbiz.de/10012469420
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Emerging Market Crises : An Asset Markets Perspective
Caballero, Ricardo J. - 1998
Although internal policy mismanagements can be cited in most recent emerging market crises, they seldom account fully for the severity of these crises. The reluctance of international investors to provide the resources that would limit the extent of the reversal almost invariably plays a key...
Persistent link: https://www.econbiz.de/10012471969
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Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
Aizenman, Joshua - 2013
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...
Persistent link: https://www.econbiz.de/10012459214
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Macroprudential Policies in Open Emerging Economies
Hahm, Joon-Ho - 2012
This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also...
Persistent link: https://www.econbiz.de/10012460878
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International Capital Flows under Dispersed Information : Theory and Evidence
Tille, Cédric - 2008
We develop a new theory of international capital flows based on dispersed information across individual investors. There is extensive evidence of information heterogeneity within and across countries, which has proven critical to understanding asset price behavior. We introduce information...
Persistent link: https://www.econbiz.de/10012464257
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Portfolio Choice in a Monetary Open-Economy DSGE Model
Engel, Charles - 2006
stickiness can generate these portfolio differences, depending on the diversification role played by the terms of trade. Returns …
Persistent link: https://www.econbiz.de/10012466454
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International Home Bias in International Finance and Business Cycles
Lewis, Karen K. - 1998
Domestic investors hold a substantially larger proportion of their wealth portfolios in domestic assets than standard portfolio theory would suggest. This phenomenon has been called equity home bias.' In the absence of this home bias, investors would optimally diversify away domestic output...
Persistent link: https://www.econbiz.de/10012472465