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Hoarding for Stormy Days - Test of International Reserves Providing Financial Buffer Services
Aizenman, Joshua - 2019
reserves and applies it to 8 of the largest Emerging Markets (BRICS, Indonesia, Mexico, Turkey) during 2000-2019. The efficient …
Persistent link: https://www.econbiz.de/10012479858
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Domestic and Multilateral Effects of Capital Controls in Emerging Markets
Pasricha, Gurnain - 2015
Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new insights into the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase...
Persistent link: https://www.econbiz.de/10012457844
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Peso Problems, Bubbles, and Risk in the Empirical Assessment of Exchange-Rate Behavior
Obstfeld, Maurice - 1987
forecast errors, along with possible directional misprediction by the forward premium. The implications of bubbles for tests of … forward-rate predictive efficiency are discussed next. It is argued that the existence of bubbles is extremely difficult (if … between spot and forward exchange rates, it seems unlikely that there bubbles have been an important factor. Finally, the …
Persistent link: https://www.econbiz.de/10012476866
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Rational Inflationary Bubbles
Diba, Behzad T. - 1986
This paper analyzes the possible inception of rational inflationary bubbles under the assumption that the empirically … relevant environment precludes the existence of rational deflationary bubbles. The analysis shows that if a rational … bubbles also apply to rational exchange-rate bubbles …
Persistent link: https://www.econbiz.de/10012477067
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The Dollar as Speculative Bubble : A Tale of Fundamentalists and Chartists
Frankel, Jeffrey A. - 1986
Several recent developments have inspired us to consider a non-standard model of the dollar as a speculative bubble without the constraint of fully rational expectations: (1) the dollar continued to rise in 1984 after real interest rate differentials and other fundamentals began moving the wrong...
Persistent link: https://www.econbiz.de/10012477222
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Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market
Frankel, Jeffrey A. - 1990
The paper presents new empirical results that elucidate the dynamics of the foreign exchange market. The first half of the paper is an updated study of the exchange rate expectations held by market participants, as reflected in responses to surveys, and contains the following conclusions. First,...
Persistent link: https://www.econbiz.de/10012475557
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Rational Speculative Bubbles in an Exchange Rate Target Zone
Buiter, Willem H. - 1990
rational bubbles does not occur in the foreign exchange market. In this paper we consider instead a setup in which the … the presence of bubbles is viable if the Central Bank accommodates speculative attacks when the latter are consistent with …
Persistent link: https://www.econbiz.de/10012475560
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Selection-Neglect in the NFT Bubble
Huang, Dong; Goetzmann, William N. - National Bureau of Economic Research - 2023
Using transaction data from a large non-fungible token (NFT) trading platform, this paper examines how the behavioral bias of selection-neglect interacts with extrapolative beliefs, accelerating the boom and delaying the crash in the recent NFT bubble. We show that the price-volume relationship...
Persistent link: https://www.econbiz.de/10014322885
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Procyclical Stocks Earn Higher Returns
Goetzmann, William N.; Watanabe, Akiko; Watanabe, Masahiro - National Bureau of Economic Research - 2024
We find that procyclical stocks, whose returns comove with business cycles, earn higher average returns than countercyclical stocks. We use almost a three-quarter century of real GDP growth expectations from economists' surveys to determine forecasted economic states. This approach largely...
Persistent link: https://www.econbiz.de/10014544787
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Corporate Social Responsibility
Hong, Harrison G.; Shore, Edward P. - National Bureau of Economic Research - 2022
Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...
Persistent link: https://www.econbiz.de/10013477263