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Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2008
We develop a methodology that intuitively characterizes the choices countries have made with respect to the trilemma during the post Bretton-Woods period. The paper first outlines the new metrics for measuring the degree of exchange rate flexibility, monetary independence, and capital account...
Persistent link: https://www.econbiz.de/10005828848
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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...
Persistent link: https://www.econbiz.de/10008634683
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Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
Feyrer, James; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009
This paper examines the effect of exogenous shocks to savings on world capital markets. Using the exogenous shocks to US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income accounting identities of the US and the rest of the world. We...
Persistent link: https://www.econbiz.de/10005036810
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Financial Globalization, Growth and Volatility in Developing Countries
Prasad, Eswar; Rogoff, Kenneth S; Wei, Shang-Jin; Kose, … - National Bureau of Economic Research (NBER) - 2004
This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on …, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions … and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly …
Persistent link: https://www.econbiz.de/10005085262
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Risky Habits: On Risk Sharing, Habit Formation, and the Interpretation of International Consumption Correlations
Fuhrer, Jeffrey C.; Klein, Michael W. - National Bureau of Economic Research (NBER) - 1998
Standard international economic models with life cycle/permanent income consumption behavior predict that international portfolio diversification leads to high bilateral consumption correlations. Thus international consumption correlations have been empirically estimated as a test of...
Persistent link: https://www.econbiz.de/10005829409
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External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier; Rey, Helene - National Bureau of Economic Research (NBER) - 2013
We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...
Persistent link: https://www.econbiz.de/10010678470
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Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Weidenmier, Marc; Mitchener, Kris James - National Bureau of Economic Research (NBER) - 2009
We test whether fixed exchange rate regimes are ever credible in emerging markets by analyzing the behavior of short-term domestic trade bills across countries during the classical gold standard period, the most widely used hard peg in modern financial history. We exploit the fact that global...
Persistent link: https://www.econbiz.de/10008625939
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G.; Quadrini, Vincenzo - National Bureau of Economic Research (NBER) - 2009
Two observations suggest that financial globalization played an important role in the recent financial crisis. First …
Persistent link: https://www.econbiz.de/10008631071
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Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - National Bureau of Economic Research (NBER) - 2013
This paper is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation of...
Persistent link: https://www.econbiz.de/10010796707
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The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2015
This paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of exported growth, benefiting from learning by doing, and by adopting foreign know-how, supported by a complex...
Persistent link: https://www.econbiz.de/10011165135