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International Liquidity and Exchange Rate Dynamics

Gabaix, Xavier; Maggiori, Matteo - National Bureau of Economic Research (NBER) - 2014

We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets … their required compensation for holding currency risk, thus impacting both the level and volatility of exchange rates. Our … theory of exchange rate determination in imperfect financial markets not only helps to rationalize the empirical disconnect …

Persistent link: https://www.econbiz.de/10011196774

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

Broner, Fernando; Erce, Aitor; Martin, Alberto; … - National Bureau of Economic Research (NBER) - 2013

these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …

Persistent link: https://www.econbiz.de/10010821965

Capital Controls and Recovery from the Financial Crisis of the 1930s

Mitchener, Kris James; Wandschneider, Kirsten - National Bureau of Economic Research (NBER) - 2014

We examine the first widespread use of capital controls in response to a global or regional financial crisis. In particular, we analyze whether capital controls mitigated capital flight in the 1930s and assess their causal effects on macroeconomic recovery from the Great Depression. We find...

Persistent link: https://www.econbiz.de/10010782173

The Valuation Channel of External Adjustment

Ghironi, Fabio; Lee, Jaewoo; Rebucci, Alessandro - National Bureau of Economic Research (NBER) - 2007

equilibrium model with international equity trading in incomplete asset markets. We show that the risk-sharing properties of … goods, and the persistence of shocks. Finally, moving from less to more international financial integration, risk sharing …

Persistent link: https://www.econbiz.de/10005710332

Macroeconomic Volatility and External Imbalances

Fogli, Alessandra; Perri, Fabrizio - National Bureau of Economic Research (NBER) - 2015

part channeled into foreign assets. We conclude that both data and theory suggest uncertainty/volatility is an important …

Persistent link: https://www.econbiz.de/10011133517

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

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Aizenman, Joshua; Pasricha, Gurnain; Falagiarda, Matteo; … - National Bureau of Economic Research (NBER) - 2015

Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and spillover effects of capital controls before and after the global financial crisis....

Persistent link: https://www.econbiz.de/10011119802

News Shocks in Open Economies: Evidence from Giant Oil Discoveries

Ramey, Valerie Ann; Arezki, Rabah; Sheng, Liugang - National Bureau of Economic Research (NBER) - 2015

This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output–the delay between a discovery and production is on average 4 to 6 years. We first...

Persistent link: https://www.econbiz.de/10011123640

Debt Deleveraging and The Exchange Rate

Benigno, Pierpaolo; Romei, Federica - National Bureau of Economic Research (NBER) - 2012

fall by more than in the rest of the world. Bounds and policies that constrain the adjustment can prolong and deepen the …

Persistent link: https://www.econbiz.de/10011188544

Macroeconomic Performance During Commodity Price Booms and Busts

Cespedes, Luis Felipe; Velasco, Andrés - National Bureau of Economic Research (NBER) - 2012

Fluctuations in commodity prices are often associated with macroeconomic volatility. But not all nations are created equal in this regard. The macro response to commodity booms and busts depends both on the structural characteristics of the economy and on the policy framework that is in place....

Persistent link: https://www.econbiz.de/10010821729