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Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls

Forbes, Kristin; Fratzscher, Marcel; Kostka, Thomas; … - National Bureau of Economic Research (NBER) - 2012

that have substantial exposure to China and decrease allocations to countries viewed as more likely to use capital controls …

Persistent link: https://www.econbiz.de/10011271436

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

Are Capital Controls Prudential? An Empirical Investigation

Rebucci, Alessandro; Fernández, Andrés; Uribe, Martín - National Bureau of Economic Research (NBER) - 2013

A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in a large number of...

Persistent link: https://www.econbiz.de/10010969320

China's Growth, Stability, and Use of International Reserves

Aizenman, Joshua; Marion, Nancy P.; Jinjarak, Yothin - National Bureau of Economic Research (NBER) - 2013

Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a … share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post … relationship between current-account balances and economic variables changed in important ways after the financial crisis. China …

Persistent link: https://www.econbiz.de/10010969460

The Price Impact of Joining a Currency Union: Evidence from Latvia

Cavallo, Alberto Felipe; Neiman, Brent; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2014

Does membership in a currency union matter for a country's international relative prices? The answer to this question is critical for thinking about the implications of joining (or exiting) a common currency area. This paper is the first to use high-frequency good-level data to provide evidence...

Persistent link: https://www.econbiz.de/10010887105

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone

Martin, Philippe; PHILIPPON, Thomas - National Bureau of Economic Research (NBER) - 2014

We provide a comprehensive account of the dynamics of eurozone countries from 2000 to 2012. We analyze private leverage … government spending, and sudden stops. We then ask how eurozone countries would have fared with different policies. We find that …

Persistent link: https://www.econbiz.de/10010951017

Country Size, Currency Unions, and International Asset Returns

Hassan, Tarek Alexander - National Bureau of Economic Research (NBER) - 2012

Differences in real interest rates across developed economies are puzzlingly large and persistent. I propose a simple explanation: Bonds issued in the currencies of larger economies are expensive because they insure against shocks that affect a larger fraction of the world economy. I show that...

Persistent link: https://www.econbiz.de/10011271408

The Macroeconomic Implications of a Key Currency

Canzoneri, Matthew Buford; Cumby, Robert E.; Diba, Behzad T. - National Bureau of Economic Research (NBER) - 2008

What are the macroeconomic consequences of the dominant role of the dollar in the international monetary system? Here, we present a calibrated two country model in which exports are invoiced in the key currency, and government bonds denominated in the key currency are held internationally to...

Persistent link: https://www.econbiz.de/10005248668

Stock Market Liberalizations and the Repricing of Systematic Risk

Chari, Anusha; Henry, Peter Blair - National Bureau of Economic Research (NBER) - 2001

When countries open their stock markets to foreign investors, firms that become eligible for purchase by foreigners (investible) are repriced according to the difference in the covariance of their returns with the local and world market. An investible firm whose return covariance with the local...

Persistent link: https://www.econbiz.de/10005248738

The International Role of the Dollar and Trade Balance Adjustment

Goldberg, Linda S.; Tille, Cédric - National Bureau of Economic Research (NBER) - 2006

The pattern of international trade adjustment is affected by the continuing international role of the dollar and related evidence on exchange rate pass-through into prices. This paper argues that a depreciation of the dollar would have asymmetric effects on flows between the United States and...

Persistent link: https://www.econbiz.de/10005248778

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