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Current Account Fact and Fiction
Backus, David; Henriksen, Espen; Lambert, Frederic; … - National Bureau of Economic Research (NBER) - 2009
features of the world at present are the low rates of investment and growth in some of the richest countries, whose surpluses …
Persistent link: https://www.econbiz.de/10008614663
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Public and Private Saving and the Long Shadow of Macroeconomic Shocks
Aizenman, Joshua; Noy, Ilan - National Bureau of Economic Research (NBER) - 2013
The global crisis of 2008-9 and the ongoing Euro crisis raise many questions regarding the long-term response to crises. We know that households that lost access to credit, for example, were forced to adjust and increase saving. But, will households remain bigger savers than they would have been...
Persistent link: https://www.econbiz.de/10010796550
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The Effects of the Saving and Banking Glut on the U.S. Economy
Primiceri, Giorgio; Tambalotti, Andrea; Justiniano, … - National Bureau of Economic Research (NBER) - 2013
We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...
Persistent link: https://www.econbiz.de/10010969208
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Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
Horioka, Charles Yuji; Hagiwara, Akiko Terada-; Nomoto, … - National Bureau of Economic Research (NBER) - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010951434
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Financial Integration, Financial Deepness and Global Imbalances
Mendoza, Enrique G.; Quadrini, Vincenzo; Ríos-Rull, … - National Bureau of Economic Research (NBER) - 2007
Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show …
Persistent link: https://www.econbiz.de/10005774458
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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
deficits and increases in investment in other countries in the world. We cannot reject that the shock is uniformly transmitted …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 …
Persistent link: https://www.econbiz.de/10005036810
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The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap
Dooley, Michael; Garber, Peter M.; Folkerts-Landau, David - National Bureau of Economic Research (NBER) - 2004
We argue that a chronic US current account deficit is an integral and sustainable feature of a successful international monetary system. The US deficit supplies international collateral to the periphery. International collateral in turn supports two-way trade in financial assets that liberates...
Persistent link: https://www.econbiz.de/10005828411
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Common Fundamentals in the Tequila and Asian Crises
Tornell, Aaron - National Bureau of Economic Research (NBER) - 1999
The cross-country variation in the severity of the crisis was largely determined by three fundamentals: the strength of the banking system, the real appreciation, and the international liquidity of the country. We also find that the rule that links fundamentals to the crisis severity has been...
Persistent link: https://www.econbiz.de/10005828503
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The Two Crises of International Economics
Dooley, Michael; Garber, Peter M.; Folkerts-Landau, David - National Bureau of Economic Research (NBER) - 2007
In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the …
Persistent link: https://www.econbiz.de/10005828567
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Globalization, Growth and Crises: The View from Latin America
Edwards, Sebastian - National Bureau of Economic Research (NBER) - 2008
crises have been more costly in Latin America than in the rest of the world. I also find that the cost of external crises has …
Persistent link: https://www.econbiz.de/10005828606