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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
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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-crisis suggests a structural change. Panel regressions for a...
Persistent link: https://www.econbiz.de/10010969460
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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
analyze the prices of thousands of differentiated goods sold by Zara, the world's largest clothing retailer. Price dispersion …
Persistent link: https://www.econbiz.de/10010887105
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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, fiscal policy, labor costs and interest rates and we propose a strategy to separate the impact of credit cycles, excessive government spending, and sudden stops. We then ask...
Persistent link: https://www.econbiz.de/10010951017
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Country Size, Currency Unions, and International Asset Returns
Hassan, Tarek Alexander - National Bureau of Economic Research (NBER) - 2012
larger fraction of the world economy. I show that differences in the size of economies indeed explain a large fraction of the …
Persistent link: https://www.econbiz.de/10011271408
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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
We use changes in Brazil's tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil's tax on foreign...
Persistent link: https://www.econbiz.de/10011271436
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The Macroeconomic Implications of a Key Currency
Canzoneri, Matthew Buford; Cumby, Robert E.; Diba, Behzad T. - National Bureau of Economic Research (NBER) - 2008
emanating from the key currency country do more to destabilize the world economy than equal sized shocks coming from the other …
Persistent link: https://www.econbiz.de/10005248668
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Stock Market Liberalizations and the Repricing of Systematic Risk
Chari, Anusha; Henry, Peter Blair - National Bureau of Economic Research (NBER) - 2001
(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 market exceeds that with the world market by 0.01 will experience a firm … no significant relationship to differences in local and world covariances. These findings suggest that the CAPM has …
Persistent link: https://www.econbiz.de/10005248738
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The International Role of the Dollar and Trade Balance Adjustment
Goldberg, Linda S.; Tille, Cédric - National Bureau of Economic Research (NBER) - 2006
become cheaper in the rest of the world. Real U.S. imports are affected less because U.S. prices are more insulated from …
Persistent link: https://www.econbiz.de/10005248778
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Comments on Obstfeld and Rogoff's "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"
Engel, Charles - National Bureau of Economic Research (NBER) - 2000
The paper offers comments on Obstfeld and Rogoff (2000). The comments primarily focus on three issues: (a) How do we reconcile the numerical examples of OR, which show quantitatively plausible resolutions to the major puzzles arising from costs of trade, with previous studies that have found...
Persistent link: https://www.econbiz.de/10005248910