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Sovereigns versus Banks: Credit, Crises, and Consequences
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2013
Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and...
Persistent link: https://www.econbiz.de/10010969435
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Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
Farhi, Emmanuel; Werning, Iván - National Bureau of Economic Research (NBER) - 2012
particularly effective to address risk-premium shocks that affect the interest rate differential foreign investors require in a …. We show that capital controls may be optimal even if the exchange rate is not fixed in response to risk premium shocks or …
Persistent link: https://www.econbiz.de/10010951293
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Are Valuation Effects Desirable from a Global Perspective?
Benigno, Pierpaolo - National Bureau of Economic Research (NBER) - 2006
Recent studies have emphasized the role of valuation effects due to exchange rate movements in easing the process of adjustment of the external balance of a country. This paper asks to what extent valuation effects are desirable from a global perspective as a mean to achieve an efficient...
Persistent link: https://www.econbiz.de/10005079175
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The International Monetary System: Living with Asymmetry
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2011
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10009372417
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When Credit Bites Back: Leverage, Business Cycles, and Crises
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2011
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...
Persistent link: https://www.econbiz.de/10009372454
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External Adjustment and the Global Crisis
Lane, Philip; Milesi-Ferretti, Gian Maria - National Bureau of Economic Research (NBER) - 2011
The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external...
Persistent link: https://www.econbiz.de/10009277236
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The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
Aizenman, Joshua; Sun, Yi - National Bureau of Economic Research (NBER) - 2009
In this paper we study the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their international reserves (IR). Overall, we find a mixed and complex picture. Intriguingly, only about half of the EMs depleted their IR as part of the adjustment...
Persistent link: https://www.econbiz.de/10008490434
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Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries
Dedola, Luca; Leduc, Sylvain; Corsetti, Giancarlo - National Bureau of Economic Research (NBER) - 2006
find that, consistent with standard theory, these shocks raise relative consumption, deteriorate net exports, and raise the …
Persistent link: https://www.econbiz.de/10005088594
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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
US tax policy identified by Romer & Romer, we trace the impact of an exogenous shock to savings through the income … shock is transmitted abroad as an increase in the US current account. Positive shocks to US savings generate current account … deficits and increases in investment in other countries in the world. We cannot reject that the shock is uniformly transmitted …
Persistent link: https://www.econbiz.de/10005036810
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Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons
Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2010
Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed …
Persistent link: https://www.econbiz.de/10008756455