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Crises Now and then : What Lessons from the Last Era of Financial Globalization
Eichengreen, Barry; Bordo, Michael D. - 2021
We consider the operation of international capital markets in two periods of globalization, before 1914 and after 1971 … international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …
Persistent link: https://www.econbiz.de/10013231411
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Is Globalization Today Really Different than Globalization a Hunderd Years Ago?
Bordo, Michael D.; Eichengreen, Barry; Irwin, Douglas A. - 2021
for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …
Persistent link: https://www.econbiz.de/10013214589
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Macroeconomic Interdependence and the International Role of the Dollar
Goldberg, Linda S.; Tille, Cédric - 2021
The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions. First, most U.S. exports and imports invoiced in dollars. Second, trade flows that do not involve the United States are also substantially invoiced in dollars, an aspect that has...
Persistent link: https://www.econbiz.de/10013234967
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Liquidity Management of U.S. Global Banks : Internal Capital Markets in the Great Recession
Cetorelli, Nicola - 2011
The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is through how these banks manage liquidity across their entire banking organization. We document that funds regularly flow between parent banks and their affiliates in diverse...
Persistent link: https://www.econbiz.de/10013121030
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Real Versus Pseudo-International Systemic Risk : Some Lessons from History
Bordo, Michael D. - 2010
This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and pseudo-systemic risk. We examine the history of episodes...
Persistent link: https://www.econbiz.de/10012763704
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The International Transmission of Monetary Policy
Buch, Claudia - 2018
This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking...
Persistent link: https://www.econbiz.de/10012922985
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International Capital Flow Pressures
Goldberg, Linda S. - 2018
Pressures on currencies manifest in exchange rate adjustments and international capital flows, and can also be offset by policy responses. This paper presents a theory-based measure of capital flow pressures, a new Exchange Market Pressure index, which combines pressures observed in exchange...
Persistent link: https://www.econbiz.de/10012928304
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Keeping Capital Flowing : The Role of the IMF
Bordo, Michael D.; Mody, Ashoka; Oomes, Nienke - 2021
In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate...
Persistent link: https://www.econbiz.de/10013216885
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Was There Really an Earlier Period of International Financial Integration Comparable to Today?
Bordo, Michael D.; Eichengreen, Barry; Kim, Jongwoo - 2021
In this paper we reconsider the international market integration, starting at high levels in the late nineteenth century, collapsing between the wars, and recovering gradually after 1945 to reach levels comparable to pre-1914 in the 1990's. The empirical evidence we survey suggests that in some...
Persistent link: https://www.econbiz.de/10013225815
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Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?
Bordo, Michael D.; Murshid, Antu Panini - 2021
We examine the evidence of contagion during the pre World War I era and the interwar and contrast our findings with the …
Persistent link: https://www.econbiz.de/10013249142