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Crises and Rescues : Liquidity Transmission Through International Banks

Buch, Claudia M. - 2016

This paper studies how global banks transmit liquidity shocks via their internal capital markets. The unexpected access of German banks' affiliates located in the United States (US) to the Federal Reserve's Term Auction Facility (TAF) serves as our liquidity shock. Using microdata on all...

Persistent link: https://www.econbiz.de/10012984410

Low Long-Term Interest Rates as a Global Phenomenon

Hördahl, Peter - 2016

two global benchmarks - the Federal funds rate at the short end and the "world" real interest rate at the long end. Real … longer-term rates, and thus on financing conditions, than is often supposed. The decline in the world long-term rate since … 2008 has been driven almost entirely by a fall in the world term premium (negative in nominal terms since mid-2014). The …

Persistent link: https://www.econbiz.de/10012985773

Implementing Monetary Policy in the 2000s : Operating Procedures in Asia and Beyond

Ho, Corrinne - 2013

Just as monetary policy at the strategic level has undergone significant changes over the years, so has its day-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and discusses their major developments over the...

Persistent link: https://www.econbiz.de/10014216397

Globalisation and the Determinants of Domestic Inflation

White, William R. - 2014

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to be inadequate. This includes the view that this outcome has been solely the result of more...

Persistent link: https://www.econbiz.de/10014218878

Global Monitoring with the BIS International Banking Statistics

McGuire, Patrick; Tarashev, Nikola A. - 2013

This paper illustrates various applications of the BIS international banking statistics. We first compare international bank flows to measures of real activity and liquidity and show that the international banking system is becoming a more important conduit for the transfer of capital across...

Persistent link: https://www.econbiz.de/10014218886

The Distance Effect in Banking and Trade

Brei, Michael - 2017

The empirical gravity literature finds geographical distance to be a large and growing obstacle to trade, contradicting the popular notion that globalization heralds "the end of geography". This distance puzzle disappears, however, when measuring the effect of cross-border distance relative to...

Persistent link: https://www.econbiz.de/10012948797

A Survey of the International Use of the Yen

Taguchi, Hiroo - 2013

advantage that the Japanese economy would enjoy from internationalisation is small, since the major advantage to the home …

Persistent link: https://www.econbiz.de/10014060600

The Response of Short-Term Bank Lending Rates to Policy Rates : A Cross-Country Perspective

Borio, Claudio E. V.; Fritz, Wilhelm - 2013

This paper compares the responses of short-term bank lending rates to policy rates in a sample of 12 industrialised countries and seeks to relate them to characteristics of the financial system and of the policy environment. The degree of competition in the loan market and the clarity of the...

Persistent link: https://www.econbiz.de/10014060757

Global Asset Allocation in Fixed Income Markets

Ramaswamy, Srichander - 2013

Many global investors are faced with the problem of choosing an appropriate currency allocation of their assets in the capital markets. This paper addresses the asset allocation problem under the assumption that the investment universe is comprised of unhedged risk-free bonds in different...

Persistent link: https://www.econbiz.de/10014060811

The Euro and the Dollar

McCauley, Robert N. - 2013

How will the arrival of the euro affect the dollar? This paper uses portfolio theory to analyse the likelihood and impact of shifts between the dollar and the euro by private asset managers, official reserve managers and global liability managers. It examines the effects on both the level of the...

Persistent link: https://www.econbiz.de/10014061046