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On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012890990

Global Banking, Financial Spillovers, and Macroprudential Policy Coordination

Agenor, Pierre-Richard - 2019

, show that the welfare gains from macroprudential policy coordination are positive, albeit not large, for the world economy …

Persistent link: https://www.econbiz.de/10012893258

Beyond the Doomsday Economics of 'Proof-of-Work' in Cryptocurrencies

Auer, Raphael - 2019

This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, ie "proof-of-work". Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first,...

Persistent link: https://www.econbiz.de/10012893259

A Key Currency View of Global Imbalances

Ito, Hiro - 2019

dollar zone. In such a world, the rise of another large economy poses the question not of relative size but rather of re …This study divides the world into currency zones according to the co-movement of each currency with the key currencies … currency risk is limited.Our account of the dollar's dominance rests not on the US economy's size but rather on the size of the …

Persistent link: https://www.econbiz.de/10012893452

Gross Capital Flows by Banks, Corporates and Sovereigns

Avdjiev, Stefan - 2019

We construct a new data set of quarterly international capital flows by sector, with an emphasis on debt flows. Using our new data set, we establish four facts. First, the co-movement of capital inflows and outflows is driven by inflows and outflows vis-à-vis the domestic banking sector....

Persistent link: https://www.econbiz.de/10012896698

Financial Structure and Income Inequality

Brei, Michael - 2019

This paper empirically investigates the link between financial structure and income inequality. Using data for a panel of 97 economies over the period 1989-2012, we find that the relationship is not monotonic. Up to a point, more finance reduces income inequality. Beyond that point, inequality...

Persistent link: https://www.econbiz.de/10012896701

The Effects of Prudential Regulation, Financial Development and Financial Openness on Economic Growth

Agenor, Pierre-Richard - 2019

financial risks to the economy. At the same time, financial openness tends to reduce the growth benefits of these policies …

Persistent link: https://www.econbiz.de/10012896705

What Drives Local Lending by Global Banks?

Avdjiev, Stefan - 2018

We find that the lending behaviour of global banks' subsidiaries throughout the world is more closely related to local …

Persistent link: https://www.econbiz.de/10012910259

Transmission of Monetary Policy Through Global Banks : Whose Policy Matters?

Avdjiev, Stefan - 2018

This paper explores the basic question of whose monetary policy matters for banks' international lending. In the international context, monetary policies from several countries could come into play: the lender's, the borrower's, and that of a third country, the issuer of the currency in which...

Persistent link: https://www.econbiz.de/10012912467

Gauging Procyclicality and Financial Vulnerability in Asia Through the BIS Banking and Financial Statistics

Avdjiev, Stefan - 2018

We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of...

Persistent link: https://www.econbiz.de/10012914110