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Global and Euro Imbalances : China and Germany

Ma, Guonan - 2014

We analyse global and euro area imbalances by focusing on China and Germany as large surplus and creditor countries. In the 2000s, domestic reforms in both countries expanded the effective labour force, restrained wages, shifted income towards profits and increased corporate saving. As a result,...

Persistent link: https://www.econbiz.de/10013059563

Global Dollar Credit and Carry Trades : A Firm-Level Analysis

Bruno, Valentina - 2015

We conduct a firm-level analysis of borrowing in US dollars by non-financial corporates from outside the United States. The dataset combines bond issuance data with firm-level financial information. We find that firms with already high cash holdings are more likely to issue US dollar-denominated...

Persistent link: https://www.econbiz.de/10013016827

Macroprudential Policies in a Commodity Exporting Economy

Gómez, Andrés - 2015

Colombia is a small open and commodity exporter economy, sensitive to international commodity price fluctuations …. Although this adjustment is efficient, the presence of financial frictions in the economy exacerbates the resource allocation … economy and find that both FX intervention and regulation policies complement the short-term interest rates in smoothing the …

Persistent link: https://www.econbiz.de/10013018426

Liquidity Squeeze, Abundant Funding and Macroeconomic Volatility

Kharroubi, Enisse - 2015

This paper studies the choice between building liquidity buffers and raising funding ex post, to deal with liquidity shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium. Agents typically choose to build smaller liquidity buffers when they expect cheap funding....

Persistent link: https://www.econbiz.de/10013025599

Global Asset Allocation Shifts

Kroencke, Tim Alexander - 2015

We show that global asset reallocations of U.S. fund investors obey a strong factor structure, with two factors accounting for more than 90% of the overall variation. The first factor captures switches between U.S. bonds and equities. The second reflects reallocations from U.S. to international...

Persistent link: https://www.econbiz.de/10013025606

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

Monetary Facts Revisited

Gertler, Pavel - 2016

This paper uses a cross-country database covering 46 economies over the post-war period to revisit two key monetary facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises. The analysis reveals that the former has weakened over...

Persistent link: https://www.econbiz.de/10012989876

Has the Pricing of Stocks Become More Global?

Petzev, Ivan - 2016

We show that in recent years global factor models have been catching up significantly with their local counterparts in terms of explanatory power (R2) for international stock returns. This catch-up is driven by a rise in global factor betas, not a rise in factor volatilities, suggesting that the...

Persistent link: https://www.econbiz.de/10012991864

A Comparative Analysis of Developments in Central Bank Balance Sheet Composition

Pattipeilohy, Christiaan - 2016

In this paper we analyse developments in the composition of central bank balance sheets for a large set of central banks in a unified framework. Since 2007, central banks in advanced economies have experienced pronounced changes in balance sheet composition as a consequence of unconventional...

Persistent link: https://www.econbiz.de/10012994818