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Dollar Invoicing, Global Value Chains, and the Business Cycle Dynamics of International Trade

Cook, David E. - 2020

Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies, and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the business cycle dynamics of international...

Persistent link: https://www.econbiz.de/10012835093

Post-Crisis International Financial Regulatory Reforms : A Primer

Borio, Claudio E. V. - 2020

economy pressures and technical obstacles that the reforms have faced, as well as the inherent uncertainty about the reforms …

Persistent link: https://www.econbiz.de/10012835929

Demographics Will Reverse Three Multi-Decade Global Trends

Goodhart, Charles - 2017

trends and from the inclusion of China and eastern Europe into the World Trade Organization. This led to a shift in …. This shock is now reversing. As the world ages, real interest rates will rise, inflation and wage growth will pick up and … interest rates, which have resulted in a huge and persistent debt overhang, apart from some deleveraging in advanced economy …

Persistent link: https://www.econbiz.de/10012950258

Credit Ratings of Domestic and Global Agencies : What Drives the Differences in China and How are They Priced?

Jiang, Xianfeng - 2017

The market for the credit ratings of Chinese firms is large and growing. We focus our analysis on the firms that have ratings from both domestic and global agencies. Despite the similar symbols, the rating scales of the domestic and global agencies differ: domestic agencies rate firms that are...

Persistent link: https://www.econbiz.de/10012953020

Financial Deglobalisation in Banking?

McCauley, Robert N. - 2017

This paper argues that the decline in cross-border banking since 2007 does not amount to a broad-based retreat in international lending ("financial deglobalisation"). We show that BIS international banking data organised by the nationality of ownership ("consolidated view") provide a clearer...

Persistent link: https://www.econbiz.de/10012953022

The Shifting Drivers of Global Liquidity

Avdjiev, Stefan - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flow to US monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10012954014

Monetary Policy Spillovers, Capital Controls and Exchange Rate Flexibility, and the Financial Channel of Exchange Rates

Georgiadis, Georgios - 2019

flexible exchange rates in specific circumstances: the sensitivity of local to base-country policy rates for an economy with a …

Persistent link: https://www.econbiz.de/10012865722

The Currency Dimension of the Bank Lending Channel in International Monetary Transmission

Takáts, Előd - 2017

We investigate how the use of a currency transmits monetary policy shocks in the global banking system. We use newly available unique data on the bilateral crossborder lending flows of 27 BIS-reporting lending banking systems to over 50 borrowing countries, broken down by currency denomination...

Persistent link: https://www.econbiz.de/10012966715

Near-Money Premiums, Monetary Policy, and the Integration of Money Markets : Lessons from Deregulation

Carlson, Mark A. - 2016

The 1960s and 1970s witnessed rapid growth in the markets for new money market instruments, such as negotiable certificates of deposit (CDs) and Eurodollar deposits, as banks and investors sought ways around various regulations affecting funding markets. In this paper, we investigate the impacts...

Persistent link: https://www.econbiz.de/10012983153

Bank Capital and Dividend Externalities

Acharya, Viral V. - 2016

Dividend payouts affect the relative value of claims within a firm. When firms have contingent claims on each other, as in the banking sector, dividend payouts can shift the relative value of stakeholders' claims across firms. Through this channel, one bank's capital policy affects the equity...

Persistent link: https://www.econbiz.de/10012983304