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Real Exchange Rate and International Reserves in the Era of Financial Integration

Aizenman, Joshua; Ho, Sy Hoa; Luu Duc Toan Huynh; … - National Bureau of Economic Research - 2023

The global financial crisis has brought increased attention to the consequences of international reserves holdings. In an era of high financial integration, we investigate the relationship between the real exchange rate and international reserves using nonlinear regressions and panel threshold...

Persistent link: https://www.econbiz.de/10013537783

Financial integration and European tourism stocks

Caporale, Guglielmo Maria; Yfanti, Stavroula; … - 2023

This study examines the macro drivers of the time-varying (dynamic) connectedness between eleven European tourism sectors. Financial integration between the travel and leisure markets, measured by their dynamic correlations or co-movement, is explained by common global fundamentals. The...

Persistent link: https://www.econbiz.de/10013540847

The Impacts of Crises on the Trilemma Configurations

Aizenman, Joshua; Chinn, Menzie David; Itō, Hiro - National Bureau of Economic Research - 2022

The "monetary trilemma" - the hypothesis that full monetary policy autonomy, exchange rate stability, and financial openness cannot simultaneously be achieved - has long been studied. Recently, holding international reserves (IR) has become an important policy instrument, insuring against...

Persistent link: https://www.econbiz.de/10013362059

The Macroeconomic Implications of US Market Power in Safe Assets

Choi, Jason; Kirpalani, Rishabh; Perez, Diego J. - National Bureau of Economic Research - 2022

detriment of the rest of the world. Finally, we study the implications of increasing competition in safe assets from other …

Persistent link: https://www.econbiz.de/10013477212

A Theory of Gross and Net Capital Flows over the Global Financial Cycle

Davis, Scott; Van Wincoop, Eric - National Bureau of Economic Research - 2022

We develop a theory to account for changes in gross and net capital flows over the global financial cycle (GFC). The theory relies critically on portfolio heterogeneity among investors within and across countries, related to risky portfolio shares and portfolio shares allocated to foreign...

Persistent link: https://www.econbiz.de/10013477230

Globalisation, competitive governments, and constitutional choice in Europe

Breton, Albert; Ursprung, Heinrich W. - 2002

The traditional school of economic policy analysis predicts that globalisation will give rise to predatory competition between the governments of the European nation states. The consequence is anticipated to be a marked reduction in, if not the destruction of, the benevolent Welfare State. The...

Persistent link: https://www.econbiz.de/10011408984

Do civil and political repression really boost foreign direct investments?

Harms, Philipp; Ursprung, Heinrich W. - 2001

Multinational enterprises are often accused to have a preference for investing in countries in which the working populations' civil and political rights are largely disregarded. This paper presents an empirical investigation of the popular political repression boosts FDI hypothesis and arrives...

Persistent link: https://www.econbiz.de/10011397998

The globalisation of inflation : the growing importance of global value chains

Auer, Raphael A.; Borio, Claudio E. V.; Filardo, Andrew J. - 2017 - This version: 06.01.2017

Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services, is an important channel through which global...

Persistent link: https://www.econbiz.de/10011619539

The impact of economic globalization on the shadow economy in Egypt

Farzanegan, Mohammad Reza; Hassan, Mai - 2017 - This version: 24.03.2017

This study examines the economic globalization and the shadow economy nexus in Egypt. Using time series data from 1976 … economic globalization is negative and statistically significant for the first three years following the shock. This finding is … obtained by controlling for several intermediary channels in globalization-shadow economy nexus such as education, government …

Persistent link: https://www.econbiz.de/10011645904

Did globalization influence credit market deregulation?

Eppinger, Peter S.; Potrafke, Niklas - 2015

We investigate whether globalization influenced credit market deregulation over the period 1970-2010. Globalization is … measured by the KOF indices of globalization. Credit market deregulation is measured by the credit market freedom indicators of … positive correlation between globalization and credit market deregulation. We account for reverse causality by using predicted …

Persistent link: https://www.econbiz.de/10010528971