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Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism

Mendoza, Enrique G. - 2007

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in … assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial … globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined …

Persistent link: https://www.econbiz.de/10014400221

How Does Financial Globalization Affect Risk Sharing? : Patterns and Channels

Terrones, Marco - 2007

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The … why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our …

Persistent link: https://www.econbiz.de/10014400319

How Does Globalization Affect the Synchronization of Business Cycles?

Kose, M. Ayhan - 2003

wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and …

Persistent link: https://www.econbiz.de/10014404021

Financial Integration and Macroeconomic Volatility

Terrones, Marco - 2003

This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s...

Persistent link: https://www.econbiz.de/10014404001

Volatility and Comovement in a Globalized World Economy : An Empirical Exploration

Kose, M. Ayhan - 2003

. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase … corresponding world aggregates …

Persistent link: https://www.econbiz.de/10014403966

How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?

Prasad, Eswar - 2005

context of globalization-a term typically used to describe the phenomenon of growing international trade and financial …

Persistent link: https://www.econbiz.de/10014400632

Globalization, the Business Cycle, and Macroeconomic Monitoring

Aruoba, S. Boragan - 2011

We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as...

Persistent link: https://www.econbiz.de/10014403088

How Do Business and Financial Cycles Interact?

Terrones, Marco - 2011

This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial...

Persistent link: https://www.econbiz.de/10014400859

Does Openness to International Financial Flows Raise Productivity Growth?

Prasad, Eswar - 2008

This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a large sample of countries. We find that de jure capital...

Persistent link: https://www.econbiz.de/10014401740

On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints?

Mendoza, Enrique G. - 2010

Theory predicts that a nation''s stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any finite order. We test this hypothesis using data for 21 industrial and 29 emerging...

Persistent link: https://www.econbiz.de/10014402804