Narrow search
Showing 1 - 10 of 856
Cover Image
Financial Globalization, Growth and Volatility in Developing Countries
Kose, Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2004
This Paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on …, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions … and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly …
Persistent link: https://www.econbiz.de/10005136571
Cover Image
The Long and the Short of It: Sovereign Debt Crises and Debt Maturity
Fernández, Raquel; Martin, Alberto - C.E.P.R. Discussion Papers - 2014
We present a simple model of sovereign debt crises in which a country chooses its optimal mix of short and long-term debt contracts subject to standard contracting frictions: the country cannot commit to repay its debts nor to a specific path of future debt issues, and contracts cannot be made...
Persistent link: https://www.econbiz.de/10011145424
Cover Image
The First Global Recession in Decades
Imbs, Jean - C.E.P.R. Discussion Papers - 2010
I use monthly data on industrial production to estimate the distribution of international business cycle correlations since the 1980's, with focus on the current turmoil. The degree of international correlation in national business cycles since the end of 2008 is unprecedented in three decades....
Persistent link: https://www.econbiz.de/10008607504
Cover Image
How Do Credit Supply Shocks Propagate Internationally? A GVAR approach
Eickmeier, Sandra; Ng, Tim - C.E.P.R. Discussion Papers - 2011
We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the recently-developed GVAR approach to model financial variables jointly with macroeconomic variables in 33 countries for the period 1983-2009. We experiment with inter-country links...
Persistent link: https://www.econbiz.de/10009399715
Cover Image
Is Europe an Optimum Currency Area?
Bofinger, Peter - C.E.P.R. Discussion Papers - 1994
The debate on EMU has been very influenced by the traditional theory of optimum currency areas (OCAs). The paper shows that this theory is not an ideal yardstick for an assessment of EMU. Its assumptions are not very realistic and its focus on asymmetric real shocks is much too narrow. In...
Persistent link: https://www.econbiz.de/10005498125
Cover Image
Globalization and Business Cycle Transmission
Artis, Michael J; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2008
separate periods, those of the first globalization wave (1870 to 1914), the period of the “bloc economy” (1915 to 1959) and for … the period of the second globalization (1960-2001). Cluster analysis is applied and the McNemar test is used to test for … that features some well-defined sub-global clusters, where the second globalization period does not, the first …
Persistent link: https://www.econbiz.de/10005792022
Cover Image
International Credit Flows and Pecuniary Externalities
Brunnermeier, Markus K; Sannikov, Yuliy - C.E.P.R. Discussion Papers - 2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...
Persistent link: https://www.econbiz.de/10011145431
Cover Image
How Big are the Gains from International Financial Integration?
Hoxha, Indrit; Kalemli-Ozcan, Sebnem; Vollrath, Dietrich - C.E.P.R. Discussion Papers - 2011
The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial if capital goods are not perfect substitutes. We use a model of optimal savings that includes a...
Persistent link: https://www.econbiz.de/10009364327
Cover Image
Was the Classical Gold Standard Credible on the Periphery? Evidence from Currency Risk
Mitchener, Kris; Weidenmier, Marc - C.E.P.R. Discussion Papers - 2015
We use a standard metric from international finance, the currency risk premium, to assess the credibility of fixed exchange rates during the classical gold standard era. Theory suggests that a completely credible and permanent commitment to join the gold standard would have zero currency risk or...
Persistent link: https://www.econbiz.de/10011165661
Cover Image
Assessing International Efficiency
Heathcote, Jonathan; Perri, Fabrizio - C.E.P.R. Discussion Papers - 2013
This paper is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation of...
Persistent link: https://www.econbiz.de/10011083981