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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

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

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

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

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

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

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31

Obstfeld, Maurice; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2003

What determines sovereign risk? We study the London bond market from the 1870s to the 1930s. Our findings support conventional wisdom concerning the limited credibility of the interwar gold standard. Before 1914, gold standard adherence effectively signalled credibility and shaved 40 to 60 basis...

Persistent link: https://www.econbiz.de/10005497898

PPP Strikes Back: Aggregation and the Real Exchange Rate

Imbs, Jean; Mumtaz, Haroon; Ravn, Morten O; Rey, Hélène - C.E.P.R. Discussion Papers - 2003

We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time-series and panel methods substantially exaggerate the persistence of real exchange rates because of heterogeneity in the dynamics of disaggregated relative prices. When...

Persistent link: https://www.econbiz.de/10005497901

The Geography of Asset Trade and the Euro: Insiders and Outsiders

Coeurdacier, Nicolas; Martin, Philippe - C.E.P.R. Discussion Papers - 2007

This paper analyzes the determinants of cross-border asset trade on cross-country data and a Swedish data set. We focus our analysis on the effect of the euro for the determinants of bond trade, equity and banking assets. With the help of a theoretical model, we attempt to disentangle the...

Persistent link: https://www.econbiz.de/10005497990

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