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Around the European Periphery 1870-1913: Globalization, Schooling and Growth
O'Rourke, Kevin Hjortshøj; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 1996
globalization was by far the dominant force accounting for convergence (and divergence) around the periphery. Some exploited it well …
Persistent link: https://www.econbiz.de/10005124320
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What separates us? Sources of resistance to globalization
Head, Keith; Mayer, Thierry - C.E.P.R. Discussion Papers - 2013
With increasing sophistication, economists have been estimating gravity equations for five decades. Robust evidence shows that borders and distance impede trade by much more than tariffs or transports costs can explain. We therefore advocate investigation of other sources of resistance, despite...
Persistent link: https://www.econbiz.de/10011145400
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The Heckscher-Ohlin Model Between 1400 and 2000: When It Explained Factor Price Convergence, When It Did Not, and Why
O'Rourke, Kevin Hjortshøj; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2000
There are two contrasting views of pre-19th century trade and globalization. First there are the world history scholars … like Andre Gunder Frank who attach globalization ‘big bang' significance to the dates 1492 (Christopher Columbus stumbles … important events in recorded history. Second, there is the view that the world economy was still fragmented before the 19th …
Persistent link: https://www.econbiz.de/10005661898
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Sovereign CDS and Bond Pricing Dynamics in the Euro-area
Palladini, Giorgia; Portes, Richard - C.E.P.R. Discussion Papers - 2011
This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...
Persistent link: https://www.econbiz.de/10009365646
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The Current Account Issue Revisited.
Corden, W.M. - Research School of Economics, College of Business and … - 1996
I asked "Does the Current Account Matter?" in Corden (1991). In that article I made a distinction between the Old View and the New View of the current account. The present paper will not repeat the exposition of these two views in any detail. Rather, the aim is both to improve on the rigour of...
Persistent link: https://www.econbiz.de/10004977286
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Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows and Exchange Rates?
Hau, Harald; Rey, Hélène - C.E.P.R. Discussion Papers - 2004
We explore whether the pattern of international equity returns, equity portfolio flows, and exchange rate returns are consistent with the hypothesis that (unhedged) global investors rebalance their portfolio in order to limit their exchange rate exposure when there are (1) relative equity...
Persistent link: https://www.econbiz.de/10005123845
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Wealth Transfers, Contagion and Portfolio Constraints
Pavlova, Anna; Rigobon, Roberto - C.E.P.R. Discussion Papers - 2005
This paper examines the co-movement among stock market prices and exchange rates within a three-country Centre-Periphery dynamic equilibrium model in which agents in the Centre country face portfolio constraints. In our model, international transmission occurs through the terms of trade, through...
Persistent link: https://www.econbiz.de/10005504325
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Privatization and Stock Market Liquidity
Bortolotti, Bernardo; de Jong, Frank; Nicodano, Giovanna; … - C.E.P.R. Discussion Papers - 2004
Using panel data of 19 developed economies in the period 1985-2000, we show that share issue privatization (SIP) strongly affects a fundamental aspect of financial development: market liquidity. First, we identify the channels through which a sustained SIP program boosts the liquidity of the...
Persistent link: https://www.econbiz.de/10005504346
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External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier; Rey, Hélène - C.E.P.R. Discussion Papers - 2013
We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...
Persistent link: https://www.econbiz.de/10011083349
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Sudden Spikes in Global Risk
Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2012
Recent episodes (October 2008, May 2010, August 2011) have witnessed huge spikes in equity price risk (implied volatility). Apart from their large size, several features characterize these risk panics. They are global phenomena, shared among a broad set of countries. There is substantial...
Persistent link: https://www.econbiz.de/10011084461