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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

Corporate Saving in Global Rebalancing

Bacchetta, Philippe; Benhima, Kenza - C.E.P.R. Discussion Papers - 2014

interest rates. Contrary to common wisdom, a slowdown in the Emerging market implies a trade balance improvement in the …

Persistent link: https://www.econbiz.de/10011084689

How Do Credit Supply Shocks Propagate Internationally? A GVAR approach

Eickmeier, Sandra; Ng, Tim - C.E.P.R. Discussion Papers - 2011

period 1983-2009. We experiment with inter-country links that distinguish bilateral trade, portfolio investment, foreign … bilateral trade and inward foreign direct investment or outward banking claim exposures in a GVAR fits the data better than … using trade weights only. We use sign restrictions on the short-run impulse responses to financial shocks that have the …

Persistent link: https://www.econbiz.de/10009399715

Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences

Kollmann, Robert - C.E.P.R. Discussion Papers - 2014

which all agents trade in complete global financial markets can generate realistic exchange rate volatility; however, I show …

Persistent link: https://www.econbiz.de/10011084256

The Great Recession: A Self-Fulfilling Global Panic

Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2013

While the 2008-2009 financial crisis originated in the United States, we witnessed steep declines in output, consumption and investment of similar magnitudes around the globe. This raises two questions. First, given the observed strong home bias in goods and financial markets, what can account...

Persistent link: https://www.econbiz.de/10011084317

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects

Broner, Fernando A; Erce, Aitor; Martin, Alberto; … - C.E.P.R. Discussion Papers - 2013

In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the Financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...

Persistent link: https://www.econbiz.de/10011084507

Business Cycle Sychronization in the Enlarged EU

Darvas, Zsolt; Szapáry, György - C.E.P.R. Discussion Papers - 2005

This paper analyses the synchronization of business cycles between new and old EU members using various measures. The main findings are that Hungary, Poland and Slovenia have achieved a high degree of synchronization for GDP, industry and exports, but not for consumption and services. The other...

Persistent link: https://www.econbiz.de/10005792241

Sovereigns, Upstream Capital Flows, and Global Imbalances

Alfaro, Laura; Kalemli-Ozcan, Sebnem; Volosovych, Vadym - C.E.P.R. Discussion Papers - 2011

The paper presents new stylized facts on the direction of capital flows. We find (i) international capital flows net of government debt and/or official aid are positively correlated with growth; (ii) sovereign debt flows are negatively correlated with growth only if debt is financed by another...

Persistent link: https://www.econbiz.de/10009364326

A Two-Country Model of Endogenous Growth

Farmer, Roger E A; Lahiri, Amartya - C.E.P.R. Discussion Papers - 2002

In this Paper we study the competitive equilibria of a two-country endogenous growth model in which the source of growth is the linearity of technology in reproducible inputs. We begin by showing that in a model with no externalities there is a unique equilibrium; however, there are multiple...

Persistent link: https://www.econbiz.de/10005662371

The US Current Account and the Dollar

Blanchard, Olivier; Giavazzi, Francesco; Sá, Filipa - C.E.P.R. Discussion Papers - 2005

There are two main forces behind the large US current account deficits. First, an increase in the US demand for foreign goods. Second, an increase in the foreign demand for US assets. Both forces have contributed to steadily increasing current account deficits since the mid-1990s. This increase...

Persistent link: https://www.econbiz.de/10005788973

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