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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

Asymmetric Shocks and Risk Sharing in a Monetary Union: Updated Evidence and Policy Implications for Europe

Kalemli-Ozcan, Sebnem; Sørensen, Bent E; Yosha, Oved - C.E.P.R. Discussion Papers - 2004

We find that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial specialization has also been increasing over the last decade and we conjecture that risk sharing plays an important causal effect...

Persistent link: https://www.econbiz.de/10005124025

Declining Home Bias and the Increase in International Risk Sharing: Lessons from European Integration

Artis, Michael J; Hoffmann, Mathias - C.E.P.R. Discussion Papers - 2007

this increase is more pronounced among EU and EMU countries than among non-E(M)U industrialised countries. We also show … driven by better consumption smoothing through the accumulation or decumulation of foreign assets. This EMU effect on the … independent EMU-effect on the way in which risk is shared. While it is too early to evaluate these findings conclusively, we …

Persistent link: https://www.econbiz.de/10005504438

Current Account Imbalances and Financial Integration in the Euro Area

Schmitz, Birgit; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2009

While the current account of euro area as a whole has remained almost balanced in the past two decades, several member countries have sizeable deficits or surpluses. In this paper, we interpret these imbalances as indicators of net capital flows among the euro-area countries and show that these...

Persistent link: https://www.econbiz.de/10005661613

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

The Dollar and its Discontents

Jeanne, Olivier - C.E.P.R. Discussion Papers - 2012

Has the US dollar delivered the benefits that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most...

Persistent link: https://www.econbiz.de/10011084062

Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences

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

Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of...

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

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

The Financial Resource Curse

Benigno, Gianluca; Fornaro, Luca - C.E.P.R. Discussion Papers - 2013

This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is...

Persistent link: https://www.econbiz.de/10011084525

Rethinking the Effects of Financial Liberalization

Broner, Fernando A; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010

During the last few decades, many emerging markets have lifted restrictions on cross-border financial transactions. The conventional view was that this would allow these countries to: (i) receive capital inflows from advanced countries that would finance higher investment and growth; (ii) insure...

Persistent link: https://www.econbiz.de/10008784713

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