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The Global Financial Cycle and Capital Flow Episodes : A Wobbly Link?
Scheubel, Beatrice - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012858195
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Mis-Allocation within Firms : Internal Finance and International Trade
Doerr, Sebastian; Marin, Dalia; Suverato, Davide; … - 2021
This paper develops a novel theory of capital mis-allocation within firms that stems from managers’ empire building and informational frictions within the organization. Introducing an internal capital market into a two-factor model of multi-segment firms, we show that international competition...
Persistent link: https://www.econbiz.de/10013312862
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The Financial Channel of the Exchange Rate and Global Trade
Ma, Sai; Schmidt-Eisenlohr, Tim - 2023
This paper provides evidence that the U.S. dollar affects countries’ exports through the financial channel of the exchange rate (Bruno and Shin (2015)). Using global data on trade between countries whose currency is not the U.S. dollar, it documents a positive relationship between the dollar...
Persistent link: https://www.econbiz.de/10014347836
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Five Facts About Beliefs and Portfolios
Giglio, Stefano - 2019
We administer a newly-designed survey to a large panel of retail investors who have substantial wealth invested in financial markets. The survey elicits beliefs that are crucial for macroeconomics and finance, and matches respondents with administrative data on their portfolio composition and...
Persistent link: https://www.econbiz.de/10012866380
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Financial Integration in the GCC Region : Market Size Versus National Effects
Arin, K. Peren - 2019
This paper examines financial spillovers between the four largest equity markets (by market capitalization) in the GCC region using a VAR-GARCH (1,1) framework that sheds light on interdependence as well as the effects of the 2014 oil crisis. Since the UAE is a federation including two stock...
Persistent link: https://www.econbiz.de/10012867875
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The Seniority Structure of Sovereign Debt
Schlegl, Matthias - 2019
multilateral institutions such as the IMF and World Bank are senior creditors …
Persistent link: https://www.econbiz.de/10012870639
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Interest Rate Linkages in EMU Countries : A Rolling Threshold Vector Error-Correction Approach
Poghosyan, Tigran; de Haan, Jakob - 2021
This paper revisits financial market integration in the European Economic and Monetary Union, using a threshold vector error-correction model (TVECM) for a fixed rolling window. This approach enables us to analyze the dynamics of transaction costs and detect any co-movements with (policy...
Persistent link: https://www.econbiz.de/10013316906
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Labour Market Rigidities, Financial Integration and International Risk Sharing in the OECD
Fidrmuc, Jarko; Foster-McGregor, Neil; Scharler, Johann - 2021
Economic theory predicts that consumption growth rates should be highly correlated across countries. Empirical evidence overwhelmingly rejects this prediction. We examine whether increased financial integration and labour market rigidities can help explain this apparent contradiction between...
Persistent link: https://www.econbiz.de/10013317001
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Financial reform and banking crises
Shehzad, Choudhry Tanveer - 2009
We examine the impact of various dimensions of financial reform on the likelihood of systemic and non-systemic banking … crises. Using new financial reform measures for a large sample of developing and developed countries for the period 1973 to … of financial reform reduce the likelihood of systemic crises. We also show that after a country has reformed, the …
Persistent link: https://www.econbiz.de/10010266048
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Democracy and development : the devil in the details
Persson, Torsten; Tabellini, Guido - 2006
Does democracy promote economic development? This paper reviews recent attempts to address this question that exploited within-country variation. It shows that the answer is largely positive, but also depends on the details of democratic reforms. First, the sequence of economic vs political...
Persistent link: https://www.econbiz.de/10010261420