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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

The Political Economy of International Finance Corporation Lending

Dreher, Axel; Richert, Katharina - 2017

The bulk of International Finance Corporation (IFC) lending benefits companies from rich countries, and projects in countries with middle income. Large conglomerates such as Lidl or Mövenpick have been among its direct beneficiaries. This contrasts to some extent with the IFC’s official...

Persistent link: https://www.econbiz.de/10011744967

On the inclusion of the Chinese Renminbi in the SDR basket

Bénassy-Quéré, Agnès; Capelle, Damien - 2012

This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...

Persistent link: https://www.econbiz.de/10010290137

Policies to Internalize Reciprocal International Spillovers

Altemeyer-Bartscher, Martin; Rübbelke, Dirk T. G.; … - 2021

An effective policy scheme to overcome the suboptimal low provision levels of global public goods is developed in this paper. By suggesting a decentralized approach to raise environmental public good provision levels we take account of the lack of a coercive global authority that is able to...

Persistent link: https://www.econbiz.de/10013316908

Government Repression and the Death Toll from Natural Disasters

Costa, Samia - 2012

Natural disasters have been a major cause of human suffering. Countries with higher income, lower inequality, lower corruption, and more democratic regimes have been found to experience less casualties from disasters. Government repression, however, could also play a role in disaster...

Persistent link: https://www.econbiz.de/10013111993

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

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

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone crisis countries (Greece, Portugal, Ireland, Cyprus, Spain)...

Persistent link: https://www.econbiz.de/10012866042

Stigma or Cushion? IMF Programs and Sovereign Creditworthiness

Gehring, Kai - 2018

IMF programs are often considered to carry a “stigma” that triggers adverse market reactions. We show that such a negative IMF effect disappears when accounting for endogenous selection into programs. To proxy for a country's access to financial markets, we use credit ratings and investor...

Persistent link: https://www.econbiz.de/10012920590

The costs of favoritism: Is politically-driven aid less effective?

Dreher, Axel; Klasen, Stephan; Vreeland, James Raymond; … - 2010

World Bank projects and generally find that projects that are potentially politically motivated - such as those granted to … governments holding a non-permanent seat on the United Nations Security Council or an Executive Directorship at the World Bank … Council members with higher short-term debt, however, a negative quality rating is more likely. So we find evidence that World …

Persistent link: https://www.econbiz.de/10010332994

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