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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

Cross-Border Portfolio Flows and News Media Coverage

Caporale, Guglielmo Maria - 2020

This paper investigates the dynamic linkages between portfolio flows and various news indices (based on both "positive" and "negative" news headlines collected from Bloomberg), whilst also controlling for a comprehensive set of push and pull factors. The monthly panel examined comprises 49...

Persistent link: https://www.econbiz.de/10012840701

Trade costs, trade balances and current accounts : an application of gravity to multilateral trade

Fazio, Giorgio; MacDonald, Ronald; Melitz, Jacques - 2005

In this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with...

Persistent link: https://www.econbiz.de/10010261322

Growing Like Germany: Local Public Debt, Local Bank, Low Private Investment

Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael - 2021

municipalities crowds out private investment. Our results show how crowding out can happen in a developed economy characterized by … market power to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal … which increasingly borrowed from local public banks. Crowding out lowered aggregate private investment by around 30-40 bio …

Persistent link: https://www.econbiz.de/10013177530

Trading with the Informed and Against the Uninformed : Flows and Positioning in the Global Currency Market

Barrios, Aldo; Franolic, Robert; Giovanardi, Davide; … - 2022

use the flows of investment funds and non-financial corporates and develop trading signals where the former reflects …

Persistent link: https://www.econbiz.de/10014077184

Barriers to Global Capital Allocation

Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain T. - 2021

We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated … to account for offshore investment and financing vehicles. We show that a parsimonious implementation of the model with …

Persistent link: https://www.econbiz.de/10013226659

Elusive Safety : The New Geography of Capital Flows and Risk

Alfaro, Laura - 2020

Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that dollar-denominated securities are increasingly inter-mediated by tax havens financial centers (THFC) and by less regulated funds. These securities are risky and respond to tax...

Persistent link: https://www.econbiz.de/10012834993

International Capital Allocations and the Lucas Paradox Redux

Chirinko, Robert S. - 2019

Dynamic Inefficiency, Saving Glut, or Secular Stagnation hypotheses …

Persistent link: https://www.econbiz.de/10012861377

Net Capital Flows and Portfolio Diversification

Bürgi, Constantin - 2019

This paper presents a new explanation for the sustained pattern of international net capital flows by modifying the standard consumption capital asset pricing model (CCAPM) to create net capital flows beyond the initial period. In addition to the well established link between asset returns and...

Persistent link: https://www.econbiz.de/10012860768

Causal Effects of Countercyclical Interest Rates : Evidence from the Classical Gold Standard

Mitchener, Kris; Pina, Gonçalo - 2022

We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...

Persistent link: https://www.econbiz.de/10013291318