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Taxing Multinationals in the Presence of Internal Capital Markets
Koethenbuerger, Marko - 2013
There is ample evidence that internal capital markets incur efficiency costs for multinational enterprises (MNEs). This paper analyzes whether tax avoidance behavior interacts with the costs of running an internal capital market and how policies of competing governments respond to it. We show...
Persistent link: https://www.econbiz.de/10013077455
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Financial Integration, Globalization, and Real Activity
De Nicolo, Gianni - 2013
Using data for a large number of advanced and emerging market economies during 1982-2009, this paper examines the distinct impact of financial integration and globalization on several dimensions of real activity. We find that: financial integration has progressed significantly worldwide,...
Persistent link: https://www.econbiz.de/10013091562
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Sovereign Defaults : The Price of Haircuts
Cruces, Juan J. - 2013
A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses ('haircuts') in all restructurings with foreign...
Persistent link: https://www.econbiz.de/10013092297
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How National and International Financial Development Affect Industrial R&D
Maskus, Keith E. - 2013
We examine the impacts of both domestic and international financial market development on R&D intensities in 22 … determinants of R&D intensity but only foreign direct investment is significant among alternative measures of international …
Persistent link: https://www.econbiz.de/10013092838
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The International Transmission of Monetary Policy
Buch, Claudia M. - 2018
This paper presents the novel results from an internationally coordinated project by the International Banking Research … seventeen countries use confidential micro-banking data for the years 2000 through 2015 to explore the international … transmission of monetary policies of the U.S., euro area, Japan, and United Kingdom. Two other studies use international data with …
Persistent link: https://www.econbiz.de/10012911041
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Cross-Border Banking in Regulated Markets : Is Financial Integration Desirable?
Haufler, Andreas - 2016
We set up a two-country, regional model of trade in financial services. Competitive firms in each country manufacture untraded consumer goods in an uncertain productive environment, borrowing funds from a bank in either the home or the foreign market. Duopolistic banks can choose their levels of...
Persistent link: https://www.econbiz.de/10012978391
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Global Banking, Trade, and the International Transmission of the Great Recession
Born, Alexandra - 2018
large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …
Persistent link: https://www.econbiz.de/10012920861
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International Financial Market Integration, Asset Compositions, and the Falling Exchange Rate Pass-Through
Enders, Almira - 2018
This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we...
Persistent link: https://www.econbiz.de/10012933708
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Carry Funding and Safe Haven Currencies : A Threshold Regression Approach
Hossfeld, Oliver - 2015
In this paper, we analyze which currencies can be regarded as safe haven currencies. Our empirical approach allows us to distinguish between a low and high stress regime, and to control for the impact of carry trade reversals and other fundamental determinants. We therefore address the question...
Persistent link: https://www.econbiz.de/10013030487
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Global and Regional Spillovers in Emerging Stock Markets : A Multivariate Garch-in-Mean Analysis
Beirne, John - 2013
This paper examines global (mature market) and regional (emerging market) spillovers in local emerging stock markets. Tri-variate VAR GARCH(1,1)-in-mean models are estimated for 41 emerging market economies (EMEs) in Asia, Europe, Latin America, and the Middle East. The models capture a range of...
Persistent link: https://www.econbiz.de/10013095613