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IMF Surveillance and Financial Markets - A Political Economy Analysis

Fratzscher, Marcel - 2014

surveillance emerging as a key function. The paper analyses how IMF surveillance announcements may be influenced by political power … for IMF surveillance. For a set of emerging market economies, the paper finds that financial markets react more favorable … to PIN releases for politically influential member countries. Moreover, IMF surveillance appears to be systematically …

Persistent link: https://www.econbiz.de/10013069721

The 90% Public Debt Threshold: The Rise and Fall of a Stylised Fact

Egert, Balazs - CESifo - 2013

This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt threshold endogenously. We show that the nonlinear relation from debt to growth is not very robust. Taken with a pinch of salt, our results suggest, however,...

Persistent link: https://www.econbiz.de/10010659189

International Capital Markets Structure, Preferences and Puzzles: The US-China Case

Caporale, Guglielmo Maria; Donadelli, Michael; Varani, … - CESifo - 2014

A canonical two country-two good model with standard preferences does not address three classic international macroeconomic puzzles as well as two well-known asset pricing puzzles. Specifically, under financial autarky, it does not account for the high real exchange rate (RER) volatility...

Persistent link: https://www.econbiz.de/10010747219

Public Debt, Economic Growth and Nonlinear Effects: Myth or Reality

Egert, Balazs - CESifo - 2013

This paper puts the Reinhart-Rogoff dataset to a formal econometric testing to see whether public debt has a negative nonlinear effect on growth if public debt exceeds 90% of GDP. Using nonlinear threshold models, we show that the negative nonlinear relationship between debt and growth is very...

Persistent link: https://www.econbiz.de/10010631772

'By a Silken Thread': Regional Banking Integration and Pathways to Financial Development in Japan's Great Recession

Hoffmann, Mathias; Okubo, Toshihiro - CESifo - 2013

How do financial development and financial integration interact? We focus on Japan’s Great Recession after 1990 to study this question. Regional differences in banking integration affected how the recession spread across the country: financing frictions for credit-dependent firms were more...

Persistent link: https://www.econbiz.de/10010607005

The Micro Dynamics of Macro Announcements

Mittnik, Stefan; Robinzonov, Nikolay; Wohlrabe, Klaus - CESifo - 2013

We examine how regularly scheduled macroeconomic announcements for the U.S., Germany and the euro area affect the German stock market, using high–frequency, minute–by–minute DAX data. Our study extends the literature on high–frequency announcement effects in several ways. First, we...

Persistent link: https://www.econbiz.de/10010877723

Hoarding of International Reserves: Mrs Machlup’s Wardrobe and the Joneses

Cheung, Yin-Wong; Qian, Xingwang - CESifo - 2007

Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup’s wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level...

Persistent link: https://www.econbiz.de/10005181241

China's Current Account and Exchange Rate

Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - CESifo - 2009

We examine whether the Chinese exchange rate is misaligned and how Chinese trade flows respond to the exchange rate and to economic activity. We find, first, that the Chinese currency, the renminbi (RMB), is substantially below the value predicted by estimates based upon a cross-country sample,...

Persistent link: https://www.econbiz.de/10005051592

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 Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking...

Persistent link: https://www.econbiz.de/10012911041

Did Chinese Outward Activity Attenuate or Aggravate the Great Recession in Developing Countries?

Gawellek, Bastian - 2016

Using data on Chinese large-scale overseas investment and project contracts by sector, we analyze whether Chinese outward activity (COA) before the crisis worsened or alleviated the contractionary phases in developing countries. We find that, on average, COA did not increase vulnerability to the...

Persistent link: https://www.econbiz.de/10012997245

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