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Capital flows in the euro area and TARGET2 balances
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2018
We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the propagation of different types of structural economic shocks as well as to the historical evolution of aggregate economic activity in euro area member countries. Our results...
Persistent link: https://www.econbiz.de/10011793977
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Yield curve and financial uncertainty : evidence based on US data
Castelnuovo, Efrem - 2019
stronger than that of the long end (i.e., of long term ones). In other words, a financial uncertainty shock causes a temporary … recovery in real activity after a financial uncertainty shock. …
Persistent link: https://www.econbiz.de/10012029082
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Google it up! : a Google Trendsbased uncertainty index for the United States and Australia
Castelnuovo, Efrem; Tran, Trung Duc - 2017
We develop uncertainty indices for the United States and Australia based on freely accessible, real time Google Trends data. Our Google Trends Uncertainty (GTU) indices are found to be positively correlated to a variety of alternative proxies for uncertainty available for these two countries....
Persistent link: https://www.econbiz.de/10011735982
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China's exchange rate impasse and the weak U.S. dollar
McKinnon, Ronald Ian (contributor);  … - 2008
Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar ….S. dollar, the resulting monetary explosion in China contributes to the worldwide increase in primary commodity priceswith …
Persistent link: https://www.econbiz.de/10003749649
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China and its Dollar exchange rate : a worldwide stabilizing influence?
McKinnon, Ronald I.; Schnabl, Gunther - 2011
potentially subsidized capital allocation in China the real yuan/dollar rate is undervalued. This has caused - both in China and …-American policy coordination to escape from the policy dilemma, which continues to drive global imbalances. -- China ; exchange rate …
Persistent link: https://www.econbiz.de/10009127709
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Target loans, current account balances and capital flows : the ECB's rescue facility
Sinn, Hans-Werner; Wollmershäuser, Timo - 2011
The Target liabilities of the GIPS countries (Greece, Ireland, Portugal and Spain) amounted to314 billion euros in March 2011. They measure the additional central bank money that their corresponding National Central Banks (NCBs) have loaned in excess of the money needed to cover their domestic...
Persistent link: https://www.econbiz.de/10009155848
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Elusive safety : the new geography of capital flows and risk
Alfaro, Laura; Faia, Ester; Judson, Ruth A.; … - 2020
and, as they appear elusively safer, intermediaries reduce monitoring intensity, increasing ex post risk. …
Persistent link: https://www.econbiz.de/10012210945
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Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - 2010
theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the … financial risk, but would also impose austerity on the rest of Europe. The resulting new wave of crisis could trigger a new … round of monetary expansion in the EMU. -- monetary union ; German unification ; asymmetric shock ; current account …
Persistent link: https://www.econbiz.de/10008798227
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Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European monetary union
Schnabl, Gunther; Zemanek, Holger - 2011
Persistent link: https://www.econbiz.de/10009356814
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Stochastic optimal control, international finance and debt
Fleming, Wendell Helms; Stein, Jerome L. - 2002
We use stochastic optimal control-dynamic programming (DP) to derive the optimal foreign debt/net worth, consumption/net worth, current account/net worth, and endogenous growth rate in an open economy. Unlike the literature that uses an Intertemporal Budget Constraint (IBC) or the Maximum...
Persistent link: https://www.econbiz.de/10011410314