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China's capital flight : pre- and post-crisis experiences

Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2015

We study China's illicit capital flow and document a change in its pattern. Specifically, we observe that China's capital flight, especially the one measured by trade misinvoicing, exhibits a weakened response in the post-2007 period to the covered interest disparity, which is a theoretical...

Persistent link: https://www.econbiz.de/10011375683

Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan

Schnabl, Gunther - 2016

The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...

Persistent link: https://www.econbiz.de/10011475972

International credit flows and pecuniary externalities

Brunnermeier, Markus Konrad; Sannikov, Yuliy - 2015

This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too...

Persistent link: https://www.econbiz.de/10010474855

Globalization and the (mis)governance of nations

Blouin, Arthur; Ghosal, Sayantan; Mukand, Sharun W. - 2012 - This vers.: December 2011

We analyze whether or not the globalization of capital, "disciplines" governments and improves governance. We demonstrate that globalization affects governance, by increasing a country's vulnerability to sudden capital flight. This increased threat of capital flight can discipline governments...

Persistent link: https://www.econbiz.de/10009488923

Disclosure deregulation of quarterly reporting

Behrmann, Vanessa; Hornuf, Lars; Zimmermann, Jochen - 2021 - This version: October 5, 2021

Directive into German law and analyze whether a reduction in the minimum content requirements for quarterly reporting increases …, our results reveal that over the period from 2012 to 2019, lower quarterly reporting levels on average have increased … coverage. Our results are robust to potential selection effects regarding firms’ choice of quarterly reporting content levels. …

Persistent link: https://www.econbiz.de/10012643524

China's capital controls : through the prism of covered interest differentials

Cheung, Yin-Wong; Herrala, Risto - 2013 - This Version: August 2013

We study the renminbi (RMB) covered interest differential - an indicator of the effectiveness of capital controls. It is found that the differential is not shrinking over time and, in fact, appears larger after the global financial crisis than before. That is, capital controls in China are still...

Persistent link: https://www.econbiz.de/10009786004

Capital controls and exchange rate regimes : an empirical investigation

Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - 2001

It is often argued that deregulation of international transactions and its effects on the globalization of financial markets is behind the decline in the attractiveness of fixed exchange rate regimes. We argue that, instead, much of the recently observed decrease in the level of capital controls...

Persistent link: https://www.econbiz.de/10011398048

The positive link between financial liberalization, growth, and crises

Tornell, Aaron; Westermann, Frank; Martínez Trigueros, … - 2004

There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...

Persistent link: https://www.econbiz.de/10011402501

What do we know about the global financial safety net? : a new comprehensive data set

Scheubel, Beatrice; Stracca, Livio - 2016

This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for over...

Persistent link: https://www.econbiz.de/10011565481

Monetary policy, vagabonding liquidity and bursting bubbles in new and emerging markets : an overinvestment view

Schnabl, Gunther (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003599390