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The evolution of offshore renminbi trading : 2016 to 2019
Cheung, Yin-Wong; Grimm, Louisa; Westermann, Frank - 2020
We study the evolution of offshore renminbi trading between 2016 and 2019. The diffusion behaviour of offshore renminbi trading during this period is different from the one between 2013 and 2016. The geographical diffusion process displayed in the 2016-2019 period, in addition to the previously...
Persistent link: https://www.econbiz.de/10012234514
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International Financial Crises
Dornbusch, Rudiger; Fischer, Stanley - 2003
-Maximilians-Universität.The lectures contain a fascinating overview of the mechanics andhistory of international financial crises showing the breadth and …
Persistent link: https://www.econbiz.de/10011507825
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Unbalanced financial globalization
Capelle, Damien; Pellegrino, Bruno - 2023
We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a … pattern Unbalanced Financial Globalization. We then simulate a counterfactual trajectory of the world economy where the RKO … novel multi-country dynamic general equilibrium model that incorporates a demand system for international assets. We …
Persistent link: https://www.econbiz.de/10014340224
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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
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Barriers to global capital allocation
Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2021
We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium … benchmark calibration, we estimate that the capital misallocation induced by these barriers reduces World GDP by 7%, compared to …-country inequality: the standard deviation of log capital per employee is 80% higher than it would be in a world without barriers to …
Persistent link: https://www.econbiz.de/10012514947
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Exorbitant privilege : a safe-asset view
Jiang, Zhengyang - 2024
I propose a model of the reserve currency paradigm that centers on liquidity demand for safe assets. In global recessions, the demand for U.S. safe assets increases and raises their convenience yields, giving rise to stronger dollar and countercyclical seigniorage revenues. The seigniorage...
Persistent link: https://www.econbiz.de/10015048365
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China's exchange rate and financial repression : the conflicted emergence of the renminbi as an international currency
McKinnon, Ronald I.; Schnabl, Gunther - 2014
exchange rate to encourage naturally high wage increases for balancing China's international competitiveness. …
Persistent link: https://www.econbiz.de/10010249643
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Economic costs of friend-shoring
Javorcik, Beata K. Smarzynska; Kitzmüller, Lucas; … - 2023
Geo-political tensions and disruptions to global value chains have led policy makers to re-evaluate their approach to globalisation. Many countries are considering friend-shoring - trading primarily with countries sharing similar values - as a way of minimising exposure to weaponisation of trade...
Persistent link: https://www.econbiz.de/10014450552
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The globalization paradox revisited
Schwerhoff, Gregor; Edenhofer, Ottmar - 2014
According to the Globalization Paradox, globalization limits the freedom of choice for national governments. Capital …. Fixed factor taxes have the potential to improve welfare by defusing the globalization trilemma through a reduction in the …
Persistent link: https://www.econbiz.de/10010375314
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Globalisation and the mix of wage and profit taxes
Haufler, Andreas (contributor); Klemm, Alexander (contributor) - 2006
This paper analyses the development of the ratio of corporate taxes to wage taxes using a simple political economy model with internationally mobile and immobile firms. Among other results, our model predicts that countries reduce their corporate tax rate, relative to the wage tax, either when...
Persistent link: https://www.econbiz.de/10003301170