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Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism
Durdu, Ceyhun Bora - 2007
Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign … saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk … Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible …
Persistent link: https://www.econbiz.de/10012776881
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Global Macro-Financial Cycles and Spillovers
Ha, Jongrim; Kose, M. Ayhan; Otrok, Chris; Prasad, Eswar S. - 2022
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10013324697
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Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard
Irwin, Douglas A. - 2011
The intellectual response to the Great Depression is often portrayed as a battle between the ideas of Friedrich Hayek and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete. Austrians could explain how a country might get into a...
Persistent link: https://www.econbiz.de/10013118250
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A Series of Unfortunate Events : Common Sequencing Patterns in Financial Crises
Reinhart, Carmen M. - 2012
in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark …
Persistent link: https://www.econbiz.de/10013108287
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Public R&D investment in economic crises
Pellens, Maikel; Peters, Bettina; Hud, Martin; Rammer, … - 2021 - This version: November 2021
Persistent link: https://www.econbiz.de/10012818365
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Public R&D investment in economic crises
Pellens, Maikel; Peters, Bettina; Hud, Martin; Rammer, … - 2020 - This version: November 2020
We study the cyclicality of public R&D in 28 OECD countries (1995-2017). While procyclical on average, public R&D reacts asymmetrically over different phases of the business cycle and becomes acyclical during recessions. It is also heterogeneous across countries: Innovation leaders and followers...
Persistent link: https://www.econbiz.de/10012390728
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Original Sin and the Great Depression
Bordo, Michael D.; Meissner, Christopher M. - 2021
Was foreign currency denominated debt a determinant of exchange rate and monetary policy during the Great Depression? Policy makers of the day thought so. High-frequency bond price data show depreciation was associated with elevated risk premia on public debt. We also show that foreign currency...
Persistent link: https://www.econbiz.de/10013310973
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The impact of trade on aggregate productivity and welfare with heterogeneous firms and business cycle uncertainty
Thia, Jang Ping (contributor) - 2008
Persistent link: https://www.econbiz.de/10003841797
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Trade and the Global Recession
Eaton, Jonathan - 2011
in world trade in manufactures during 2008-2009. A shift in final spending away from tradable sectors, largely caused by …
Persistent link: https://www.econbiz.de/10013131675
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The Great Trade Collapse
Bems, Rudolfs - 2012
We survey recent literature on the causes of the collapse in international trade during the 2008-2009 global recession. We argue that the evidence points to the collapse in aggregate expenditure, concentrated on trade-intensive durable goods, as the main driver of the trade collapse. Inventory...
Persistent link: https://www.econbiz.de/10013096140