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International financial market integration, asset compositions, and the falling exchange rate pass-through
Enders, Almira; Enders, Zeno; Hoffmann, Mathias - 2015
This paper provides an explanation for the observed decline of the exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, we...
Persistent link: https://www.econbiz.de/10011294137
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Inflation, price dispersion and market integration through the lens of a monetary search model
Becker, Sascha O.; Nautz, Dieter - 2010
Recent monetary search models emphasize that the real effects of inflation via its impact on price dispersion depend on … the level of search costs and, thus, on the level of market integration. For less integrated markets, the inflation …-price dispersion nexus is predicted to be asymmetrically V-shaped which implies an optimal inflation rate above zero. For highly …
Persistent link: https://www.econbiz.de/10003952539
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The synchronization of European credit cycles
Meller, Barbara; Metiu, Norbert - 2015
We study the synchronization of credit booms and busts among 12 major European economies and the United States between 1972-2011. We propose a regression-based procedure to test whether boom-bust phases of credit cycles coincide across countries and to cluster countries with positively...
Persistent link: https://www.econbiz.de/10011299045
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Financial integration and the co-movement of economic activity : evidence from U.S. states
Götz, Martin; Gozzi, Juan Carlos - 2021
We analyze the effect of the geographic expansion of banks across U.S. states on the co-movement of economic activity between states. Exploiting the removal of interstate banking restrictions to construct time-varying instrumental variables at the state-pair level, we find that bilateral banking...
Persistent link: https://www.econbiz.de/10012651086
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Multinational banks in regulated markets : is financial integration desirable?
Haufler, Andreas; Wooton, Ian - 2018
We set up a two-country, regional model of trade in financial services. Competitive firms in each country manufacture non-traded consumer goods in an uncertain productive environment, borrowing funds from a bank in either the home or the foreign market. Duopolistic banks can choose their levels...
Persistent link: https://www.econbiz.de/10011902728
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International investment positions and exchange rate dynamics
Binder, Michael; Offermanns, Christian J. - 2014
We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we make use of a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the...
Persistent link: https://www.econbiz.de/10010414236
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The law of one food price
Clements, Kenneth W.; Si, Jiawei; Long Hai Vo - 2019
Persistent link: https://www.econbiz.de/10012207562
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Understanding international price and consumption disparities
Long Hai Vo - 2021
Persistent link: https://www.econbiz.de/10012601725
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Heidland, Tobias - 2019
shocks significantly affect exchange rates and that this impact persists for months. We show for Japan and the US that …
Persistent link: https://www.econbiz.de/10012138448
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Incentives, globalization, and redistribution
Ferey, Antoine; Haufler, Andreas; Perroni, Carlo - 2022 - This version: July 2022
We offer a new explanation for why taxes have become less redistributive in many countries in parallel with an increase in income concentration. When performance-based contracts are needed to incentivize effort, redistribution through progressive income taxes becomes less precisely targeted....
Persistent link: https://www.econbiz.de/10014458815