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Covered Interest Parity Deviations : Macrofinancial Determinants

Cerutti, Eugenio - 2019

This paper studies how several macrofinancial factors are associated over time with the evolution of covered interest parity (CIP) deviations in the decade after the Global Financial Crisis. Changes in a number of risk- and policy-related factors have a significant association with the evolution...

Persistent link: https://www.econbiz.de/10012865278

The Logic of Currency Crises

Obstfeld, Maurice - 2021

Once one recognizes that governments borrow international reserves and exercise other policy options to defend fixed exchange rates during currency crises, the question arises: What factors determine a government's decision to abandon a currency peg or hang on? In a setting of purposeful action...

Persistent link: https://www.econbiz.de/10013213429

Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization

Obstfeld, Maurice - 2021

This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...

Persistent link: https://www.econbiz.de/10013243955

Monetary Sovereignty, Exchange Rates, and Capital Controls : The Trilemma in the Interwar Period

Obstfeld, Maurice - 2012

disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but … empirically controversial. We apply theory and empirics to the interwar data and find strong support for the logic of the trilemma …

Persistent link: https://www.econbiz.de/10012755788

International Liquidity : The Fiscal Dimension

Obstfeld, Maurice - 2011

This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide a higher and better coordinated level of fiscal support than it has in the past. Loans to troubled sovereigns or financial institutions imply a credit risk that ultimately must...

Persistent link: https://www.econbiz.de/10013120324

Stories of the Twentieth Century for the Twenty-First

Gourinchas, Pierre-Olivier - 2011

A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century's first global...

Persistent link: https://www.econbiz.de/10013121927

The International Monetary System : Living with Asymmetry

Obstfeld, Maurice - 2013

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market …

Persistent link: https://www.econbiz.de/10013092069

The Great Depression as a Watershed : International Capital Mobility Over the Long Run

Obstfeld, Maurice - 2008

This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital...

Persistent link: https://www.econbiz.de/10012774957

International Monetary Relations : Taking Finance Seriously

Obstfeld, Maurice - 2017

changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …

Persistent link: https://www.econbiz.de/10012954933

External Adjustment

Obstfeld, Maurice - 2010

Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the...

Persistent link: https://www.econbiz.de/10012762565