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Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market

Eichengreen, Barry; Lafarguette, Romain; Mehl, Arnaud - 2016

We analyze the impact of technology on production and trade in services, focusing on the foreign exchange market. We …. Our estimates suggest that the second effect dominates. Technology dampens the impact of spatial frictions by up to 80 … percent and increases, in net terms, the share of offshore trading by 21 percentage points. Technology also has economically …

Persistent link: https://www.econbiz.de/10011605934

Repo markets, counterparty risk, and the 2007/2008 liquidity crisis

Ewerhart, Christian; Tapking, Jens - 2008

A standard repurchase agreement between two counterparties is considered to examine the endogenous choice of collateral, the feasibility of secured lending, and welfare implications of the central bank's collateral framework. As an innovation, we allow for two-sided counterparty risk. In line...

Persistent link: https://www.econbiz.de/10003962085

Business Cycle Synchronisation : Disentangling Trade and Financial Linkages

Dees, Stephane - 2011

Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....

Persistent link: https://www.econbiz.de/10013128036

Using the Global Dimension to Identify Shocks with Sign Restrictions

Chudik, Alexander - 2011

Identification of structural VARs using sign restrictions has become increasingly popular in the academic literature. This paper (i) argues that identification of shocks can benefit from introducing a global dimension, and (ii) shows that summarising information by the median of the available...

Persistent link: https://www.econbiz.de/10013128288

Getting Beyond Carry Trade : What Makes a Safe Haven Currency?

Habib, Maurizio Michael - 2011

There is already a substantial literature documenting the fact that low yield currencies typically appreciate during times of global financial stress and behave as safe havens. The main objective of this paper is to find out what the fundamentals of safe haven currencies are. We analyse a large...

Persistent link: https://www.econbiz.de/10013131638

Global Value Chains during the Great Trade Collapse : A Bullwhip Effect?

Altomonte, Carlo - 2012

This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French firms containing information on cross-border monthly transactions matched with data on worldwide intra-firm linkages as defined by property...

Persistent link: https://www.econbiz.de/10013113261

Aggregation, the Skill Premium, and the Two-Level Production Function

Leon-Ledesma, Miguel A. - 2011

We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and factor...

Persistent link: https://www.econbiz.de/10013118952

Bank Risk During the Financial Crisis : Do Business Models Matter?

Altunbas, Yener - 2011

We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher risk exposure had less capital, larger size, greater reliance on short-term market funding, and aggressive credit growth. Business models related to significantly reduced bank...

Persistent link: https://www.econbiz.de/10013119519

China's Dominance Hypothesis and the Emergence of a Tri-Polar Global Currency System

Fratzscher, Marcel - 2011

This paper assesses whether the international monetary system is already tripolar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China's “dominance hypothesis”, i.e. whether the renminbi is already the dominant currency in Asia, exerting...

Persistent link: https://www.econbiz.de/10013119934

An International Comparison of Voting by Committees

Jung, Alexander - 2011

This paper provides new empirical evidence on policy-makers' voting patterns on interest rates. Applying (pooled) Taylor-type rules and using real-time information available from published inflation reports and voting records, the paper tests for heterogeneity among committee members in three...

Persistent link: https://www.econbiz.de/10013120227

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