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What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade?
Kalemli-Ozcan, Sebnem - 2010
Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the...
Persistent link: https://www.econbiz.de/10013142360
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Sources of borrowing and fiscal multipliers
Priftis, Romanos; Zimic, Srecko - 2021
33 countries fiscal multipliers are larger when government purchases are financed by issuing debt to foreign investors …
Persistent link: https://www.econbiz.de/10013315374
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Attention to the Tail(s) : Global Financial Conditions and Exchange Rate Risks
Sokol, Andrej - 2020
on the basis of net foreign asset positions, relative interest rates, current account balances and levels of …
Persistent link: https://www.econbiz.de/10012837758
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Monetary and Macroprudential Policy with Foreign Currency Loans
Brzoza-Brzezina, Michal - 2015
In a number of countries a substantial proportion of mortgage loans is denominated in foreign currency. In this paper … economy model with housing loans denominated in domestic or foreign currency. The model is calibrated for Poland - a typical … small open economy with a large share of foreign currency loans (FCL). We show that FCLs negatively affect the transmission …
Persistent link: https://www.econbiz.de/10013020804
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From Carry Trades to Curvy Trades
Dreher, Ferdinand - 2018
Traditional carry trade strategies are based on differences in short-term interest rates, neglecting any other information embedded in yield curves. We derive return distributions of carry trade portfolios among G10 currencies, where the signals to buy and sell currencies are based on summary...
Persistent link: https://www.econbiz.de/10012920109
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Global Risk and the Dollar
Georgiadis, Georgios; Müller, Gernot J.; Schumann, Ben - 2021
How does global risk impact the world economy? In taking up this question, we focus on the dollar’s role in the international adjustment mechanism. First, we rely on high-frequency surprises in the price of gold to identify the effects of global risk shocks in a Bayesian Proxy VAR model. They...
Persistent link: https://www.econbiz.de/10013310676
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Behavioural Characteristics and Financial Distress
McCarthy, Yvonne - 2011
Using a new nationally representative survey of financial capability and experience in the UK and Ireland, I investigate the key factors that cause individuals to experience financial distress. In this context, a key area that I focus on is whether individuals' behavioural traits, such as their...
Persistent link: https://www.econbiz.de/10013130145
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Household's Portfolio Structure in Germany - Analysis of Financial Accounts Data 1959-2009
Ramb, Fred - 2011
Based on a Financial Almost Ideal Demand System (FAIDS), this paper investigates the wealth structure of German households. The long-run wealth elasticities and interest rate elasticities were calculated using a unique new quarterly financial accounts macro data set which covers the period from...
Persistent link: https://www.econbiz.de/10013124189
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What Drives Personal Consumption? The Role of Housing and Financial Wealth
Slacalek, Jiri - 2009
I investigate the effect of wealth on consumption in a new dataset with financial and housing wealth from 16 countries. The baseline estimation method based on the sluggishness of consumption growth implies that the eventual (long-run) marginal propensity to consume out of total wealth is 5...
Persistent link: https://www.econbiz.de/10013154678
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Insurers’ Investment Strategies : Pro- or Countercyclical?
Fache Rousová, Linda; Giuzio, Margherita - 2021
Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....
Persistent link: https://www.econbiz.de/10013315359