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Investment Funds, Monetary Policy, and the Global Financial Cycle
Kaufmann, Christoph - 2021
financial markets world-wide gained importance during the post-crisis “second phase of global liquidity” (Shin, 2013). The …
Persistent link: https://www.econbiz.de/10013314948
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Domestic Credit Growth and International Capital Flows
Lane, Philip R. - 2013
Europe experienced substantial cross-country variation in domestic credit growth and cross border capital flows during the pre-crisis period. We investigate the inter-relations between domestic credit growth and international capital flows over 1993-2008, with a special focus on the 2003-2008...
Persistent link: https://www.econbiz.de/10013080089
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Macroprudential Regulation of Investment Funds
di Iasio, Giovanni; Kaufmann, Christoph; Wicknig, Florian - 2022
The investment fund sector, the largest component of the non-bank financial system, is growing rapidly and the economy is becoming more reliant on investment fund financial intermediation. This paper builds a dynamic stochastic general equilibrium model with banks and investment funds. Banks...
Persistent link: https://www.econbiz.de/10013403692
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Current Account Reversals in Industrial Countries : Does the Exchange Rate Regime Matter?
Pancaro, Cosimo - 2013
This paper studies current account reversals in industrial countries across different exchange rate regimes. There are two major findings which have important implications for industrial economies with external imbalances: first, triggers of current account reversals differ between exchange rate...
Persistent link: https://www.econbiz.de/10013082531
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Sudden Stop of Capital Flows and the Consequences for the Banking Sector and the Real Economy
Neagu, Florian - 2013
The paper develops a macro-prudential liquidity stress-testing tool in order to capture the possible consequences of a capital outflow (including a run of deposits). The tool includes a feedback from the banking sector to the real economy, incorporates a link between liquidity risk and solvency...
Persistent link: https://www.econbiz.de/10013075929
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The Global Financial Cycle and Capital Flow Episodes : A Wobbly Link?
Scheubel, Beatrice - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012858258
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Domestic and Multilateral Effects of Capital Controls in Emerging Markets
Pasricha, Gurnain Kaur - 2015
Using a novel dataset on changes in capital controls and currency-based prudential measures in 17 major emerging market economies (EMEs) over the period 2001-2011, this paper provides new evidence on domestic and multilateral (or spillover) effects of capital controls before and after the global...
Persistent link: https://www.econbiz.de/10013016947
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On the Determinants of External Imbalances and Net International Portfolio Flows : A Global Perspective
De Santis, Roberto A.; Lührmann, Melanie - 2021
In a panel covering a large number of countries from 1970 to 2003, we show that net portfolio flows play an important role in correcting external imbalances, since they are driven by common determinants represented by countries' demographic profiles, the quality of institutions, monetary...
Persistent link: https://www.econbiz.de/10013317564
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The Great Moderation in International Capital Flows : A Global Phenomenon?
McQuade, Peter - 2016
This paper highlights a recent ‘great moderation' in global capital flows, characterized by smaller volumes and lower volatility of cross-border transactions. However, there are substantial differences across countries and regions which we analyse by comparing the level of international...
Persistent link: https://www.econbiz.de/10012983089
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America First? A US-centric View of Global Capital Flows
McQuade, Peter - 2019
with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining “rest of the world” flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …
Persistent link: https://www.econbiz.de/10012892830