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Gross capital flows by banks, corporates, and sovereigns

Avdjiev, Stefan; Hardy, Bryan; Kalemli-Ozcan, Sebnem; … - 2018

This paper constructs a new dataset of quarterly capital flows by sector and establishes four facts. First, the co-movement of capital inflows and outflows is driven by banks. Second, procyclicality of capital inflows is driven by banks and corporates, whereas sovereigns' external liabilities...

Persistent link: https://www.econbiz.de/10011902887

Assessing the international comovement of equity returns

Abate, Girum Dagnachew; Servén, Luis - 2018

The international comovement of equity returns has been viewed as reflecting either pervasive common shocks or local linkages between countries. This paper brings these perspectives together by assessing the comovement of equity returns in a dynamic model that allows for both common factors and...

Persistent link: https://www.econbiz.de/10011902919

Is the WTO Passï¿½?

Bagwell, Kyle - 2015

Persistent link: https://www.econbiz.de/10012246104

The GATT's Starting Point : Tariff Levels Circa 1947

Bown, Chad P. - 2016

How high were import tariffs when GATT participants began negotiations to reduce them in 1947? Establishing this starting point is key to determining how successful the GATT has been in bringing down trade barriers. If the average tariff level was about 40 percent, as commonly reported, the...

Persistent link: https://www.econbiz.de/10012246242

The Empirical Landscape of Trade Policy

Bown, Chad P. - 2016

represented 83 percent of the world's population and 91 percent of the world's GDP in 2013. It addresses the following five … setting trade policy? Finally, how liberalized is world trade? The analysis documents the extent of cross … concludes that substantial trade policy barriers remain as an important feature of the world economy …

Persistent link: https://www.econbiz.de/10012246271

What's Left for the WTO?

Bown, Chad P. - 2015

Suppose that when addressing the question of "what's left for the WTO?," tariff negotiators relied not on the agenda established in 2001 but instead on the terms-of-trade theory of trade agreements to identify negotiating priorities. This paper uses the lens of the terms-of-trade theory to...

Persistent link: https://www.econbiz.de/10012246611

Adding space to the international business cycle

Abate, Girum Dagnachew; Servén, Luis - 2019

Growth fluctuations exhibit substantial synchronization across countries, which has been viewed as reflecting a global business cycle driven by shocks with worldwide reach, or spillovers resulting from local real and/or financial linkages between countries. This paper brings these two...

Persistent link: https://www.econbiz.de/10012008277

Swept by the tide? : the international comovement of capital flows

Lafuerza, Luis F.; Servén, Luis - 2019

This paper assesses the international comovement of gross capital flows in a setting simultaneously encompassing aggregate inflows and outflows. It uses as empirical framework a multilevel latent factor model, implemented on flow data for a large sample of countries over more than three decades....

Persistent link: https://www.econbiz.de/10012008280

Gross capital flows, common factors, and the global financial cycle

Barrot, Luis-Diego; Servén, Luis - 2018

, the U.S. real interest rate and real exchange rate, U.S. GDP growth, and world commodity prices) that explain much of the …

Persistent link: https://www.econbiz.de/10011843378

China's Export Growth and the China Safeguard : Threats to the World Trading System?

Bown, Chad P.; Crowley, Meredith - 2010

negotiation, formation, and rules of international trade agreements. Among other changes, China's 2001 accession to the World … explanations for these puzzling results as well as potential implications for the sustainability of the rules of the world trading …

Persistent link: https://www.econbiz.de/10014067842