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Conventional and Insidious Macroeconomic Balance-Sheet Crises

Bakker, Bas Berend - 2014

This paper describes the anatomy of two types of balance-sheet macroeconomic crises. Conventional balance-sheet crises are triggered by external imbalances and balance sheet vulnerabilities. They typically occur after capital inflows have led to a substantial build up of foreign currency...

Persistent link: https://www.econbiz.de/10013047609

External Imbalances and Financial Crises

Taylor, Alan M. - 2014

Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in...

Persistent link: https://www.econbiz.de/10013060542

Dampening Global Financial Shocks : Can Macroprudential Regulation Help (More than Capital Controls)?

Bergant, Katharina - 2020

We show that macroprudential regulation can considerably dampen the impact of globalfinancial shocks on emerging markets. More specifically, a tighter level of regulation reducesthe sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set ofmacroprudential tools contribute...

Persistent link: https://www.econbiz.de/10012828057

Tracking Global Demand for Advanced Economy Sovereign Debt

Arslanalp, Serkan - 2012

from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on …

Persistent link: https://www.econbiz.de/10013096716

Emerging Market Portfolio Flows : The Role of Benchmark-Driven Investors

Arslanalp, Serkan - 2016

Portfolio flows to emerging markets (EMs) tend to be correlated. A possible explanation is the role global benchmarks play in allocating capital internationally, the so-called 'benchmark effect.' This paper finds that benchmark-driven investors indeed play a large role in a key segment of the...

Persistent link: https://www.econbiz.de/10012991431

Cross-Country Spillovers of Fiscal Consolidations in the Euro Area

Poghosyan, Tigran - 2017

methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal consolidation in one country not … originating from relatively larger countries. On average, 1 percent of GDP fiscal consolidation in 10 euro area countries reduces …

Persistent link: https://www.econbiz.de/10012950411

What Caused the Global Financial Crisis? Evidence on the Drivers of Financial Imbalances 1999-2007

Nier, Erlend W. - 2011

This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii)...

Persistent link: https://www.econbiz.de/10013131803

International Capital Flows at the Security Level - Evidence from the ECB's Asset Purchase Programme

Bergant, Katharina - 2020

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level …. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced … away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities …

Persistent link: https://www.econbiz.de/10012836534

The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis

Ahmed Hannan, Swarnali - 2017

Using a sample of 34 emerging markets and developing economies over the period 2009Q3-2015Q4, the paper employs a panel framework to study the determinants of capital flows, both net and gross, across a wide range of instruments. The baseline regressions are then extended to focus on high and...

Persistent link: https://www.econbiz.de/10012956498

In Search of Lost Time : Examining the Duration of Sudden Stops in Capital Flows

David, Antonio C. - 2019

This paper investigates what factors affect the duration of sudden stops in capital flows using quarterly data for a large panel of countries. We find that countries with floating exchange rate regimes tend to experience shorter sudden stop episodes and that fixed exchange rate regimes are...

Persistent link: https://www.econbiz.de/10012858389