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Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?
Nier, Erlend; Olafsson, Thorvardur Tjoervi; Rollinson, … - 2021
This paper examines empirically the role of macroprudential policy in addressing the effects of external shocks on financial stability. In a sample of 62 economies over the period of 2000: Q1-2016: Q4, our dynamic panel regressions show that an appreciation of the local exchange rate is...
Persistent link: https://www.econbiz.de/10013315105
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Commodity Prices and Exchange Rate Volatility : Lessons from South Africa's Capital Account Liberalization
Arezki, Rabah - 2012
We examine the relationship between South African Rand and gold price volatility using monthly data for the period 1980-2010. Our main findings is that prior to capital account liberalization the causality runs from South African Rand to gold price volatility but the causality runs the other way...
Persistent link: https://www.econbiz.de/10013098635
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The Composition of Capital Flows : Is South Africa Different?
Ahmed, Faisal - 2014
Over the past decade, South Africa has attracted relatively little foreign direct investment (FDI), but considerable … further trade and capital control liberalization would increase the share of FDI. Additionally, a reduction in exchange rate … volatility would affect the composition of capital flows in favor of FDI …
Persistent link: https://www.econbiz.de/10012752467
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Chinese Investment in Latin America : Sectoral Complementarity and the Impact of China's Rebalancing
Ding, Ding; Di Vittorio, Fabio; Lariau, Ana; Zhou, Yue - 2022
advantage in the global markets, a trend similar to that of other major foreign direct investment (FDI) source countries … investment gaps. The COVID-19 pandemic could have a long-lasting impact on global value chains and FDI flows, which poses both … challenges and opportunities to LAC in attracting FDI, including from China, to support the region’s long-run economic …
Persistent link: https://www.econbiz.de/10013305601
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External Financing Risks : How Important is the Composition of the International Investment Position?
Cubeddu, Luis; Ahmed Hannan, Swarnali; Rabanal, Pau - 2021
Building on the vast literature, this paper focuses on the role of the structure of the international investment position (IIP) in affecting countries' external vulnerabilities. Using a sample of 73 advanced and emerging economies and new database on the IIP's currency composition, we find that...
Persistent link: https://www.econbiz.de/10013243065
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Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?
Goldfajn, Ilan - 2021
This paper provides evidence on the relationship between monetary policy and the exchange rate in the aftermath of currency crises. It analyzes a large data set of currency crises in 80 countries for the period 1980-98. The main question addressed is: Can monetary policy increase the probability...
Persistent link: https://www.econbiz.de/10013212113
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U.S. Dollar Currency Premium in Corporate Bonds
Caramichael, John; Gopinath, Gita; Liao, Gordon - 2022
We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates...
Persistent link: https://www.econbiz.de/10013306776
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Dollar Exchange Rate Volatility and Productivity Growth in Emerging Markets : Evidence from Firm Level Data
Eklou, Kodjovi - 2023
This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels,...
Persistent link: https://www.econbiz.de/10014350158
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The Transmission of External Shocks in Asia : Country Characteristics and Policy Responses
Deb, Pragyan; Nadeem, Sanaa; Peiris, Shanaka - 2021
Asian economies are increasingly integrated to the global economy through trade and financial linkages, exposing them to the international financial cycle. This paper explores how external shocks are transmitted to Asian economies and whether the use of policies, such as the monetary policy...
Persistent link: https://www.econbiz.de/10013238139
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External Financing Dependence and Corporate Saving in ASEAN5
Li, Xin - 2021
Using firm-level data on ASEAN5, this paper studies the differential effects of macrofinancial and structural factors on corporate saving behavior through the lens of external financing dependence. The finding suggests that non-financial corporations in ASEAN5 have been subject to binding...
Persistent link: https://www.econbiz.de/10013252059