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Carry Trade vs. Deposit-Driven Euroization

Geng, Nan - 2018

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of euroization need to be distinguished, which have different causes, economic...

Persistent link: https://www.econbiz.de/10012922625

The Stabilizing Role of Net Foreign Asset Returns

Adler, Gustavo - 2018

With the rapid growth of countries' foreign asset and liability positions over the last two decades,financial returns on those positions ('NFA returns') have become material drivers of current accounts and net stock positions. This paper documents the relative importance of NFA return versus...

Persistent link: https://www.econbiz.de/10012918561

Media Sentiment and International Asset Prices

Fraiberger, Samuel P. - 2019

, changes in global news sentiment have a larger impact on equity returns around the world, which does not reverse in the short …

Persistent link: https://www.econbiz.de/10012895104

International Capital Flow Pressures

Goldberg, Linda S. - 2018

assetportfolio considerations. Based on the modified exchange market pressure index, the paperalso proposes the Global Risk Response … Index, which reflects the country-specific sensitivityof capital flow pressures to measures of global risk aversion. For a … large sample of countriesover time, we demonstrate time variation in the effects of global risk on exchange marketpressures …

Persistent link: https://www.econbiz.de/10012924999

International Reserves and Rollover Risk

Bianchi, Javier - 2013

-off between the benefits of keeping reserves as a buffer against rollover risk and the cost of having larger gross debt positions …

Persistent link: https://www.econbiz.de/10013086313

External Vulnerability in Emerging Market Economies : How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion

Bussière, Matthieu - 2021

This paper investigates the factors behind the 1994 and 1997 crises and whether these can explain the 1998 crisis. The study reveals that: (i) variables used in an Early Warning System model developed by IMF staff scored well in predicting the 1998 crisis out-of-sample; (ii) all three crisis...

Persistent link: https://www.econbiz.de/10013212110

Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

Choi, Woon Gyu - 2017

through a factor model with sign restrictions as policy-driven, market-driven, and risk averseness factors. Using a panel … increase boosts growth in EMEs, elevating stock prices and currency values, while a risk averseness rise has an opposite effect …

Persistent link: https://www.econbiz.de/10012942347

Country Transparency and the Global Transmission of Financial Shocks

Brandao Marques, Luis - 2013

This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers. We provide a simple model where, in the presence of ambiguity (uncertainty about the probability distribution of returns), prices in emerging...

Persistent link: https://www.econbiz.de/10013078380

Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics

Asonuma, Tamon - 2016

incorporates bond issuances in local and foreign currencies, and endogenous determination of real exchange rate and default risk …

Persistent link: https://www.econbiz.de/10012996064

Recent Shifts in Capital Flow Patterns in Korea : An Investor Base Perspective

Hansen, Niels-Jakob Harbo - 2020

Koreas cross border capital flows have tended to respond negatively in global risk-off episodes, resulting in … the relationship between Korean capital flows and global volatility up to 2018. The response of capital flows during risk … to global risk-off episodes, and implications for monetary and exchange rate policies …

Persistent link: https://www.econbiz.de/10012843514