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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
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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
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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
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Emerging Market Corporate Leverage and Global Financial Conditions
Alter, Adrian - 2017
Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find...
Persistent link: https://www.econbiz.de/10012962158
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Financial Openness and Capital Inflows to Emerging Markets : In Search of Robust Evidence
Cerdeiro, Diego - 2019
We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how our theory-consistent regressions may overcome some ubiquitous measurement problems...
Persistent link: https://www.econbiz.de/10012858394
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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
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Climate Disaster Risks - Empirics and a Multi-Phase Dynamic Model
Mittnik, Stefan - 2019
sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback … explore this causal nexus and the effects of rare large disasters resulting in capital losses and rising risk premia. Our …
Persistent link: https://www.econbiz.de/10012865122
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A Primer on Managing Sovereign Debt-Portfolio Risks
Jonasson, Thordur - 2018
vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk …
Persistent link: https://www.econbiz.de/10012918566
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Recent Shifts in Capital Flow Patterns in Korea : An Investor Base Perspective
Hansen, Niels-Jakob - 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
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Have Institutional Investors Destabilized Emerging Markets?
Aitken, Brian - 2006
In the past few years there has been a large increase in portfolio capital flows into emerging markets, mostly fueled by mutual funds and other institutional investors. Based on a simple variance ratio test, this paper finds that emerging stock markets as a group experienced a sharp increase in...
Persistent link: https://www.econbiz.de/10012782065