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Facing the global financial cycle : what role for policy responses?

Batini, Nicoletta; Durand, Luigi - 2021

Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...

Persistent link: https://www.econbiz.de/10012518283

Dollar invoicing, global value chains, and the business cycle dynamics of international trade

Cook, David; Patel, Nikhil - 2022

Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy,...

Persistent link: https://www.econbiz.de/10013170273

The global macrofinancial model

Vitek, Francis - 2018

Macrofinancial Model (GFM). This dynamic stochastic general equilibrium model of the world economy, disaggregated into forty national …

Persistent link: https://www.econbiz.de/10011848258

The impact of the global financial crisis on banking globalization

Claessens, Stijn; Horen, Neeltje van - 2014

Persistent link: https://www.econbiz.de/10010441940

Global Imbalances and Financial Stability

Xafa, Miranda - 2007

This paper discusses two opposing views on global imbalances: The ""traditional view"", which regards the imbalances as a threat to global economic and financial stability, and the ""new paradigm"" view, which considers that they are the natural consequence of economic and financial...

Persistent link: https://www.econbiz.de/10014399530

Financial Globalization : A Reappraisal

Kose, M. Ayhan - 2006

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad...

Persistent link: https://www.econbiz.de/10014401981

Global Risks and Collective Action Failures : What Can the International Community Do?

Otker-Robe, Inci - 2014

Abstract What do climate change, global financial crises, pandemics, and fragility and conflict have in common? They are all examples of global risks that can cross geographical and generational boundaries and whose mismanagement can reverse gains in development and jeopardize the well-being of...

Persistent link: https://www.econbiz.de/10014411688

The Impact of the Global Financial Crisis on Banking Globalization

Claessens, Stijn - 2014

Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OECD countries reduced their foreign presence (but still represent 89% of foreign...

Persistent link: https://www.econbiz.de/10014411689

One ring to rule them all? : new evidence on world cycles

Monnet, Eric; Puy, Damien - 2019

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives … and covering a large set of advanced and emerging economies since 1950. World cycles, both real and financial, exist and … time. Although this is true for prices (goods and assets), this not true for quantities (output and credit). The world …

Persistent link: https://www.econbiz.de/10012103742

Financial Globalization and Monetary Policy

Devereux, Michael B. - 2007

What does financial globalization imply for the design of monetary policy? Does the case for price stability change in an environment of large cross country gross asset holdings? This paper is concerned with the effects of monetary policy under endogenous international portfolio choice and...

Persistent link: https://www.econbiz.de/10014399256