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Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism

Mendoza, Enrique G. - 2007

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in … assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial … globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined …

Persistent link: https://www.econbiz.de/10014400221

How Does Financial Globalization Affect Risk Sharing? : Patterns and Channels

Terrones, Marco - 2007

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The … why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our …

Persistent link: https://www.econbiz.de/10014400319

How Does Globalization Affect the Synchronization of Business Cycles?

Kose, M. Ayhan - 2003

wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and …

Persistent link: https://www.econbiz.de/10014404021

Financial Integration and Macroeconomic Volatility

Terrones, Marco - 2003

This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s...

Persistent link: https://www.econbiz.de/10014404001

Trade and inclusive growth

Bacchetta, Marc; Cerra, Valerie; Piermartini, Roberta; … - 2021

This paper surveys the literature on the relationship between international trade and inclusive growth. It examines claims that the rise in inequality in many countries can be attributed to the concurrent rise in trade competition, especially from EMEs like China, spurring trade tensions and...

Persistent link: https://www.econbiz.de/10012518909

Volatility and Comovement in a Globalized World Economy : An Empirical Exploration

Kose, M. Ayhan - 2003

. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase … corresponding world aggregates …

Persistent link: https://www.econbiz.de/10014403966

Did Output Recover From the Asian Crisis?

Cerra, Valerie - 2003

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly...

Persistent link: https://www.econbiz.de/10014404003

Launching export accelerations in Latin America and the world

Cerra, Valerie; Woldemichael, Martha Tesfaye - 2017

This paper investigates the determinants of sustained accelerations in goods and services exports. Strong predictors of export takeoffs include domestic and structural indicators such as lower macroeconomic uncertainty, improved quality of institutions, a depreciated exchange rate, and...

Persistent link: https://www.econbiz.de/10011716656

How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?

Prasad, Eswar - 2005

context of globalization-a term typically used to describe the phenomenon of growing international trade and financial …

Persistent link: https://www.econbiz.de/10014400632

Globalization, the Business Cycle, and Macroeconomic Monitoring

Aruoba, S. Boragan - 2011

We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as...

Persistent link: https://www.econbiz.de/10014403088