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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/10012517927
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Policy Responses to External Imbalances in Emerging Market Economies : Further Empirical Results
Carranza, Luis - 1998
A bivariate vector-autoregression (VAR) model is used to test causal relations between the current account and the capital account in four emerging market economies. The results show that high capital mobility could be a major cause of current account instability. Therefore, macroeconomic policy...
Persistent link: https://www.econbiz.de/10014403375
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Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia
Sandri, Damiano - 2011
the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging …
Persistent link: https://www.econbiz.de/10011779741
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Exchange Rate Policy and Debt Crises in Emerging Economies
Montiel, Peter - 2003
We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. We examine how the exchange rate affects the supply of short-term debt facing the government. We show that under a credible hard peg...
Persistent link: https://www.econbiz.de/10014403958
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A Global Perspectiveon External Positions
Milesi-Ferretti, Gian-Maria - 2005
the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …
Persistent link: https://www.econbiz.de/10014404202
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Yen Bloc or Yuan Bloc : An Analysis of Currency Arrangements in East Asia
Shirono, Kazuko - 2009
This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to … if China''s relative presence continues to rise in the regional trade …
Persistent link: https://www.econbiz.de/10014404286
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On the Determinants of First-Time Sovereign Bond Issues
Grigorian, David A. - 2003
In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness...
Persistent link: https://www.econbiz.de/10014403680
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Sovereign Defaults : The Role of Volatility
Sutton, Bennett - 2002
While the relationship between volatility and credit risk is central to much of the literature on finance and banking, it has been largely neglected in empirical macro studies on sovereign defaults. This paper presents new econometric estimates for a panel of 25 emerging market countries over...
Persistent link: https://www.econbiz.de/10014399565
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How Private Creditors Fared in Emerging Debt Markets, 1970-2000
Zettelmeyer, Jeromin - 2004
World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury … with U.S. or world stock markets …
Persistent link: https://www.econbiz.de/10014404126
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Capital flows at risk : taming the ebbs and flows
Gelos, Gaston; Gornicka, Lucyna; Koepke, Robin; Sahay, Ratna - 2019
The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global...
Persistent link: https://www.econbiz.de/10012155045