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Financial Globalization and the Governance of Domestic Financial Intermediaries

Tressel, Thierry - 2007

We model an economy in which domestic banks and firms face incentive constraints, as in Holmstrom and Tirole (1997). Firms borrow from banks and uninformed investors, and can collude with banks to reduce the intensity of monitoring. We study the general equilibrium effects of capital flows...

Persistent link: https://www.econbiz.de/10014400135

Global Aging Pressures : Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms

Kumar, Manmohan S. - 2007

Demographic pressures will materialize in many economies over the next few decades. We examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies to address these global aging pressures using the IMF''s Global Fiscal Model (GFM). The results suggest...

Persistent link: https://www.econbiz.de/10014400215

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

International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global?

Schmukler, Sergio L. - 2007

This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, we find that, although...

Persistent link: https://www.econbiz.de/10014400333

Safe asset demand, global capital flows and wealth concentration

Kim, Taehoon - 2021

globalization raises wealth inequality in a financially-developed economy initially due to foreign capital pressing up domestic …

Persistent link: https://www.econbiz.de/10012796314

Emerging market securities access to global plumbing

Choi, Gongpil; Ortega, Federico; Kumar, Manmohan S. - 2021

What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability...

Persistent link: https://www.econbiz.de/10012604765

Trade, jobs, and inequality

Beaton, Kimberly; Cerra, Valerie; Hadzi-Vaskov, Metodij - 2021

This paper examines the impact of trade on employment, wages, and other outcomes across countries and explores the conditions and policies that help spread the gains from trade more evenly throughout the population. We exploit a large global firm-level dataset to examine the impact of import...

Persistent link: https://www.econbiz.de/10012605685

Global value chains and productivity : micro evidence from Estonia

Banh, Hang T.; Wingender, Philippe; Gueye, Cheikh - 2020

The COVID-19 pandemic has led to an unprecedented collapse in global economic activity and trade. The crisis has also highlighted the role played by global value chains (GVC), with countries facing shortages of components vital to everything from health systems to everyday household goods....

Persistent link: https://www.econbiz.de/10012252668

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