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Fear thy neighbor : spillovers from economic policy uncertainty

Biljanovska, Nina; Grigoli, Francesco; Hengge, Martina - 2017

, using local projections, the paper zooms in on shocks originating in the United States, Europe, and China. Our results …, Europe, and China reduces economic activity in the rest of the world, with the effects being mostly felt in Europe and the …

Persistent link: https://www.econbiz.de/10011763593

The U.S. Dollar and the Trade Deficit : What Accounts for the Late 1990's?

Hunt, Benjamin F. - 2003

the story. A second shock, a broadly defined “risk premium” shock, and some uncertainty about the persistence of both … between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the … second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of …

Persistent link: https://www.econbiz.de/10014399692

Unintended consequences of U.S. monetary policy shocks : Dutch disease and capital flow measures in emerging market and developing economies

Yépez, Juan F. - 2021

Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and...

Persistent link: https://www.econbiz.de/10012605138

Optimal debt policy under asymmetric risk

Escolano, Julio; Gaspar, Vítor - 2016

In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal risks are asymmetric, with large debt-augmenting shocks more likely than commensurate debt reducing shocks. Asymmetric risks are a feature of 200 years of data for...

Persistent link: https://www.econbiz.de/10011715345

Uncertainty, financial frictions and nominal rigidities : a quantitative investigation

Cesa-Bianchi, Ambrogio; Fernandez-Corugedo, Emilio - 2017

preserving shock to the variance of aggregate total factor productivity (macro uncertainty) and to the dispersion of …

Persistent link: https://www.econbiz.de/10011748730

Global Imbalances and External Adjustment after the Crisis

Lane, Philip R. - 2014

This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external...

Persistent link: https://www.econbiz.de/10014411435

Official Financial Flows, Capital Mobility, and Global Imbalances

Bayoumi, Tamim A. - 2014

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental...

Persistent link: https://www.econbiz.de/10014411681

What Caused the Global Financial Crisis : Evidenceon the Drivers of Financial Imbalances 1999: 2007

Merrouche, Ouarda - 2010

This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii)...

Persistent link: https://www.econbiz.de/10014395878

Coincident Indicators of Capital Flows

Pant, Malika - 2012

Capital flows data from Balance of Payments statistics often lag 3-6 months, which renders timely surveillance and policy deliberation difficult. To address the tension, we propose two coincident composite indicators for capital flows that improve upon existing proxies. We find that the most...

Persistent link: https://www.econbiz.de/10014396957

External Adjustment and the Global Crisis

Milesi-Ferretti, Gian Maria - 2011

After widening substantially in the period preceding the global financial crisis, current account imbalances across the world have contracted to a significant extent. This paper analyzes the factors underlying this process of external adjustment. It finds that countries whose pre-crisis current...

Persistent link: https://www.econbiz.de/10014398603