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 …

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

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the … rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In … explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy …

Monetary and fiscal policies around the world are in better shape today than two decades ago. This paper studies … whether financial globalization has helped induce governments to pursue better macroeconomic policies (the ""discipline effect … robust causal evidence. There is some evidence that financial globalization may have induced countries to pursue low …

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the … financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited …

points during two waves of financial globalization (1870-1913 and the present time). The data are drawn from primary sources …

This paper analyzes the impact of the globalization of financial markets on developing and transition economies …

the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …