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Gaining a better understanding of the behavior of international investors is key for informing the debate about the optimal response to capital flows and about reforms to the international financial architecture. In this context, recent research on the behavior of international mutual funds at...
Persistent link: https://www.econbiz.de/10014400976
risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different … a variety of empirical techniques, we conclude that there is at best a modest degree of international risk sharing, and … certainly nowhere near the levels predicted by theory. In addition, only industrial countries have attained better risk sharing …
Persistent link: https://www.econbiz.de/10014400319
The US economy is often referred to as the "banker to the world," due to its unique role in supplying global reserve …
Persistent link: https://www.econbiz.de/10012796314
This paper analyzes the impact of the globalization of financial markets on developing and transition economies. Differences between the responses of competitive and imperfectly competitive banking sectors cause them to affect economic activity differently. While nonbank financial markets and...
Persistent link: https://www.econbiz.de/10014403407
We trace the history of where and why investors from the most advanced countries directed funds, ultimately helping finance economic development in emerging market countries. To do this, we analyze the determinants of international investors'' willingness to hold the external liabilities issued...
Persistent link: https://www.econbiz.de/10014402036
In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii)...
Persistent link: https://www.econbiz.de/10014404213
In this paper, we examine the IMF''s role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF-supported program, although they may initially...
Persistent link: https://www.econbiz.de/10014404030
Persistent link: https://www.econbiz.de/10009486299
Persistent link: https://www.econbiz.de/10011281191
This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related...
Persistent link: https://www.econbiz.de/10011374751