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Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons

Jorda, Oscar - 2010

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed countries over 140 years (1870-2008). We exploit our long-run dataset in a number of different ways. First, we apply new statistical tools to describe the temporal and spatial...

Persistent link: https://www.econbiz.de/10013135415

Report on the State of Available Data for the Study of International Trade and Foreign Direct Investment

Feenstra, Robert C. - 2010

This report, prepared for the Committee on Economic Statistics of the American Economic Association, examines the state of available data for the study of international trade and foreign direct investment. Data on values of imports and exports of goods are of high quality and coverage, but price...

Persistent link: https://www.econbiz.de/10013139521

Productivity, Tradability, and the Long-Run Price Puzzle

Bergin, Paul R. - 2012

Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa- Samuelson' effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is...

Persistent link: https://www.econbiz.de/10013114711

Global Crises and Equity Market Contagion

Bekaert, Geert - 2011

Using the 2007-09 financial crisis as a laboratory, we analyze the transmission of crises to country-industry equity portfolios in 55 countries. We use a factor model to predict crisis returns, defining unexplained increases in factor loadings and residual correlations as indicative of...

Persistent link: https://www.econbiz.de/10013123703

External Imbalances and Financial Crises

Taylor, Alan M. - 2012

In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One view looks across the border: it mainly blames external imbalances, the large-scale mix of unprecedented pattern current account deficits...

Persistent link: https://www.econbiz.de/10013096849

On the Link between the Volatility and Skewness of Growth

Bekaert, Geert - 2012

In a sample of 110 countries over the period 1960-2009, we document a positive relation between the volatility and skewness of growth in the cross-section. The relation holds regardless of initial level of economic development and of subsequent long-run growth rate. We argue that this novel...

Persistent link: https://www.econbiz.de/10013097664

Flights to Safety

Baele, Lieven - 2013

We identify flight-to-safety (FTS) days for 23 countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample, and are associated with a 2.7% average bond-equity return differential and significant flows out of equity funds and into...

Persistent link: https://www.econbiz.de/10013081241

The Future of International Liquidity and the Role of China

Taylor, Alan M. - 2013

and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …

Persistent link: https://www.econbiz.de/10013087068

International Prices and Endogenous Quality

Feenstra, Robert C. - 2013

will be incorporated into the next generation of the Penn World Table …

Persistent link: https://www.econbiz.de/10013090428

"Convergence in the Age of Mass Migration"

Taylor, Alan M. - 2013

Between 1870 and 1913, economic convergence among present OECD members (or even a wider sample of countries) was dramatic, about as dramatic as it has been over the past century and a half. The convergence can be documented in GDP per worker-hour, GDP per capita and in real wages. What were the...

Persistent link: https://www.econbiz.de/10013093434