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Are there systematic forces such that countries of different sizes participating in a free trade bloc gain differently from the entry of new members? If economies of scale imply that firms located in large countries enjoy lower costs, then the gains from enlarging the bloc will fall...
Persistent link: https://www.econbiz.de/10013214599
accounts through the lens of a dynamic, multi-region model of the global economy. In the baseline scenario, world macroeconomic … sustainable level. An alternative scenario, involving a sudden portfolio reshuffling in the rest of the world, would result in …
Persistent link: https://www.econbiz.de/10013101490
Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of the practice of financial management. Yet, while discussion of these issues goes back at least to Keynes (1936), a substantial literature on the ways in which firms manage...
Persistent link: https://www.econbiz.de/10013074911
We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive,...
Persistent link: https://www.econbiz.de/10013151293
1996 to 2011 period using exchange rate spot, forward, and option data, we obtain a real-time index of world disaster risk …
Persistent link: https://www.econbiz.de/10013152552
Volatility permeates modern financial theories and decision making processes. As such, accurate measures and good forecasts of future volatility are critical for the implementation and evaluation of asset pricing theories. In response to this, a voluminous literature has emerged for modeling the...
Persistent link: https://www.econbiz.de/10012774886
Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … and efficiency across society as a whole. Agency-cost theory recognizes that incentive conflicts and coordination problems …
Persistent link: https://www.econbiz.de/10012774887
allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a world interbank market. We … second-best world, financial integration can increase the welfare benefits of liquidity requirements …
Persistent link: https://www.econbiz.de/10012957374
The global financial crisis of 2008 was followed by a wave of regulatory reforms that affected large banks, especially those with a global presence. These reforms were reactive to the crisis.In this paper we propose a structural model of global banking that can be used proactively to perform...
Persistent link: https://www.econbiz.de/10012908819
Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...
Persistent link: https://www.econbiz.de/10012945611