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International Institutions for Reducing Global Financial Instability

Rogoff, Kenneth - 2022

This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an...

Persistent link: https://www.econbiz.de/10013322108

The "Other" Imbalance and the Financial Crisis

Caballero, Ricardo J. - 2010

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …

Persistent link: https://www.econbiz.de/10013149302

Transmission of the U.S. Subprime Crisis to Emerging Markets : Evidence on the Decoupling-Recoupling Hypothesis

Dooley, Michael P. - 2010

We find that emerging markets appeared to be somewhat insulated from developments in U.S. financial markets from early 2007 to summer 2008. From that point on, however, emerging markets responded very strongly to the deteriorating situation in the U.S. financial system and real economy. Policy...

Persistent link: https://www.econbiz.de/10013152377

East Asian Economies and Financial Globalization in the Post-Crisis World

Aizenman, Joshua - 2016

This paper assesses the East Asian Economies' openness to cross-border capital flows and exchange rate arrangements in the past decades, with the main focus on emerging market economies. Using Mundell's trilemma indexes, we note that the convergence of the three policy goals in East Asia toward...

Persistent link: https://www.econbiz.de/10012991684

Global Macroeconomic and Financial Supervision : Where Next?

Goodhart, Charles - 2013

The overriding practical problem now is the tension between the global financial and market system and the national political and power structures. The main analytical short-coming lies in the failure to incorporate financial frictions, especially default, into our macro-economic models. Neither...

Persistent link: https://www.econbiz.de/10013091914

The Mirage of Fixed Exchange Rates

Obstfeld, Maurice; Rogoff, Kenneth - 2021

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …

Persistent link: https://www.econbiz.de/10013242908

Over the Cliff : From the Subprime to the Global Financial Crisis

Mishkin, Frederic S. - 2010

This paper examines what transformed a significant, but relatively mild, financial disruption into a full-fledged financial crisis. It discusses why, although the Lehman Brothers bankruptcy was a key trigger for the global financial crisis, three other events were at least as important: the AIG...

Persistent link: https://www.econbiz.de/10013135058

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis

Rose, Andrew Kenan - 2011

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical...

Persistent link: https://www.econbiz.de/10013121027

Capital Flows, Push Versus Pull Factors and the Global Financial Crisis

Fratzscher, Marcel - 2011

The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks - key crisis events as well as...

Persistent link: https://www.econbiz.de/10013121029

Liquidity Management of U.S. Global Banks : Internal Capital Markets in the Great Recession

Cetorelli, Nicola - 2011

The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is through how these banks manage liquidity across their entire banking organization. We document that funds regularly flow between parent banks and their affiliates in diverse...

Persistent link: https://www.econbiz.de/10013121030

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