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Chari, Anusha - 2017

This paper quantifies the welfare impact of a permanent increase in the level of per capita income brought about by a temporary increase in the growth rate of GDP per capita following capital account liberalization. In the immediate aftermath of liberalization, and under a range of assumptions,...

Persistent link: https://www.econbiz.de/10012945626

Winners and Losers Over Two Centuries of Globalization

Williamson, Jeffrey G. - 2022

The world has seen two globalization booms over the past two centuries, and one bust. The first global century ended … concludes with four lessons of history and an agenda for international economists, including more attention to the impact of … globalization on commodity price structure, the causes of protection, the impact of world migration on poverty eradication, and the …

Persistent link: https://www.econbiz.de/10013308598

International Finance and Growth in Developing Countries : What Have We Learned?

Obstfeld, Maurice - 2010

-border financial flows. This survey discusses the policy framework in which financial globalization is most likely to prove beneficial …

Persistent link: https://www.econbiz.de/10012757922

Banking, Trade, and the Making of a Dominant Currency

Gopinath, Gita - 2018

We explore the interplay between trade invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: 1) a currency's role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; 2) this...

Persistent link: https://www.econbiz.de/10012922216

International Spillovers and Local Credit Cycles

Baskaya, Yusuf Soner - 2017

This paper studies the transmission of the Global Financial Cycle (GFC) to domestic credit market conditions in a large emerging market, Turkey, over 2003–13. We use administrative data covering the universe of corporate credit transactions matched to bank balance sheets to document four...

Persistent link: https://www.econbiz.de/10012963178

Boom-Bust Capital Flow Cycles

Kaminsky, Graciela - 2019

This paper examines the new trends in research on capital flows fueled by the 2007-2009 Global Crisis. Previous studies on capital flows focused on current-account imbalances and net capital flows. The Global Crisis changed that. The onset of this crisis was preceded by a dramatic increase in...

Persistent link: https://www.econbiz.de/10012869219

World Markets for Raising New Capital

Henderson, Brian J.; Jegadeesh, Narasimhan; Weisbach, … - 2022

Financial markets are increasingly integrated globally. We examine the extent to which firms from different countries rely on alternative sources of capital, the locations where they raise capital, and the factors that affect these choices. During the 1990-2001 period, firms raised about $25.9...

Persistent link: https://www.econbiz.de/10013311907

A Dual Liquidity Model for Emerging Markets

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021

The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...

Persistent link: https://www.econbiz.de/10013224671

Credit Market Imperfections in Middle Income Countries

Tornell, Aaron; Westermann, Frank - 2021

In this paper we document three credit market imperfections prevalent in middle income countries that can help explain the boom-bust cycles as well as other macroeconomic patterns observed at higher frequencies across these countries. These imperfections are: the existence of financing...

Persistent link: https://www.econbiz.de/10013248088

Keeping Capital Flowing : The Role of the IMF

Bordo, Michael D.; Mody, Ashoka; Oomes, Nienke - 2021

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 program, although they may initially deteriorate...

Persistent link: https://www.econbiz.de/10013216885

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