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Pegxit Pressure : Evidence from the Classical Gold Standard
Mitchener, Kris James - 2016
show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency … relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export …
Persistent link: https://www.econbiz.de/10012978846
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Forward and Spot Exchange Rates in a Multi-Currency World
Hassan, Tarek A. - 2014
Separate literatures study violations of uncovered interest parity (UIP) using regression-based and portfolio-based methods. We propose a decomposition of these violations into a cross-currency, a between-time-and-currency, and a cross-time component that allows us to analytically relate...
Persistent link: https://www.econbiz.de/10013050308
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A Re-Examination of Exchange Rate Exposure
Dominguez, Kathryn M.E; Tesar, Linda L. - 2021
Finance theory suggests that changes in exchange rates should have little influence on asset prices in a world that has …
Persistent link: https://www.econbiz.de/10013239346
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International Currency Exposures, Valuation Effects, and the Global Financial Crisis
Bénétrix, Agustín S. - 2015
We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal...
Persistent link: https://www.econbiz.de/10013030632
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Determinants of Financial Stress and Recovery During the Great Recession
Aizenman, Joshua - 2010
In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price...
Persistent link: https://www.econbiz.de/10013135062
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How Important is the Global Financial Cycle? Evidence from Capital Flows
Cerutti, Eugenio - 2017
This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for 85 countries, and conventional techniques, models and metrics. Since the GFCy is an unobservable concept, we use...
Persistent link: https://www.econbiz.de/10012948455
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Debt- and Equity-Led Capital Flow Episodes
Forbes, Kristin J. - 2012
world are debt-led and the factors associated with debt-led episodes are similar to the factors behind episodes identified …
Persistent link: https://www.econbiz.de/10013101806
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Boom-Bust Cycles in Middle Income Countries : Facts and Explanation
Tornell, Aaron; Westermann, Frank - 2021
In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...
Persistent link: https://www.econbiz.de/10013240937
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Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
Wei, Shang-Jin; Wu, Yi - 2022
Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...
Persistent link: https://www.econbiz.de/10013321581
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Convergence and Modernization Revisited
Barro, Robert J. - 2012
"iron-law" rate of 2%. In the post-1960s panel, estimation without country fixed effects supports the modernization …In an 80-country panel since the 1960s, the convergence rate for per capita GDP is around 1.7% per year. This "beta … frame-34 countries with GDP data starting between 1870 and 1896-estimation with country fixed effects is more appropriate …
Persistent link: https://www.econbiz.de/10013101830