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The Positive Link between Financial Liberalization, Growth and Crises
Tornell, Aaron; Westermann, Frank; Martinez Trigueros, … - 2021
There is no agreement regarding the growth-enhancing effects of financial liberalization, mainly because it is associated with risky international bank flows, lending booms, and crises. In this paper we make the case for liberalization despite the occurrence of crises. We show that in developing...
Persistent link: https://www.econbiz.de/10013247018
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Capital Control Measures : A New Dataset
Fernàndez, Andrés - 2015
We present and describe a new dataset of capital control restrictions on both inflows and outflows of ten categories of assets for 100 countries over the period 1995 to 2013. Building on the data first presented in Martin Schindler (2009), and other datasets based on the analysis of the IMF's...
Persistent link: https://www.econbiz.de/10013027275
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Sudden Stop, Financial Factors and Economic Collpase in Latin America : Learning from Argentina and Chile
Calvo, Guillermo A.; Talvi, Ernesto - 2021
This paper shows that the Russian 1998 crisis had a big impact on capital flows to Emerging Market Economies, EMs, especially in Latin America, and that the impact of the Russian shock differs quite markedly across EMs. To illustrate this statement, we compare the polar cases of Chile and...
Persistent link: https://www.econbiz.de/10013222318
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International Coordination in the Design of Macroeconomic Policy Rules
Taylor, John B. - 2021
The paper examines international issues that arise in the design and evaluation of macroeconomic policy rules. It begins with a theoretical investigation of the effects of fiscal and monetary policy in a two-country rational expectations model with staggered wage and price setting and with...
Persistent link: https://www.econbiz.de/10013247284
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Financial Openness, Sudden Stops and Current Account Reversals
Edwards, Sebastian - 2011
In this paper I use a panel data set to investigate the mechanics of sudden stops of capital inflows and current account reversals. I am particularly interested in four questions: (a) What is the relationship between sudden stops and current account reversals? (b) To what extent does financial...
Persistent link: https://www.econbiz.de/10013133169
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G. - 2010
Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing...
Persistent link: https://www.econbiz.de/10013150545
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International Capital Flows, Returns and World Financial Integration
Evans, Martin D.D. - 2005
in equity and debt markets. Such developments are often attributed to the increased integration of world financial … markets. We present a model that allows us to examine how greater integration in world financial markets affects the behavior … concentrated in bonds. As integration progresses and households gain access to world equity markets, the size and volatility of …
Persistent link: https://www.econbiz.de/10012784163
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Does Openness to International Financial Flows Raise Productivity Growth?
Kose, M. Ayhan - 2010
Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...
Persistent link: https://www.econbiz.de/10012758028
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Capital Account Liberalization, the Cost of Capital, and Economic Growth
Henry, Peter Blair - 2009
Three things happen when emerging economies open their stock markets to foreign investors. First, the aggregate dividend yield falls by 240 basis points. Second, the growth rate of the capital stock increases by an average of 1.1 percentage points per year. Third, the growth rate of output per...
Persistent link: https://www.econbiz.de/10012767765
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela - 2021
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa …
Persistent link: https://www.econbiz.de/10013224423