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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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Liquidity, Institutional Quality and the Composition of International Equity Outflows
Goldstein, Itay - 2010
transparency worsens. To test these hypotheses, we apply a dynamic panel model and examine the variation of FPI relative to FDI for …
Persistent link: https://www.econbiz.de/10012759578
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Liquidity, Institutional Quality and the Composition of International Equity Flows
Goldstein, Itay - 2010
FDI investors control the management of the firms, whereas FPI investors delegate decisions to managers. Therefore, direct investors are more informed than portfolio investors about the prospects of projects. This information enables them to manage their projects more efficiently. However, if...
Persistent link: https://www.econbiz.de/10013148094
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The Disintermediation of Financial Markets : Direct Investing in Private Equity
Fang, Lily H. - 2013
One of the important issues in corporate finance is the rationale for and role of financial intermediaries. In the private equity setting, institutional investors are increasingly eschewing intermediaries in favor of direct investments. To understand the trade-offs in this setting, we compile a...
Persistent link: https://www.econbiz.de/10013077954
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World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernàndez, Andrés - 2016
disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 … intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world …
Persistent link: https://www.econbiz.de/10012979352
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Commodity-Price Comovement and Global Economic Activity
Alquist, Ron - 2014
Guided by a macroeconomic model in which commodity prices are endogenously determined, we apply a new factor-based identification strategy to decompose the historical sources of changes in commodity prices and global economic activity. The model yields a factor structure for commodity prices and...
Persistent link: https://www.econbiz.de/10013056593
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Global Business Cycles : Convergence or Decoupling?
Kose, M. Ayhan; Otrok, Chris; Prasad, Eswar S. - 2021
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...
Persistent link: https://www.econbiz.de/10013218837
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Globalization and Global Crises : Rest of the World vs. Israel
Razin, Assaf - 2021
. The paper provides an overview of the new globalization trends in the world and in Israel, with emphasis on the role of … side only. On the demand side, the desire to invest has plunged, while people across the rich world are now saving much of …
Persistent link: https://www.econbiz.de/10013250932
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Identifying the Common Component in International Economic Fluctuations
Lumsdaine, Robin L.; Prasad, Eswar S. - 2022
common component, we find evidence for a `world business cycle' as well as evidence for a distinct European common component …
Persistent link: https://www.econbiz.de/10013322115
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Global Cycles : Capital Flows, Commodities, and Sovereign Defaults, 1815-2015
Reinhart, Carmen - 2016
Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to connect their timing. We date turning points in global capital flows and commodity prices across two centuries and provide estimates from alternative data...
Persistent link: https://www.econbiz.de/10012999461