Similar Search Results

Balance Sheet Effects on Monetary and Financial Spillovers : The East Asian Crisis Plus 20

Aizenman, Joshua - 2016

We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other … euro) makes the response of a financial variable such as the REER and exchange market pressure in the PHs more sensitive to … a change in key variables in the U.S. (or the euro area) such as policy interest rates and the REER. While having more …

Persistent link: https://www.econbiz.de/10012981103

Monetary Policy Spillovers and the Trilemma in the New Normal : Periphery Country Sensitivity to Core Country Conditions

Aizenman, Joshua - 2015

We investigate why and how the financial conditions of developing and emerging market countries (peripheral countries) can be affected by the movements in the center economies - the U.S., Japan, the Eurozone, and China. We apply a two-step approach. First, we estimate the sensitivity of...

Persistent link: https://www.econbiz.de/10013023347

Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows

Banerjee, Ryan - 2015

This paper explores the nature of macroeconomic spillovers from advanced economies to emerging market economies (EMEs) and the consequences for independent use of monetary policy in EMEs. We first empirically document the effects of US monetary policy shocks on a sample group of EMEs. A...

Persistent link: https://www.econbiz.de/10013011458

Staying Afloat When the Wind Shifts : External Factors and Emerging-Market Banking Crises

Eichengreen, Barry - 2008

We analyze banking crises using a panel of macroeconomic and financial data for more than one hundred developing countries from 1975 through 1992. We find that banking crises in emerging markets are strongly associated with adverse external conditions. In particular Northern interest rates are...

Persistent link: https://www.econbiz.de/10012774910

Banks, Sovereign Debt and the International Transmission of Business Cycles

Guerrieri, Luca - 2012

This paper studies the international propagation of sovereign debt default. We posit a two-country economy where capital constrained banks grant loans to firms and invest in bonds issued by the domestic and the foreign government. The model economy is calibrated to data from Europe, with the two...

Persistent link: https://www.econbiz.de/10013101824

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

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

The Global Dollar Cycle

Obstfeld, Maurice; Zhou, Haonan - 2023

The U.S. dollar’s nominal effective exchange rate closely tracks global financial conditions, which themselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth, especially influencing the fortunes of emerging and...

Persistent link: https://www.econbiz.de/10014259726

The Real Exchange Rate, Real Interest Rates, and the Risk Premium

Engel, Charles M. - 2011

The well-known uncovered interest parity puzzle arises from the empirical regularity that, among developed country pairs, the high interest rate country tends to have high expected returns on its short term assets. At the same time, another strand of the literature has documented that high real...

Persistent link: https://www.econbiz.de/10013123979

U.S. Monetary Policy and International Risk Spillovers

Kalemli-Özcan, Ṣebnem - 2019

I show that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies. The monetary policy of the U.S. affects domestic credit costs in other countries through its effect on global investors' risk perceptions. Capital flows in and out...

Persistent link: https://www.econbiz.de/10012862411

1
2
3
4
5
6
7
8
9
10
Next
Last