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Real Versus Pseudo-International Systemic Risk : Some Lessons from History
Bordo, Michael D. - 2010
This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and pseudo-systemic risk. We examine the history of episodes...
Persistent link: https://www.econbiz.de/10012763704
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Capital Flows, Push Versus Pull Factors and the Global Financial Crisis
Fratzscher, Marcel - 2011
The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks - key crisis events as well as...
Persistent link: https://www.econbiz.de/10013121029
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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 Monetary Relations : Taking Finance Seriously
Obstfeld, Maurice - 2017
changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …
Persistent link: https://www.econbiz.de/10012954933
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Market Integration and Contagion
Bekaert, Geert - 2010
to providing new insights on contagion during crisis periods, we document patterns through time in world and regional …
Persistent link: https://www.econbiz.de/10012762856
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The Unholy Trinity of Financial Contagion
Kaminsky, Graciela; Reinhart, Carmen M.; Vegh, Carlos A. - 2021
Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction....
Persistent link: https://www.econbiz.de/10013221538
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Why Should Emerging Economies Give Up National Currencies : A Case for 'Institutions Substitution'
Mendoza, Enrique G. - 2021
explosive mix of lack of policy credibility and world capital market imperfections that afflict emerging economies with national …
Persistent link: https://www.econbiz.de/10013223310
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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 and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10013224423
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Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?
Bordo, Michael D.; Murshid, Antu Panini - 2021
We examine the evidence of contagion during the pre World War I era and the interwar and contrast our findings with the …
Persistent link: https://www.econbiz.de/10013249142
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The "Other" Imbalance and the Financial Crisis
Caballero, Ricardo J. - 2010
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10013149302