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Household Savings in Transition Economies
Denizer, Cevdet - 2010
Based on matching household surveys for three central European countries, Bulgaria, Hungary and Poland, we explore the … determinants of household saving rates in transition economies. We find savings rates to increase strongly in relative income and … household in the transition process, notably the sector of employment, plays no significant role in determining savings rates …
Persistent link: https://www.econbiz.de/10012763614
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On the Speed of Transition Central Europe
Aghion, Philippe; Blanchard, Olivier J. - 2003
Transition in Central Europe is four years old. State firms which dominated the economy are struggling with market forces. A new private sector quickly emerged and has taken hold. Unemployment, which did not exist, is high and still increasing. Will this process of transition accelerate, or slow...
Persistent link: https://www.econbiz.de/10014089271
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What Directions for Labor Market Institutions in Eastern and Central Europe?
Freeman, Richard B. - 2021
Poland, Hungary. and Czechoslovakia and develop a model of changing support for reforms during the transition to a market … massive vacancies. The dispersion of wages increased substantially in Hungary and Poland though not in Czechoslovakia. My …
Persistent link: https://www.econbiz.de/10013220944
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The Cross-Section of Currency Risk Premia and Us Consumption Growth Risk
Lustig, Hanno N. - 2012
Aggregate consumption growth risk explains why low interest rate currencies do not appreciate as much as the interest rate differential and why high interest rate currencies do not depreciate as much as the interest rate differential. We sort foreign T-bills into portfolios based on the nominal...
Persistent link: https://www.econbiz.de/10012755710
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The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk : A Reply
Lustig, Hanno N. - 2010
The U.S. consumption growth beta of an investment strategy that goes long in high interest rate currencies and short in low interest rate currencies is large and significant. The price of consumption risk is significantly different from zero, even after accounting for the sampling uncertainty...
Persistent link: https://www.econbiz.de/10012759517
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The Forward Market in Emerging Currencies : Less Biased than in Major Currencies
Frankel, Jeffrey A. - 2010
any studies have replicated the finding that the forward rate is a biased predictor of the future change in the spot exchange rate. Usually the forward discount actually points in the wrong direction. But virtually all those studies apply to advanced economies and major currencies. We apply the...
Persistent link: https://www.econbiz.de/10012760670
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Does Exchange Rate Risk Matter for Welfare?
Bergin, Paul R. - 2010
Volatility in exchange rates is a prominent feature of open economies, a fact which has motivated elaborate attempts in many countries at exchange rate management. This paper analyzes quantitatively the welfare effects of exchange rate risk in a general two-country environment. It finds that the...
Persistent link: https://www.econbiz.de/10012762793
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Exchange Rate, Equity Prices and Capital Flows
Hau, Harald - 2010
We develop an equilibrium model in which exchange rates, stock prices and capital flows are jointly determined under incomplete forex risk trading. Incomplete hedging of forex risk, documented for U.S. global mutual funds, has three important implications: 1) exchange rates are almost as...
Persistent link: https://www.econbiz.de/10012762881
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Global Portfolio Rebalancing and Exchange Rates
Camanho, Nelson - 2018
We examine international equity allocations at the fund level and show how different returns on the foreign and domestic proportion of portfolios determine rebalancing behavior and trigger capital flows. We document the heterogeneity of rebalancing across fund types, its greater intensity under...
Persistent link: https://www.econbiz.de/10012927034
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Good Carry, Bad Carry
Bekaert, Geert - 2019
We distinguish between ”good” and ”bad” carry trades constructed from G-10 currencies. The good trades exhibit higher Sharpe ratios and sometimes positive return skewness, in contrast to the bad trades that have both substantially lower Sharpe ratios and highly negative return skewness....
Persistent link: https://www.econbiz.de/10012895473