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Political Risk Spreads
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian; … - National Bureau of Economic Research (NBER) - 2014
We introduce a new, market-based and forward looking measure of political risk derived from the yield spread between a country's U.S. dollar debt and an equivalent U.S. Treasury bond. We explain the variation in these sovereign spreads with four factors: global economic conditions,...
Persistent link: https://www.econbiz.de/10010951038
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External Adjustment
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2004
Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the...
Persistent link: https://www.econbiz.de/10005085026
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The Dot-Com Bubble the Bush Deficits, and the U.S. Current Account
Kraay, Aart; Ventura, Jaume - National Bureau of Economic Research (NBER) - 2005
Over the past decade the US has experienced widening current account deficits and a steady deterioration of its net foreign asset position. During the second half of the 1990s, this deterioration was fueled by foreign investment in a booming US stock market. During the first half of the 2000s,...
Persistent link: https://www.econbiz.de/10005085365
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Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing...
Persistent link: https://www.econbiz.de/10009226941
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Capital flows: Catalyst or Hindrance to economic takeoffs?
Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011
This paper applies a probit estimation to assess the relationship between economic takeoffs during 1950-2000 and inflows of portfolio debt, portfolio equity, and FDI, controlling for country's stock of short-term external debt and commodity terms of trade. Average level of FDI inflows is...
Persistent link: https://www.econbiz.de/10009228892
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Risk Sharing through Capital Gains
Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Balli, Faruk - National Bureau of Economic Research (NBER) - 2011
We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing through factor income and capital gains was close to zero...
Persistent link: https://www.econbiz.de/10009372429
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Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …
Persistent link: https://www.econbiz.de/10008634683
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Financial Liberalization in Latin-America in the 1990s: A Reassessment
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 2005
This paper studies the experience of Latin-America [LATAM] with financial liberalization in the 1990s. The rush towards financial liberalizations in the early 1990s was associated with expectations that external financing would alleviate the scarcity of saving in LATAM, thereby increasing...
Persistent link: https://www.econbiz.de/10005714715
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Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
Aizenman, Joshua; Chinn, Menzie; Ito, Hiro - National Bureau of Economic Research (NBER) - 2008
with normative aspects of the trilemma, relating the policy choices to macroeconomic outcomes such as the volatility of … monetary independence can dampen output volatility while greater exchange rate stability implies greater output volatility … pursuit of stable exchange rate while financial development is at the medium level can increase output volatility, (iv …
Persistent link: https://www.econbiz.de/10005828848
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Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
Aizenman, Joshua; Riera-Crichton, Daniel - National Bureau of Economic Research (NBER) - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10005830449