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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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Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - National Bureau of Economic Research (NBER) - 2009
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks' international exposure for industrialized countries during 1978- 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral...
Persistent link: https://www.econbiz.de/10004991964
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Quantifying Productivity Gains from Foreign Investment
Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Volosovych, Vadym - National Bureau of Economic Research (NBER) - 2013
We quantify the causal effect of foreign investment on total factor productivity (TFP) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously controlling...
Persistent link: https://www.econbiz.de/10010969373
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Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2004
Among the developing countries of the world, those emerging markets that have sought some degree of integration into … world finance are characterized by higher per capita incomes, higher long-run growth rates, and lower output and consumption …
Persistent link: https://www.econbiz.de/10005084970
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Deep Financial Integration and Volatility
Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Volosovych, Vadym - National Bureau of Economic Research (NBER) - 2010
We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the regional level based on foreign ownership at the firm...
Persistent link: https://www.econbiz.de/10008601711
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What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, … - National Bureau of Economic Research (NBER) - 2010
foreign-owned exporters, while the latter increase investment by 5 percent in spite of the credit crunch. There is no …
Persistent link: https://www.econbiz.de/10008727862
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Aggregate Implications of Credit Market Imperfections
Matsuyama, Kiminori - National Bureau of Economic Research (NBER) - 2007
Credit market imperfections provide the key to understanding many important issues in business cycles, growth and … individual models with seemingly conflicting results. This paper offers a road map. Using the same single model of credit market … used to investigate some equilibrium and distributional impacts of improving the efficiency of credit markets. One …
Persistent link: https://www.econbiz.de/10005050162
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External Adjustment
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2004
, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme …
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