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Trade, Technology, and the Great Divergence
O'Rourke, Kevin Hjortshøj - 2019
Why did per capita income divergence occur so dramatically during the 19th Century, rather than at the outset of the Industrial Revolution? How were some countries able to reverse this trend during the globalization of the late 20th Century? To answer these questions, this paper develops a...
Persistent link: https://www.econbiz.de/10012479692
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After the Panic : Are Financial Crises Demand or Supply Shocks? Evidence from International Trade
Benguria, Felipe - 2019
Are financial crises a negative shock to demand or a negative shock to supply? This is a fundamental question for both macroeconomics researchers and those involved in real-time policymaking, and in both cases the question has become much more urgent in the aftermath of the recent financial...
Persistent link: https://www.econbiz.de/10012479740
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On the Global Impact of Risk-off Shocks and Policy-put Frameworks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...
Persistent link: https://www.econbiz.de/10012479979
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Financial Crises, Credit Booms, and External Imbalances : 140 Years of Lessons
Jordà, Òscar - 2010
Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed countries over 140 years (1870-2008). We exploit our long-run dataset in a number of different ways. First, we apply new statistical tools to describe the temporal and spatial...
Persistent link: https://www.econbiz.de/10012462090
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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/10012463014
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Credit Booms Gone Bust : Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10012463137
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Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, Maurice - 2009
In this paper we connect the events of the last twelve months, "The Panic of 2008" as it has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank's desire to backstop the broad money supply...
Persistent link: https://www.econbiz.de/10012463821
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Global Imbalances and Financial Fragility
Caballero, Ricardo J. - 2009
behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …
Persistent link: https://www.econbiz.de/10012463959
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Financial Crash, Commodity Prices and Global Imbalances
Caballero, Ricardo J. - 2008
In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply
Persistent link: https://www.econbiz.de/10012464126
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On the Macroeconomics of Asset Shortages
Caballero, Ricardo J. - 2006
The world has a shortage of financial assets. Asset supply is having a hard time keeping up with the global demand for … and deflationary episodes in parts of the world, all fall into place once one adopts this asset shortage perspective …
Persistent link: https://www.econbiz.de/10012465908