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Does Openness to International Financial Flows Raise Productivity Growth?

Kose, M. Ayhan - 2008

Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...

Persistent link: https://www.econbiz.de/10012464090

Global Business Cycles : Convergence or Decoupling?

Kose, M. Ayhan - 2008

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...

Persistent link: https://www.econbiz.de/10012464278

Global Portfolio Rebalancing Under the Microscope

Hau, Harald - 2008

exchange rate risk and equity risk exposure around desired levels. These findings are important for the new open economy …

Persistent link: https://www.econbiz.de/10012464482

Financial Globalization : A Reappraisal

Kose, M. Ayhan - 2006

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...

Persistent link: https://www.econbiz.de/10012466181

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/10012453394

World Shocks, World Prices, and Business Cycles : An Empirical Investigation

Fernández, Andrés - 2016

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

Persistent link: https://www.econbiz.de/10012455847

Global Cycles : Capital Flows, Commodities, and Sovereign Defaults, 1815-2015

Reinhart, Carmen M. - 2016

Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to connect their timing. We date turning points in global capital flows and commodity prices across two centuries and provide estimates from alternative data...

Persistent link: https://www.econbiz.de/10012456715

International Channels of Transmission of Monetary Policy and the Mundellian Trilemma

Rey, Hélène - 2016

autonomy in a world of large capital flows …

Persistent link: https://www.econbiz.de/10012456820

Dilemma not Trilemma : The Global Financial Cycle and Monetary Policy Independence

Rey, Hélène - 2015

For the past few decades, international macroeconomics has postulated the "trilemma": with free capital mobility, independent monetary policies are feasible if and only if exchange rates are floating. The global financial cycle transforms the trilemma into a "dilemma" or an "irreconcilable duo":...

Persistent link: https://www.econbiz.de/10012457505

Political Booms, Financial Crises

Herrera, Helios - 2014

We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

Persistent link: https://www.econbiz.de/10012458321