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On the Gains to International Trade in Risky Financial Assets

Davis, Steven J. - 2000

enormous gains to trade when asset returns are calibrated to observed risk premia and all agents participate in asset markets …. The gains-to-trade puzzle is closely related to, but distinct from, the equity premium puzzle. High risk aversion merely … both puzzles. We also identify three reasons for limited international risk sharing. First, the requirement that asset …

Persistent link: https://www.econbiz.de/10012470954

The Trilemma in History : Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility

Obstfeld, Maurice - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark tradeoff among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10012468297

Globalization and Capital Markets

Obstfeld, Maurice - 2002

The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them. This paper is devoted to documenting these vicissitudes quantitatively and explaining them....

Persistent link: https://www.econbiz.de/10012469869

The Great Depression as a Watershed : International Capital Mobility over the Long Run

Obstfeld, Maurice - 1997

This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital...

Persistent link: https://www.econbiz.de/10012472861

International Capital Mobility in History : The Saving-Investment Relationship

Taylor, Alan M. - 1996

Economic historians have been concerned with the evolution of international capital markets over the long run, but empirical testing of market integration has been limited. This paper augments the literature by investigating long- and short-run criteria for capital mobility using time-series and...

Persistent link: https://www.econbiz.de/10012473091

International Capital Mobility in History : Purchasing-Power Parity in the Long Run

Taylor, Alan M. - 1996

This paper investigates purchasing-power parity (PPP) since the late nineteenth century for a sample of twenty countries, a broader sample of pooled annual data than has been studied before. Econometric results for time-series and panel samples allows us to test the robustness of the PPP...

Persistent link: https://www.econbiz.de/10012473092

Domestic Saving and International Capital Flows Reconsidered

Taylor, Alan M. - 1994

A long literature since Feldstein and Horioka's seminal contribution documents the strong correlation of domestic saving and investment rates since the 1960s. According to conventional wisdom, the result provides evidence of international capital market imperfections. The macroeconomic theory of...

Persistent link: https://www.econbiz.de/10012474015

International Monetary Relations : Taking Finance Seriously

Obstfeld, Maurice - 2017

changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …

Persistent link: https://www.econbiz.de/10012455241