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Precaution Versus Mercantilism : Reserve Accumulation, Capital Controls, and the Real Exchange Rate
Choi, Woo Jin - 2017
We document a new international stylized fact describing the relationship between real exchange rates and external asset holdings. Economists have long argued that the real exchange rate is associated with the net international investment position, appreciating as external wealth increases. This...
Persistent link: https://www.econbiz.de/10012455340
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The Time for Austerity : Estimating the Average Treatment Effect of Fiscal Policy
Jordà, Òscar - 2013
After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty of identifying multipliers from observational data. This paper...
Persistent link: https://www.econbiz.de/10012459247
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Is Globalization Today Really Different than Globalization a Hunderd Years Ago?
Bordo, Michael D. - 1999
for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …
Persistent link: https://www.econbiz.de/10012471593
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Lending Booms, Reserves, and the Sustainability of Short-Term Debt : Inferences from the Pricing of Syndicated Bank Loans
Eichengreen, Barry - 1999
This paper analyzes the determinants of spreads on syndicated bank lending to emerging markets, treating the loan-extension and pricing decisions as jointly determined. Compared to the bond market, our findings highlight the role of international banks in providing credit to smaller borrowers...
Persistent link: https://www.econbiz.de/10012471681
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Epidemic Exposure, Fintech Adoption, and the Digital Divide
Saka, Orkun; Eichengreen, Barry; Aksoy, Cevat Giray - National Bureau of Economic Research - 2021
who participates in this shift. We exploit a dataset combining Gallup World Polls and Global Findex surveys for some 250 …
Persistent link: https://www.econbiz.de/10012599296
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The Anatomy of Financial Crises
Eichengreen, Barry - 1987
A financial crisis is a disturbance to financial markets. associated typically with falling asset prices and insolvency among debtors and intermediaries, which spreads through the financial system, disrupting the market’s capacity to allocate capital. In this paper we analyze the...
Persistent link: https://www.econbiz.de/10012476943
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Public Debt Through the Ages
Eichengreen, Barry - 2019
We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes...
Persistent link: https://www.econbiz.de/10012479450
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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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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 …
Persistent link: https://www.econbiz.de/10012462090