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The International Monetary and Financial System
Gourinchas, Pierre-Olivier - 2019
International currencies fulfill different roles in the world economy with important synergies across those roles. We …
Persistent link: https://www.econbiz.de/10012479732
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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
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An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Caballero, Ricardo J. - 2006
the world and, b) heterogeneity in these regions' capacity to generate financial assets from real investments. In …
Persistent link: https://www.econbiz.de/10012466674
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The Elusive Gains from International Financial Integration
Gourinchas, Pierre-Olivier - 2003
Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this type of...
Persistent link: https://www.econbiz.de/10012469014
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A Century of Current Account Dynamics
Taylor, Alan M. - 2002
Recent globalization trends have refocused attention on the historical evolution of international capital mobility over the long run. The issue is examined here using time-series analysis of current-account dynamics for fifteen countries since circa 1850. The inter-war period emerges as an era...
Persistent link: https://www.econbiz.de/10012469787
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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
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Global Financial Cycles and Risk Premiums
Jordà, Òscar - 2018
in the comovement of global equity markets is particularly notable. We demonstrate that fluctuations in risk premiums …, and not risk-free rates and dividends, account for a large part of the observed equity price synchronization after 1990 …. We also show that U.S. monetary policy has come to play an important role as a source of fluctuations in risk appetite …
Persistent link: https://www.econbiz.de/10012453043
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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
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Global Imbalances and Currency Wars at the ZLB
Caballero, Ricardo J. - 2015
This paper explores the consequences of extremely low equilibrium real interest rates in a world with integrated but …) While more price and wage flexibility exacerbates the risk of a deflationary global liquidity trap, it is the more rigid …
Persistent link: https://www.econbiz.de/10012456999
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External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier - 2013
We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...
Persistent link: https://www.econbiz.de/10012459422