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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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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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External Imbalances and Financial Crises
Taylor, Alan M. - 2012
In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are some complementarities among them. One view looks across the border: it mainly blames external imbalances, the large-scale mix of unprecedented pattern current account deficits...
Persistent link: https://www.econbiz.de/10012460056