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International Sanctions and Dollar Dominance
Bianchi, Javier; Sosa Padilla, César - National Bureau of Economic Research - 2023
This paper investigates the implications of international financial sanctions for the reserve currency status of the US dollar. We propose a simple model of a reserve currency, demonstrate how the anticipation of financial sanctions can weaken the dollar's status, and evaluate the welfare...
Persistent link: https://www.econbiz.de/10014247945
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The Resilience of Central, Eastern and Southeastern Europe (CESEE) Countries During ECB's Monetary Cycles
Aizenman, Joshua; Saadaoui, Jamel - National Bureau of Economic Research - 2024
variables for financial development, central bank independence, and the inflation rate preceding the cycles. These findings may …
Persistent link: https://www.econbiz.de/10015072898
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Big Banks and Macroeconomic Outcomes : Theory and Cross-Country Evidence of Granularity
Bremus, Franziska - 2013
. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate … sector for many countries is indeed granular, as the right tail of the bank size distribution follows a power law. We then … concentration is associated with a positive and significant relationship between bank-level credit growth and aggregate growth of …
Persistent link: https://www.econbiz.de/10012459568
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Does Management Matter in Schools
Bloom, Nicholas - 2014
outcomes. The UK, Sweden, Canada and the US obtain the highest management scores closely followed by Germany, with a gap to … Italy, Brazil and then finally India. We also show that autonomous government schools (i.e. government funded but with …
Persistent link: https://www.econbiz.de/10012457998
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COVID-19 and SME Failures
Gourinchas, Pierre-Olivier - 2020
estimate only moderate effects on the financial sector: the share of Non Performing Loans on bank balance sheets would increase …
Persistent link: https://www.econbiz.de/10012481180
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Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022
We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a...
Persistent link: https://www.econbiz.de/10013334403
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The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles : A Cross-Country Resilience Analysis
Aizenman, Joshua; Park, Donghyun; Aleem, Irfan; Uddin, … - National Bureau of Economic Research - 2024
We investigate the determinants of emerging markets performance during five U.S. Federal Reserve monetary tightening and easing cycles during 2004-2023. We study how macroeconomic and institutional conditions of an Emerging Market (EM) at the beginning of a cycle explain EM resilience during...
Persistent link: https://www.econbiz.de/10014528343
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Understanding the Strength of the Dollar
Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - National Bureau of Economic Research - 2022
We link the sustained appreciation of the U.S. dollar from 2011 to 2019 to international capital flows driven by primitive economic factors. We show that increases in foreign investors' net savings, increases in U.S. monetary policy rates relative to the rest of the world, and shifts in investor...
Persistent link: https://www.econbiz.de/10013435120
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Chronicle of a Dollarization Foretold : Inflation and Exchange Rates Dynamics
Caravello, Tomás E.; Martinez-Bruera, Pedro; Werning, Iván - National Bureau of Economic Research - 2023
We study the effects of an anticipated dollarization, announced today but planned to be implemented at some future date, in a simple open-economy model. Motivated by the profile of countries considering dollarization we make the following assumptions. First, the government faces a scarcity of...
Persistent link: https://www.econbiz.de/10014421188
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The Macroeconomic Consequences of Exchange Rate Depreciations
Fukui, Masao; Nakamura, Emi; Jón Steinsson - National Bureau of Economic Research - 2023
We study the consequences of "regime-induced" exchange rate depreciations by comparing outcomes for peggers versus floaters to the US dollar in response to a dollar depreciation. Pegger currencies depreciate relative to floater currencies and these depreciations are strongly expansionary. The...
Persistent link: https://www.econbiz.de/10014287380