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Globalization of Equity Markets and the Cost of Capital
Stulz, Rene M. - 1999
prediction that globalization decreases the cost of capital, but the documented effects are lower than theory leads us to expect …
Persistent link: https://www.econbiz.de/10012471779
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The Globalization of Information and Capital Mobility
Branson, William H. - 1990
This paper provides a framework for analyzing the effects of symmetric and asymmetric changes in information about risk on equilibrium real interest rate spreads across countries. Following the literature on parameter uncertainty, improvements in information are modeled as reductions in...
Persistent link: https://www.econbiz.de/10012475531
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The McKibbin-Sachs Global Model : Theory and Specifications
McKibbin, Warwick J. - 1989
This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is … a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks … version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non …
Persistent link: https://www.econbiz.de/10012475945
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The Global Velocity Curve 1952-1982
Bordo, Michael D. - 1986
cross country comparison in the post World War II period of 84 countries arrayed from very low to very high per capita …
Persistent link: https://www.econbiz.de/10012476996
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A No-Arbitrage Perspective on Global Arbitrage Opportunities
Augustin, Patrick - 2020
We revisit the recent literature on persistent deviations from covered interest parity (CIP) by showing theoretically that CIP violations imply arbitrage opportunities only if uncollateralized interbank lending rates are riskless. In the absence of observable riskless discount rates, we extract...
Persistent link: https://www.econbiz.de/10012481814
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Crises and Sudden Stops : Evidence from International Bond and Syndicated-Loan Markets
Kaminsky, Graciela L. - 2008
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper...
Persistent link: https://www.econbiz.de/10012464398
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Globalization, Returns to Accumulationa and the World Distribution of Output
Beaudry, Paul - 2004
This paper examines the extent to which the process of globalization can explain the observed widening in the cross--country distribution of output--per--worker. In particular examine whether the opening up of trade in a Hecksher--Ohlin type model of trade can explain the observed changes. On...
Persistent link: https://www.econbiz.de/10012468128
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Global Value Chains and Effective Exchange Rates at the Country-Sector Level
Patel, Nikhil - 2014
recently available World Input-Output Database (WIOD) to study the properties of the new measures of the REER for 40 countries …
Persistent link: https://www.econbiz.de/10012458430
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Export or Merge? Proximity vs. Concentration in Product Space
Muendler, Marc-Andreas - 2013
This paper proposes a proximity-concentration tradeoff in product space as a determinant of horizontal foreign direct investment (FDI). Firms that enter a foreign market by exporting are able to capture consumer surplus from introducing a differentiated product with characteristics that the...
Persistent link: https://www.econbiz.de/10012458912
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Global Supply Chains, Currency Undervaluation, and Firm Protectionist Demands
Jensen, J. Bradford - 2013
We examine firm participation in global supply chains to help explain a puzzling decline in protectionist demands in the U.S. despite increased import competition and ongoing currency undervaluation. To explain firm responses to undervaluation, we rely on advances in the international trade...
Persistent link: https://www.econbiz.de/10012459423