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The "Other" Imbalance and the Financial Crisis

Caballero, Ricardo J. - 2010

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …

Persistent link: https://www.econbiz.de/10012463014

The Credit Crisis : Conjectures about Causes and Remedies

Diamond, Douglas W. - 2009

What caused the financial crisis that is sweeping across the world? What keeps asset prices and lending depressed? What …

Persistent link: https://www.econbiz.de/10012463908

The Mirage of Fixed Exchange Rates

Obstfeld, Maurice - 1995

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …

Persistent link: https://www.econbiz.de/10012473688

The Dollar in an Era of International Retrenchment

Chahrour, Ryan; Valchev, Rosen - National Bureau of Economic Research - 2023

Recent trends suggest the world economy may be tending towards an equilibrium with two distinct trading blocs, each …

Persistent link: https://www.econbiz.de/10014322792

Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises

Bordo, Michael D. - 2015

Why did some countries learn to grow up to financial stability and others not? We explore this question by surveying the key determinants and major policy responses to banking, currency, and debt crises between 1880 and present. We divide countries into three groups: leaders, learners, and...

Persistent link: https://www.econbiz.de/10012457380

International Financial Integration and Crisis Contagion

Devereux, Michael B. - 2014

International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....

Persistent link: https://www.econbiz.de/10012458139

Nominal Stability and Financial Globalization

Devereux, Michael B. - 2012

gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same … have conjectured that financial globalization contributed to the improved performance in the level and predictability of …

Persistent link: https://www.econbiz.de/10012460862

How Firms Use Domestic and International Corporate Bond Markets

Gozzi, Juan Carlos - 2012

This paper provides the first comprehensive documentation of the main features of corporate bond issues in domestic and international markets and analyzes how firms use these markets after they internationalize. We find that debt issues in domestic and international bond markets have different...

Persistent link: https://www.econbiz.de/10012460896

Liquidity management of U.S. global banks : Internal capital markets in the great recession

Cetorelli, Nicola - 2011

The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is through how these banks manage liquidity across their entire banking organization. We document that funds regularly flow between parent banks and their affiliates in diverse...

Persistent link: https://www.econbiz.de/10012461303

Global Asset Pricing

Lewis, Karen K. - 2011

Financial markets have become increasingly global in recent decades, yet the pricing of internationally traded assets continues to depend strongly upon local risk factors, leading to several observations that are difficult to explain with standard frameworks. Equity returns depend upon both...

Persistent link: https://www.econbiz.de/10012461396