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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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Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Chari, Anusha - National Bureau of Economic Research - 2023
Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly open-end mutual funds and ETFs, accounts for nearly half of the external financing flows to emerging markets exceeding cross-border lending by global banks. Evidence suggests that investment...
Persistent link: https://www.econbiz.de/10014250161
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Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Akinci, Ozge; Kalemli-Ozcan, Sebnem; Queralto, Albert - National Bureau of Economic Research - 2022
Foreign investors' changing appetite for risk-taking have been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of UIP premia, capital flows, and exchange rates. To understand how these risk sentiment changes...
Persistent link: https://www.econbiz.de/10013210054
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Stagflation and Topsy-Turvy Capital Flows
Bengui, Julien; Coulibaly, Louphou - National Bureau of Economic Research - 2022
Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy's supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on...
Persistent link: https://www.econbiz.de/10013462700
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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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One Money, One Market : Estimating the Effect of Common Currencies on Trade
Rose, Andrew K. - 1999
trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries … same currency. I find a large positive effect of a currency union on international trade, and a small negative effect of … regime. These effects are statistically significant and imply that two countries that share the same currency trade three …
Persistent link: https://www.econbiz.de/10012471350
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Gravity, Productivity and the Pattern of Production and Trade
Anderson, James E. - 2009
The effects of geography and productivity on the global pattern of production are captured here in a specific factors gravity model. Simple enough for sharp results, the model is yet rich enough to contain the high dimensional productivity frictions in production and distribution of a many...
Persistent link: https://www.econbiz.de/10012464007
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Networks versus Markets in International Trade
Rauch, James E. - 1996
I propose a network/search view of international trade in differentiated products. I present evidence that supports the … traded on organized exchanges in matching international buyers and sellers, and that search barriers to trade are higher for …
Persistent link: https://www.econbiz.de/10012473228
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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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Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality
Frankel, Jeffrey A. - 2004
Openness to trade is one factor that has been identified as determining whether a country is prone to sudden stops in … trade is endogenous. We use the gravity instrument for trade openness, which is constructed from geographical determinants … of bilateral trade. We find that openness indeed makes countries less vulnerable, both to severe sudden stops and …
Persistent link: https://www.econbiz.de/10012467730