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International Trade and Macroeconomic Dynamics with Sanctions
Ghironi, Fabio; Kim, Daisoon; Ozhan, G. Kemal - National Bureau of Economic Research - 2024
We study international trade and macroeconomic dynamics triggered by the imposition of sanctions. We begin with a tractable two-country model where Home and Foreign countries have comparative advantages in production of differentiated consumption goods and a commodity (e.g., gas), respectively....
Persistent link: https://www.econbiz.de/10014512042
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Stress Relief? : Funding Structures and Resilience to the Covid Shock
Forbes, Kristin; Friedrich, Christian; Reinhardt, Dennis - National Bureau of Economic Research - 2023
This paper explores the relationship between different funding structures--including the source, instrument, currency, and counterparty location of funding--and the extent of financial stress experienced in different countries and sectors during the sharp risk-off shock in early 2020 when...
Persistent link: https://www.econbiz.de/10014287355
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Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves
Mendoza, Enrique G.; Quadrini, Vincenzo - National Bureau of Economic Research - 2024
(increase) world interest rates but also to increase (reduce) private leverage. This in turn increased (decreased) volatility in …
Persistent link: https://www.econbiz.de/10015056133
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The Risk Content of Exports : A Portfolio View of International Trade
Giovanni, Julian di - 2010
It has been suggested that countries which export in especially risky sectors will experience higher output volatility …. This paper develops a measure of the riskiness of a country's pattern of export specialization, and illustrates its …. This measure is strongly correlated with terms-of-trade and output volatility, but does not exhibit a close relationship to …
Persistent link: https://www.econbiz.de/10012462648
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Macro-Hedging for Commodity Exporters
Borensztein, Eduardo - 2009
domestic welfare through two channels. First, by reducing export income volatility and allowing for a smoother consumption path … to borrow against future export income). Under plausibly calibrated parameters, the second channel may lead to much …
Persistent link: https://www.econbiz.de/10012463197
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Commodity Price Shocks and the Australian Economy since Federation
Bhattacharyya, Sambit - 2009
Even though Australia has experienced frequent and large commodity export price shocks like the Third World, it seems … to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It …
Persistent link: https://www.econbiz.de/10012463954
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Spillovers and Spillbacks
Acharya, Sushant; Pesenti, Paolo A. - National Bureau of Economic Research - 2024
We study international monetary policy spillovers and spillbacks in a tractable two-country Heterogeneous Agent New Keynesian model. Relative to Representative Agent (RANK) models, our framework introduces a precautionary-savings channel, as households in both countries face uninsurable income...
Persistent link: https://www.econbiz.de/10014512099
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The Golden Revolving Door
Cen, Ling; Cohen, Lauren; Wu, Jing; Zhang, Fan - National Bureau of Economic Research - 2024
Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine war and associated trade tensions, we show a counterintuitive pattern in global trade. Namely, while the average firm trading with these nations significantly decreases their trade with these jurisdictions...
Persistent link: https://www.econbiz.de/10014576650
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China as an International Lender of Last Resort
Horn, Sebastian; Parks, Bradley; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2023
This paper shows that China has launched a new global system for cross-border rescue lending to countries in debt distress. We build the first comprehensive dataset on China's overseas bailouts between 2000 and 2021 and provide new insights into China's growing role in the global financial...
Persistent link: https://www.econbiz.de/10014250123
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Effect of Macroprudential Policies on Sovereign Bond Markets : Evidence from the ASEAN-4 Countries
Aizenman, Joshua; Uddin, Mohammed Gazi Salah; Luo, Tianqi; … - National Bureau of Economic Research - 2022
This paper examines whether prudential policies help to reduce sovereign bond vulnerability to global spillover risk in ASEAN-4 countries (Indonesia, Malaysia, the Philippines, and Thailand). We measure sovereign vulnerability within a risk connectedness network among sovereign bonds. The direct...
Persistent link: https://www.econbiz.de/10013388833