Showing 1 - 10 of 1,547
We develop a model in which the capital of the intermediary sector plays a critical role in determining asset prices. The model is cast within a dynamic general equilibrium economy, and the role for intermediation is derived endogenously based on optimal contracting considerations. Low...
Persistent link: https://www.econbiz.de/10012464283
effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People's Bank of China on the …
Persistent link: https://www.econbiz.de/10012660005
We provide direct evidence of leverage-induced fire sales contributing to a market crash using account-level trading data for brokerage- and shadow-financed margin accounts during the Chinese stock market crash of 2015. Margin investors heavily sell their holdings when their account-level...
Persistent link: https://www.econbiz.de/10012480693
We ask how export demand shocks associated with the Asian financial crisis affected Chinese exporters. We construct firm-specific exchange rate shocks based on the pre-crisis destinations of firms' exports. Because the shocks were unanticipated and large, they are a plausible instrument for...
Persistent link: https://www.econbiz.de/10012464017
Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several … commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need … to evaluate these risks within China's unique economic and financial systems, in which the state and non-state sectors …
Persistent link: https://www.econbiz.de/10012453483
The 2008 financial crisis did not precipitate global retaliatory trade intervention, in seeming contrast to the Great Depression in 1930s. This paper discusses the influence of model structure in optimal tariff (OT) calculations in explaining this puzzle. We emphasize how earlier literature...
Persistent link: https://www.econbiz.de/10012456819
We construct housing price indices for 120 major cities in China in 2003-2013 based on sequential sales of new homes … trigger an imminent financial crisis in China, even though it may crash with a sudden stop in the Chinese economy and act as …
Persistent link: https://www.econbiz.de/10012457554
China in the coming years. China had been a prime example of exported growth, benefiting from learning by doing, and by …, and the Global Financial Crisis forced China toward rebalancing, which is a work in progress. Reflecting on the …
Persistent link: https://www.econbiz.de/10012457723
China's remarkable run of persistently high growth in recent decades is all the more stunning in light of the country …
Persistent link: https://www.econbiz.de/10014250169
The rise of shadow banking and attendant financial fragility in China can be traced to intensified deposit competition …
Persistent link: https://www.econbiz.de/10014468234