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An asymmetry matrix in global current accounts
Schnabl, Gunther; Freitag, Stephan - 2009
euro area (Germany) as center countries with rising current account deficits (US) and surpluses (Germany) which are matched …
Persistent link: https://www.econbiz.de/10010304735
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What Determines Real Exchange Rates? The Nordic Countries
Bergvall, Anders - 2002
This paper presents a model yielding testable implications concerning the long-run co-movements of real exchange rates, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved terms of trade are found to have more appreciated...
Persistent link: https://www.econbiz.de/10010321757
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From the great moderation to the global crisis: Exchange market pressure in the 2000s
Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - 2010
This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...
Persistent link: https://www.econbiz.de/10010333066
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Capital flows and the Swiss franc
Yeșin, Pınar - 2016
The Swiss franc is known to appreciate strongly during financial market turmoil, demonstrating its status as a typical safe haven currency. One possible mechanism behind this appreciation during times of global turmoil is assumed to be higher capital inflows to Switzerland. This paper attempts...
Persistent link: https://www.econbiz.de/10011629988
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Unconventional monetary policy under appreciation pressure: The role of financial frictions
Aregger, Nicole; Leutert, Jessica - 2017
We build a two-country model with imperfect financial intermediation. Banks face limits to arbitrage which lead to positive excess returns in the investment markets and a risk premium in the international credit market. Gross capital flows affect the exchange rate since banks are balance sheet...
Persistent link: https://www.econbiz.de/10011961432
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Booms and busts in Latin America: The role of external factors
Izquierdo, Alejandro; Romero, Randall; Talvi, Ernesto - 2008
This paper analyzes the relevance of external factors in average quarterly GDP growth for 1990-2006 in the seven largest Latin American countries (LAC7). Modeling the relationship between LAC7 GDP and several external factors, it is found that those factors account for a significant share of...
Persistent link: https://www.econbiz.de/10010278267
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Systemic sudden stops: The relevance of balance-sheet effects and financial integration
Calvo, Guillermo A.; Izquierdo, Alejandro; Mejía, … - 2008
Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...
Persistent link: https://www.econbiz.de/10010278271
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Phoenix miracles in emerging markets: Recovering without credit from systemic financial crises
Calvo, Guillermo A.; Izquierdo, Alejandro; Talvi, Ernesto - 2006
Using a sample of emerging markets that are integrated into global bond markets, we analyze the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings...
Persistent link: https://www.econbiz.de/10010278287
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A tale of two surplus countries: China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We … its current account surplus, Germany's surplus has continued to increase throughout and after the crisis. Second, for … turned from being undervalued to overvalued, Germany's currency has erased its level of overvaluation and become undervalued …
Persistent link: https://www.econbiz.de/10012271920
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Oil price drivers, geopolitical uncertainty and oil exporters' currencies
Akram, Qaisar Farooq - 2019
Empirical relationships between crude oil prices and exchange rates of oil exporting countries tend to vary over time. I use econometric models of the norwegian and canadian nominal exchange rates to investigate whether such time-variation could reflect shifts in the key oil price drivers over...
Persistent link: https://www.econbiz.de/10012661547