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The impact of international swap lines on stock returns of banks in emerging markets
Andrieș, Alin Marius; Fischer, Andreas M.; Yeșin, Pınar - 2015
This paper investigates the impact of international swap lines on stock returns using data from banks in emerging markets. The analysis shows that swap lines by the Swiss National Bank (SNB) had a positive impact on bank stocks in Central and Eastern Europe. It then highlights the importance of...
Persistent link: https://www.econbiz.de/10011629985
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Real exchange rate and international reserves in the era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10010322720
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Real exchange rate and international reserves in an era of growing financial and trade integration
Aizenman, Joshua; Riera-Crichton, Daniel - 2006
This paper evaluates the impact of international reserves, terms of trade shocks and capital flows on the real exchange rate (REER). We observe that international reserves cushions the impact of TOT shocks on the REER, and that this effect is important for developing but not for industrial...
Persistent link: https://www.econbiz.de/10010285305
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Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations affect output volatility through the investment or trade channel …
Persistent link: https://www.econbiz.de/10010331079
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Bank loan supply during crises: The importance of geographic diversication
Dörr, Sebastian; Schaz, Philipp - 2018
We classify a large sample of banks according to the geographic diversification of their international syndicated loan portfolio. Our results show that diversified banks maintain higher loan supply during banking crises in borrower countries. The positive loan supply effects lead to higher...
Persistent link: https://www.econbiz.de/10011969199
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Transmission of Sovereign Risk in the Euro Crisis
Brutti, Filippo; Sauré, Philip - 2012
We assess the role of financial linkages for the transmission of sovereign risk in the Euro Crisis. Building on the narrative approach by Romer and Romer (1989), we use financial news to identify structural shocks in a VAR model of daily sovereign CDS for eleven European countries. To estimate...
Persistent link: https://www.econbiz.de/10011430097
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Characteristics of Colombian inward foreign direct investment
Abreo, Carlos; Carrillo, Eduardo; Pédussel Wu, Jennifer - 2023
The research delves into the determinants of inward FDI to Colombia in the context of economic integration promoted by recent governments. Colombia's trade liberalisation, in addition to seeking to boost its trade flow, has focused on making the country more attractive to foreign direct...
Persistent link: https://www.econbiz.de/10014282677
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Why the Feldstein-Horioka "puzzle" remains unsolved
Felipe, Jesus; Fullwiler, Scott; Yusoph, Al-Habbyel - 2022
This paper argues that the 40-year-old Feldstein-Horioka "puzzle" (i.e., that in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than what would be expected in a world characterized by high capital mobility) should have...
Persistent link: https://www.econbiz.de/10014322570
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Capital's long march west: Saving and investment frictions in Chinese regions
Cudré, Samuel - 2014
While China has been pivotal in discussions and academic research on global imbalances, little is known about macroeconomic external imbalances among Chinese regions and the factors driving them. We use aggregate regional data and estimate provincial total factor productivity growth over...
Persistent link: https://www.econbiz.de/10011282498
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The emerging global financial architecture: Tracing and evaluating the new patterns of the Trilemma's configurations
Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2009
affect output growth volatility, inflation rates, and the volatility of inflation, with focus on developing economies. Some … key findings for developing countries include: (i) greater monetary independence can dampen output volatility while … greater exchange rate stability implies greater output volatility, which can be mitigated by reserve accumulation; (ii …
Persistent link: https://www.econbiz.de/10010287751