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Imbalances? What imbalances? A dissenting view

Wray, L. Randall - 2012

It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...

Persistent link: https://www.econbiz.de/10010286507

Global imbalances, the US dollar, and how the crisis at the core of global finance spread to "self-insuring" emerging market economies

Bibow, Jörg - 2010

This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through the early stages of the financial turmoil that began in the summer of 2007, they have been hit hard...

Persistent link: https://www.econbiz.de/10010281707

Financial flows and international imbalances: The role of catching up by late-industrializing developing countries

Kregel, Jan - 2008

While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing...

Persistent link: https://www.econbiz.de/10010266490

Large hoarding of international reserves and the emerging global economic architecture

Aizenman, Joshua - 2007

competitive devaluations. The sheer size of China, and its lower sterilization costs suggests that China may be the winner of a … external instability, which is magnified by exposure of the banking system to non performing loans. Testing the self insurance … and precautionary motives in the context of China may be challenged by a version of the peso problem; Hoarding …

Persistent link: https://www.econbiz.de/10010285334

El G20, la crisis y el rediseño de la arquitectura financiera internacional

Carrera, Jorge - 2009

All severe crises have required a reformulation of the International Financial Architecture (IFA). The G20, abruptly turned into a discussion and action forum to cope with the crisis, focused its work on two areas: first, the coordination of the macroeconomic policies to come out of the crisis...

Persistent link: https://www.econbiz.de/10010325084

Benchmarking adoption of e-commerce across the G20 members

Goyal, Tanu M.; Morgan, Peter J. - 2023

The COVID-19 situation has accelerated the adoption of e-commerce across the world. While, globally, there has been an increase in the share of e-commerce in total retail sales, there are variations in e-commerce adoption across countries and the difference is obtrusive when one compares...

Persistent link: https://www.econbiz.de/10014540892

The euro and the global crises: Finding the balance between short term stabilization and forward looking reforms

Aizenman, Joshua - 2012

This paper analyzes reforms and adjustments in the context of the Euro and the global financial crises. Taking the perspective of the evolutionary approach to institutions, the formation of a new currency area is not unidirectional. The process leading to the euro is an example of a common...

Persistent link: https://www.econbiz.de/10010288121

Common drivers in emerging market spreads and commodity prices

Bastourre, Diego; Carrera, Jorge; Ibarlucia, Javier; … - 2012

This paper presents and evaluates the hypothesis that emerging countries specialized in commodity production are prone to experience non orthogonal commercial and financial shocks. Specifically, we investigate a set of global macroeconomic variables that, in principle, could simultaneously...

Persistent link: https://www.econbiz.de/10011417923

Dos síntomas y una causa: Flujos de capitales, precios de los commodities y determinantes globales

Bastourre, Diego; Carrera, Jorge; Ibarlucia, Javier; … - 2012

Persistent link: https://www.econbiz.de/10010325079

When credit bites back: Leverage, business cycles and crises

Jordà, Òscar; Schularick, Moritz; Taylor, Alan - 2012

This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study of the universe of over 200 recession episodes in 14 advanced countries between 1870 and 2008, we document two key facts of the modern business cycle: financial-crisis...

Persistent link: https://www.econbiz.de/10010318835

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