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Trade, gravity and sudden stops: On how commercial trade can increase the stability of capital flows

Cavallo, Eduardo A. - 2006

Financial stability is an important policy objective, since crises are associated with large economic, social and political costs. Promoting stability requires preventing 'sudden stops' in capital flows, which are events in which foreign financing abruptly disappears. This paper contributes to...

Persistent link: https://www.econbiz.de/10010278261

Trade, gravity, and sudden stops: On how commercial trade can increase the stability of capital flows

Cavallo, Eduardo A.; Cavallo, Eduardo A. - 2005

Financial stability is an important policy objective since crises are associated with big economic, social, and political costs. Promoting stability requires preventing 'sudden stops' in capital flows, which are events in which foreign financing abruptly disappears. This paper contributes to the...

Persistent link: https://www.econbiz.de/10010397715

Emerging from the war: Gold standard mentality, current accounts and the international business cycle 1885-1939

Hoffmann, Mathias; Woitek, Ulrich - 2011

We study international business cycles and capital flows in the UK, the United States and the Emerging Periphery in the period 1885-1939. Based on the same set of parameters, our model explains current account dynamics under both the Classical Gold Standard and during the Interwar period. We...

Persistent link: https://www.econbiz.de/10010316919

Why the Feldstein-Horioka "puzzle" remains unsolved

Felipe, Jesus; Fullwiler, Scott; Yusoph, Al-Habbyel - 2022

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 never been labeled as such. First, we show that the investment and … capital account to their regression, one gets the accounting identity that relates the capital account, domestic investment …

Persistent link: https://www.econbiz.de/10014322570

Three current account balances: A "semi-structuralist" interpretation

Chinn, Menzie; Lee, Jaewoo - 2007

Three current account imbalances - one very large deficit (the United States) and two surpluses (Japan and the Euro area) - are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...

Persistent link: https://www.econbiz.de/10010285314

Deregulation and the Current Account

Harms, Philipp - 2002

We use a dynamic general-equilibrium model to study how removing barriers to competition in the nontraded goods sector affects the current account of a small open economy. We show that the expansion of the nontraded sector that results from such a "deregulation shock" is associated with an...

Persistent link: https://www.econbiz.de/10011430037

Banks, Financial Markets and International Consumption Risk Sharing

Leibrecht, Markus; Scharler, Johann - 2010

In this paper we empirically explore how characteristics of the domestic financial system in uence the international allocation of consumption risk using a sample of OECD countries. Our results show that the extent of risk sharing achieved does not depend on the overall development of the...

Persistent link: https://www.econbiz.de/10010294879

Banks, Financial Markets and International Consumption Risk Sharing

Leibrecht, Markus; Scharler, Johann - 2009

In this paper we empirically explore how characteristics of the domestic financial system influence the international allocation of consumption risk using a sample of OECD countries. Our results show that the extent of risk sharing achieved does not depend on the overall development of the...

Persistent link: https://www.econbiz.de/10010294920

Exchange Rate Variability Inside and Outside the EMU

Bergbom, Lennart - 1998

An often heard view is that exchange rate variability will decrease for a country that joins the EMU. This is not necessarily true. Both real and nominal exchange rate variability increase under certain circumstances when asymmetric demand shocks occur inside or outside the union. These results...

Persistent link: https://www.econbiz.de/10010321810

Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma

Aizenman, Joshua; Chinn, Menzie D.; Ito, Hiro - 2011

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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