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Financial regulation, financial globalization and the synchronization of economic activity
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - 2010
We identify the effect of financial integration on international business cycle synchronization, by utilizing a confidential database on banks' bilateral exposure and employing a country-pair panel instrumental variables approach. Countries that become more integrated over time have less...
Persistent link: https://www.econbiz.de/10003986638
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The global financial cycle and capital flow episodes : a wobbly link?
Scheubel, Beatrice; Stracca, Livio; Tille, Cédric - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012132563
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America First? : a US-centric view of global capital flows
McQuade, Peter; Schmitz, Martin - 2019
with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …
Persistent link: https://www.econbiz.de/10011975553
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Trade, finance or policies : what drives the cross-border spill-over of business cycles?
Montinari, Letizia; Stracca, Livio - 2017
In this paper we investigate how income growth rates in one country are affected by growth rates in partner countries, testing for the importance of pairwise country links as well as characteristics of the receiving country (trade and financial open- ness, exchange rate regime, fiscal...
Persistent link: https://www.econbiz.de/10011636280
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Spillover effects in international business cycles
Camacho, Maximo; Pacce, Matías; Pérez-Quirós, Gabriel - 2020
share of the world factor as a source of the international transmission of fluctuations is still significant, this is …
Persistent link: https://www.econbiz.de/10012305394
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Negative rates, monetary policy transmission and cross-border lending via international financial centres
Andreeva, Desislava Č.; Coman, Andra; Everett, Mary; … - 2023
We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres - the United Kingdom, Hong Kong and Ireland - we examine how NIRP in the economies where banks have their...
Persistent link: https://www.econbiz.de/10013547998
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International capital flows at the security level : evidence from the ECB's Asset Purchase Programme
Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020
We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Pro- gramme at the security level. Based on net transactions of domestic and foreign securities, we observe euro area sectors' capital ows into individual securities, cleaned from valuation effects. Our...
Persistent link: https://www.econbiz.de/10012197845
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The global capital flows cycle : structural drivers and transmission channels
Habib, Maurizio Michael; Venditti, Fabrizio - 2019
In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same...
Persistent link: https://www.econbiz.de/10012009141
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Financial remoteness and the net external position
Schmitz, Martin - 2011
This paper shows that, controlling for standard determinants of net external positions, financially-remote countries exhibit more positive net external positions. This finding is found to be stronger for less advanced countries, hinting at external funding problems for more remote countries....
Persistent link: https://www.econbiz.de/10009006634
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The fundamentals of safe assets
Habib, Maurizio Michael; Stracca, Livio; Venditti, Fabrizio - 2020
We study what makes government bonds a safe asset. Building on a sample of monthly changes in government bond yields in 40 advanced and emerging countries, we analyse the sensitivity of yields to country specific fundamentals interacted with changes in global risk (VIX). We find that inertia...
Persistent link: https://www.econbiz.de/10012138612