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Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates
Georgiadis, Georgios; Zhu, Feng - 2019
We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to real-time forecasts of domestic fundamentals,...
Persistent link: https://www.econbiz.de/10011997477
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Globalisation and the efficiency-equity trade-off
Beck, Roland; Di Nino, Virginia; Stracca, Livio - 2021
We revisit the effects of globalisation over the past 50 years in a large sample of advanced and emerging countries. We use accessions to \Globalisation Clubs" (WTO, OECD, EU), financial liberalisation and an instrument for trade openness to study the trade-off between efficiency (proxied by...
Persistent link: https://www.econbiz.de/10012511089
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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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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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Leaning against the global financial cycle
Ferrero, Andrea; Habib, Maurizio Michael; Stracca, Livio; … - 2022
We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...
Persistent link: https://www.econbiz.de/10013488632
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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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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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Financial globalisation, monetary policy spillovers and macro-modelling : tales from 1001 shocks
Georgiadis, Georgios; Jančoková, Martina - 2017
Financial globalisation and spillovers have gained immense prominence over the last two decades. Yet, powerful cross-border financial spillover channels have not become a standard element of structural monetary models. Against this background, we hypothesise that New Keynesian DSGE models that...
Persistent link: https://www.econbiz.de/10011664579
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The global effects of global risk and uncertainty
Bonciani, Dario; Ricci, Martino - 2018
returns from around the world. We then study how shocks to the factor affect economic activity in 36 advanced and emerging …
Persistent link: https://www.econbiz.de/10011904378
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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