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Leverage Constraints and the International Transmission of Shocks

Devereux, Michael B; Yetman, James - Reserve Bank of Australia - 2009

-movements. When leverage constraints bind, however, the presence of diversified portfolios in combination with these constraints … international transmission of shocks due to interdependent portfolio holdings among leverage-constrained financial institutions. In … the absence of leverage constraints, international portfolio diversification has no implications for macroeconomic co …

Persistent link: https://www.econbiz.de/10008565768

Stories of the Twentieth Century for the Twenty-First

Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst …

Persistent link: https://www.econbiz.de/10009201122

External Balances, Trade Flows and Financial Conditions

Evans, Martin - Volkswirtschaftliche Fakultät, … - 2014

This paper studies how changing expectations concerning future trade and financial con- ditions are reflected in international external positions. In the absence of Ponzi schemes and arbitrage opportunities, the net foreign asset position of any country must, as a matter of theory, equal the...

Persistent link: https://www.econbiz.de/10011108990

The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence

Truman, Edwin Malcolm - Federal Reserve Bank of Dallas - 2014

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...

Persistent link: https://www.econbiz.de/10011114882

The Federal Reserve Engages the World (1970-2000): An Insider’s Narrative of the Transition to Managed Floating and Financial Turbulence

Truman, Edwin M. - Peter G. Peterson Institute for International Economics … - 2014

Persistent link: https://www.econbiz.de/10010889808

Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability

Edwards, Sebastian - National Bureau of Economic Research (NBER) - 2007

In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new...

Persistent link: https://www.econbiz.de/10005085366

Capital Flow Bonanzas: An Encompassing View of the Past and Present

Reinhart, Carmen M.; Reinhart, Vincent - C.E.P.R. Discussion Papers - 2008

A considerable literature has examined the causes, consequences, and policy responses to surges in international capital flows. A related strand of papers has attempted to catalog current account reversals and capital account "sudden stops." This paper offers an encompassing approach with an...

Persistent link: https://www.econbiz.de/10005666522

Revisando la evidencia sobre frenazos súbitos y crisis financieras

VARGAS, César TAMAYO y Andrés - DEPARTAMENTO NACIONAL DE PLANEACIÓN - 2007

La nueva oleada de flujos de capital hacia economías emergentes ha renovado el interés por laocurrencia de un nuevo frenazo súbito o crisis de flujos de capital. Este trabajo es una nuevaaproximación al tema, a partir de los problemas de liquidez como determinantes de estosfrenazos súbitos....

Persistent link: https://www.econbiz.de/10005603912

Rating the Rating Agencies

Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000

In this study, we begin by assessing the ability of sovereign credit ratings to anticipate crises. In addition, given the wave of sovereign credit ratings downgrades that have followed the crises in Asia, we investigate formally the extent to which credit ratings are reactive. Along the way, we...

Persistent link: https://www.econbiz.de/10008531919

Early Warning System: Empirical Results from The Signals Approach

Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000

The signals approach was applied to 24 of the indicators around the dates of the 29 banking and the 87 currency crises. In what follows, we first compare our results for the 15 original indicators in Kaminsky and Reinhart (1996) to those presented in that study. This exercise assesses the...

Persistent link: https://www.econbiz.de/10008531936