Showing 1 - 10 of 158
Europe experienced substantial cross-country variation in domestic credit growth and cross-border capital flows during the pre-crisis period. We investigate the inter-relations between domestic credit growth and international capital flows over 1993-2008, with a special focus on the 2003-2008...
Persistent link: https://www.econbiz.de/10010781871
Pro-cyclicality in Irish fiscal policy has contributed to macroeconomic volatility over recent decades. Accordingly, this paper seeks to identify institutional mechanisms that can improve the performance of fiscal policy in macroeconomic stabilisation in Ireland. We propose a new fiscal...
Persistent link: https://www.econbiz.de/10010781874
This paper provides an empirical review of the dynamics of international capital áows, with a focus on emerging Asia. Next, it outlines the various channels by which international capital flows affect domestic financial conditions in the host economies. Finally, it explores the implications for...
Persistent link: https://www.econbiz.de/10010904654
We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits,...
Persistent link: https://www.econbiz.de/10010904657
We analyse the role of fiscal policy both in the emergence and the unwinding of external imbalances. Furthermore, we probe whether there is a role for fiscal policy in the prevention of excessive external imbalances. Finally, we ask whether fiscal policy could in practice successfully fulfill...
Persistent link: https://www.econbiz.de/10010904676
The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external...
Persistent link: https://www.econbiz.de/10009274387
Persistent link: https://www.econbiz.de/10005531931
We examine the evolution of international currency exposures, with a particular focus on the 2002-12 period. During the run up to the global financial crisis, there was a widespread shift towards positive net foreign currency positions, such that relatively few countries exhibited the archetypal...
Persistent link: https://www.econbiz.de/10011119801
Persistent link: https://www.econbiz.de/10010796769
The global financial crisis provides an important testing ground for the financial globalisation model. We ask three questions. First, did financial globalisation materially contribute to the origination of the global financial crisis? Second, once the crisis occurred, how did financial...
Persistent link: https://www.econbiz.de/10010865245