The international transactions accounts provide information on trade in goods and services (including the balance of payments and the balance of trade), investment income, and government and private financial flows. In addition, the accounts measure the value of U.S. international assets and...

Das vorliegende Papier verfolgt, den empirischen Zusammenhang zwischen den realen Aktienmarktniveaus von Deutschland und den USA zur Aktienmarktprognose zu verwenden ...

This paper reassesses, at the light of economic and financial theory, the well-documented recent evolution of the euro area public debt and equity markets.

This paper investigates the impact of specific modes of entry of foreign banks, i.e.greenfield investment versus merger and acquisition, on bank performance in threetransition economies – the Czech Republic, Hungary, and Poland. We use stochasticfrontier analysis to model and measure the cost...

The paper shows that in a stylized model with two countries, characterized bydifferent levels of nancial development, the following facts can be replicated: 1)persistent current account surpluses and 2) high TFP growth in China. Because ofliquidity shocks and credit constraints, investment by...

Paradoxically, high-investment and high-growth developing countries tend toexperience capital outows. This paper shows that this allocation puzzle can beexplained simply by introducing uninsurable idiosyncratic investment risk in theneoclassical growth model. Using a sample of 67 countries...

China’s emergence as a major player in world trade is well known, but its rising role in global finance is perhaps underappreciated. China is the second largest creditor in the world today, with a net creditor position of exceeding 30% of GDP in 2007. In this paper, we test the importance of...

This paper estimates the Balassa-Samuelson effects for 11 countries in central and eastern Europe on a disaggregated set of quarterly data covering the period from the mid-1990s to the first quarter of 2008. The Balassa-Samuelson effects are clearly present and explain around 24% of inflation...

Some ten years ago, Michael Dooley (Dooley, 1997; Dooley, 2000) put forwardan insurance model of currency crises, which after some modifications gives a goodtheoretical basis for explanation of the overall dynamics of the post communist transformationand diversity across countries and periods. The...

This paper analyzes the evolution in bank performance following the removal of legalrestrictions on the entry of foreign banks in three transition economies: the Czech Republic,Hungary, and Poland. Two modes of foreign bank entry are considered: entry by Greenfieldinvestments, and by foreign...