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News Shocks in Open Economies: Evidence from Giant Oil Discoveries

Ramey, Valerie Ann; Arezki, Rabah; Sheng, Liugang - National Bureau of Economic Research (NBER) - 2015

This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output–the delay between a discovery and production is on average 4 to 6 years. We first...

Persistent link: https://www.econbiz.de/10011123640

Decreasing and increasing marginal impatience and the terms of trade in an interdependent world economy

Hirose, Ken-Ichi; Ikeda, Shinsuke - In: Journal of Economic Dynamics and Control 36 (2012) 10, pp. 1551-1565

Using a two-good, two-country model, we examine macroeconomic adjustment by allowing for decreasing and increasing marginal impatience (DMI and IMI). In the reference case where both countries have IMI, a negative output shock in one country lowers the interest rate and both countries' welfare...

Persistent link: https://www.econbiz.de/10010599375

The determinants of home bias puzzle in equity portfolio investment in Australia

Vo, Xuan Vinh - Volkswirtschaftliche Fakultät, … - 2008

Over the past decades, there is an increased trend in the international financial integration as countries are removing and relaxing controls on cross-border investment. Capital can flow easily to the destination that offers higher returns as the results of decreasing obstacles to international...

Persistent link: https://www.econbiz.de/10011257801

The determinants of home bias puzzle in equity portfolio investment in Australia

Vo, Xuan Vinh - Volkswirtschaftliche Fakultät, … - 2008

Persistent link: https://www.econbiz.de/10008740593

How do Capital Controls Affect the Transmission of Foreign Shocks?

Cooke, Dudley - Economic Policy Research Unit (EPRU), Økonomisk Institut - 2007

This paper studies the short-run transmission of foreign shocks in a small open economy with capital controls and a fixed exchange rate. Capital controls alter the transmission of shocks because endogenous changes in the domestic nominal interest rate affect savings and investment decisions. The...

Persistent link: https://www.econbiz.de/10005543549

The Malaysian Capital Controls: A Success Story?

Athukorala, Prema-Chandra - Crawford School of Public Policy, Australian National … - 2007

This paper aims to contribute to the debate on the use of temporary controls on capital outflows as a crisis resolution measure my examining the outcome of Malaysia’s radical response to the 1997-98 financial crisis. The analysis suggests that carefully designed temporary capital controls were...

Persistent link: https://www.econbiz.de/10004970720

Capital Flows and Capital Account Management in Selected Asian Economies

Sen Gupta, Abhijit; Sengupta, Rajeswari - Volkswirtschaftliche Fakultät, … - 2014

since early 2000s. This rapid increase in the volume of flows accompanied by sharp swings in volatility has amplified the … they achieved the desired goals.This kind of an analysis is highly relevant especially a time when EMEs around the world … measures by the Euro-zone, either of which could once again heighten the volatility of cross-border capital flows thereby …

Persistent link: https://www.econbiz.de/10011108606

Capital Controls and Recovery from the Financial Crisis of the 1930s

Mitchener, Kris; Wandschneider, Kirsten - C.E.P.R. Discussion Papers - 2014

We examine the first widespread use of capital controls in response to a global or regional financial crisis. In particular, we analyze whether capital controls mitigated capital flight in the 1930s and assess their causal effects on macroeconomic recovery from the Great Depression. We find...

Persistent link: https://www.econbiz.de/10011084261

The Financial Resource Curse

Benigno, Gianluca; Fornaro, Luca - C.E.P.R. Discussion Papers - 2013

This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is...

Persistent link: https://www.econbiz.de/10011084525

Capital Controls, Two-tiered Exchange Rate Systems and the Exchange Rate Policy : The South African Experience

Schaling, E. - Tilburg University, Center for Economic Research - 2005

South Africa's 40 years of experience with capital controls on residents and non-residents (1961-2001) reads like a collection of examples of perverse unanticipated effects of legislation and regulation.We show that the presence of capital controls on residents and non-residents, enabled the...

Persistent link: https://www.econbiz.de/10011091128