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Controles a la entrada de capitales y volatilidad de la tasa de cambio: la experiencia colombiana
Andrés Mauricio Vargas P.; Camilo Riviera P. - In: COYUNTURA ECONÓMICA (2009)
En este arti?culo se investiga el impacto de los controles a la entrada de capitales en la volatilidad de la tasa de cambio y si estos ayudaron a aislar al pai?s de los choques externos. Se examina la experiencia colombiana en el periodo mayo 2007 a junio 2008, cuando el Banco Central utilizo?...
Persistent link: https://www.econbiz.de/10011255391
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International Capital Flows and House Prices: Theory and Evidence
Ludvigson, Sydney C.; Van Nieuwerburgh, Stijn; … - National Bureau of Economic Research (NBER) - 2012
The last fifteen years have been marked by a dramatic boom-bust cycle in real estate prices, accompanied by economically large fluctuations in international capital flows. We argue that changes in international capital flows played, at most, a small role in driving house price movements in this...
Persistent link: https://www.econbiz.de/10009397151
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Exchange-Rate Discounting
Smith, Gregor W. - Economics Department, Queen's University - 1995
Economists often describe nominal exchange rates as forward-looking, so that they reflect discounted, expected, future fundamentals. This study applies a method for identifying the discount rate involved, without knowing or measuring fundamentals. Identification arises from assumptions on the...
Persistent link: https://www.econbiz.de/10008752527
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Can cross-country portfolio rebalancing give rise to forward bias in FX markets?
Chang, Sanders S. - In: Journal of International Money and Finance 32 (2013) C, pp. 1079-1096
extent that there is not perfect risk sharing, investors tend to hold currency risk and international equity risk as a bundle …. This paper examines the impact of such cross-country covariance risk on the relationship between exchange rate returns and … differential is governed by a type of time-varying beta risk that reflects the conditional covariance between exchange rate returns …
Persistent link: https://www.econbiz.de/10011048530
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Capital Flows, Asset Prices and Output in Emerging Market Economies
Nag, Ranjanendra Narayan; Baksi, Sayan; Majumder, … - In: Foreign Trade Review 50 (2015) 1, pp. 1-20
In this article we construct a simple open-economy macro model to examine how capital flows, monetary policy and dividend policies of firms influence asset prices, economic activity and inflation. In this model, we consider a three-asset framework based on domestic money, domestic equity and...
Persistent link: https://www.econbiz.de/10011171377
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Monetary policy in the North, effects in the South
De Cadenas Santiago, Gonzalo; Garcia-Herrero, Alicia; … - BBVA Research, Grupo BBVA - 2014
exit strategies of central banks in developed economies – particularly the Fed - were behind the various waves of risk …
Persistent link: https://www.econbiz.de/10011184650
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Money, the Stock Market and the Macroeconomy: A Theoretical Analysis
Basu, Rilina; Nag, Ranjanendra Narayan - In: The Pakistan Development Review 52 (2013) 3, pp. 235-246
The finance-growth nexus has become a significant issue in recent macroeconomic modelling and the centre of attention of policy makers. Over the past few decades equity markets have experienced phenomenal growth which has proved to be a major determinant of capital flow to emerging market...
Persistent link: https://www.econbiz.de/10011186273
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Sovereign defaults, external debt and real exchange rate dynamics
Asonuma, Tamon - Volkswirtschaftliche Fakultät, … - 2014
incorporates bond issuances in local and foreign currencies, and endogenous determination of real exchange rate and default risk …
Persistent link: https://www.econbiz.de/10011107842
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Serial default and debt renegotiation
Asonuma, Tamon - Volkswirtschaftliche Fakultät, … - 2012
percent recovery rate tends to pay a higher rate of return (relative to a risk-free rate) on subsequently issued debt than do …
Persistent link: https://www.econbiz.de/10011111033
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The Risk Premium and Long-Run Global Imbalances
Chien, YiLi; Naknoi, Kanda - Krannert School of Management, Purdue University - 2011
Our paper investigates whether the valuation effect caused by a large risk premium and a low risk-free rate can help to … investors load up more aggregate risk by investing in a risky asset abroad and issuing a risk-free asset. Thanks to the large … risk premium as well as the low risk-free rate, the US can sustain a long-run trade deficit even as a debtor country …
Persistent link: https://www.econbiz.de/10009422085