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Distinguishing Global Dollar Reserves from Official Holdings in the United States
Settlements, Bank for International - 2013
Official holdings of US dollar reserves are partly invested outside the United States. These offshore investments do not strictly speaking finance the US current account, but do support the US dollar. Offshore holdings grow fast when intervention is large
Persistent link: https://www.econbiz.de/10013092677
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How Connected is the Global Sovereign Credit Risk Network?
Bostanci, Gorkem - 2020
This paper applies the Diebold-Yilmaz connectedness methodology on sovereign credit default swaps (SCDSs) to estimate the global network structure of sovereign credit risk. The level of credit risk connectedness among sovereigns, which is quite high, is comparable to the connected- ness among...
Persistent link: https://www.econbiz.de/10012856058
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Rethinking Balance-of-Payments Constraints in a Globalized World
Dabrowski, Marek - 2009
This paper confronts the traditional balance-of-payments (BoP) analytical framework (with its dominant focus on the size of a given country's current account imbalance and its external liabilities) with the contemporary realities of highly integrated international capital markets and...
Persistent link: https://www.econbiz.de/10012720137
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Internationalizing Like China
Clayton, Christopher; Dos Santos, Amanda; Maggiori, Matteo - 2022
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market and propose a dynamic reputation model to understand China's internationalization strategy. While previously closed to foreign investors, China has recently allowed major...
Persistent link: https://www.econbiz.de/10013295962
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Volatility Spillover Effects From Global and National Variables to Sovereign CDS Spreads : Evidence From Turkey
Cihangir, Çiğdem Kurt - 2020
In this study global and national variables that affect the sovereign Credit Default Swaps (CDS) spreads for Turkey are … causality test. In the second step, the effect of symmetric and asymmetric spillover effects on sovereign CDS spread is … determined. The findings show that both national and global shocks are relevant for Turkey' sovereign CDS spreads volatility, but …
Persistent link: https://www.econbiz.de/10012840414
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What do we know about the global financial safety net? : a new comprehensive data set
Scheubel, Beatrice; Stracca, Livio - 2016
This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for over...
Persistent link: https://www.econbiz.de/10011565481
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US "quantitative easing" is fracturing the global economy
Hudson, Michael - 2010
The Federal Reserve's quantitative easing is presented as injecting $600 billion into "the economy." But instead of getting banks lending to Americans again - households and firms - the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital flight....
Persistent link: https://www.econbiz.de/10008759457
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Global Financial Safety Nets : Where do We go from Here?
Fernandez-Arias, Eduardo - 2011
facility during Article IV consultations; and iii) liquidity funded by the world's “issuers of last resort.” These principles …
Persistent link: https://www.econbiz.de/10013130470
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US 'Quantitative Easing' is Fracturing the Global Economy
Hudson, Michael - 2010
The Federal Reserve's quantitative easing is presented as injecting $600 billion into “the economy.” But instead of getting banks lending to Americans again - households and firms - the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital...
Persistent link: https://www.econbiz.de/10013135746
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The Meltdown of the Global Economy : A Keynes-Minsky Episode?
Sen, Sunanda - 2010
The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments.The...
Persistent link: https://www.econbiz.de/10013137419