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Persistent link: https://www.econbiz.de/10001483593
unable to reconcile with empirical facts, as well as to study policy implications. The role of the US in the international … the world earning a positive net investment income. To rationalize this phenomenon, I propose a different theory about the … dollar exchange rate. In the model, world financial intermediaries demand US safe assets for their convenience value, but US …
Persistent link: https://www.econbiz.de/10013475535
International Monetary Fund and the World Bank during the COVID-19 and Russia-Ukraine war crises. …
Persistent link: https://www.econbiz.de/10014584441
We assess the role played by exchange rates in buffering or amplifying the propagation of shocks across international equity markets. Using copula functions we model the joint dependence between exchange rates and two global equity markets and, from a copula framework, we obtain the conditional...
Persistent link: https://www.econbiz.de/10012549999
large countries can still afford to resolve large global banks on their own, small and medium-sized countries face a policy …
Persistent link: https://www.econbiz.de/10011975754
At the 25th anniversary of the Maastricht Treaty, this paper reviews the merits of introducing a safe sovereign asset for the eurozone. The triple euro area crisis showed the costly consequences of ignoring the "safety trilemma". Keeping a national safe sovereign asset (the German bund) as the...
Persistent link: https://www.econbiz.de/10011975765
Recent policy discussion includes the introduction of diversification requirements for sovereign bond portfolios of …
Persistent link: https://www.econbiz.de/10011992507
markets world-wide gained importance during the post-crisis "second phase of global liquidity" (Shin, 2013). The analysis … presented in this paper shows that a loosening of US monetary policy leads to higher investment fund in ows to equities and debt … last decade and have important policy implications for monetary and financial stability. …
Persistent link: https://www.econbiz.de/10012510743
Using daily data since 2017, we disentangle China-specific structural shocks driving Chinese financial markets and examine spillovers across global markets. The novelty of this paper consists of simultaneously identifying China shocks with shocks emanating from the United States and shocks to...
Persistent link: https://www.econbiz.de/10014471891
Persistent link: https://www.econbiz.de/10014631678