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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We … observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing … these two countries, there is a remarkable reversal in the patterns of exchange rate misalignment: China's currency has …
Persistent link: https://www.econbiz.de/10012008403
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A tale of two surplus countries : China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We … observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing … these two countries, there is a remarkable reversal in the patterns of exchange rate misalignment: China’s currency has …
Persistent link: https://www.econbiz.de/10012024585
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A Portfolio Approach to Global Imbalances
Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - National Bureau of Economic Research - 2022
We use a portfolio-based framework to understand what drives the decline of the U.S. net foreign asset (NFA) position and the reversal in returns earned on the US NFA (exorbitant privilege). We show that global savings gluts and monetary policies widened the U.S. NFA position, while investor...
Persistent link: https://www.econbiz.de/10013334470
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Global Imbalances and Foreign Asset Expansion by Developing-Economy Central Banks
Gagnon, Joseph - 2013
In the aftermath of the Asian financial crisis of 1997–99, central banks and governments throughout the developing world have accumulated foreign exchange reserves and other official assets at an unprecedented rate. This paper shows that this official asset accumulation has driven a...
Persistent link: https://www.econbiz.de/10013089502
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Chapter 12. International Financial Crises
Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014
This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...
Persistent link: https://www.econbiz.de/10014025374
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Liquidity Traps, Prudential Policies, and International Spillovers
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2022
This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for...
Persistent link: https://www.econbiz.de/10013210066
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Capital Flows and the Us 'New Economy' : Consumption Smoothing and Risk Exposure
Miller, Marcus H.; Castren, Olli; Zhang, Lei - 2021
In an analytically tractable model of the global economy, we calculate the Pareto improvement where a country experiencing a favourable supply side shock consumes more against expected future output and spreads the risk by selling shares. With capital inflows to finance the 'New Economy'...
Persistent link: https://www.econbiz.de/10013318678
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Linking net foreign portfolio debt and equity to exchange rate movements
Gardberg, Malin - 2018
Many currencies, especially those of countries with negative net foreign assets, tend to depreciate during times of financial turbulence. Using a panel of 26 currencies over the period 1/1997 - 6/2016, I show that the composition of net foreign assets matter for the exchange rate sensitivity to...
Persistent link: https://www.econbiz.de/10011926196
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Financial Globalization and the U.S. Current Account Deficit
Higgins, Matthew; Klitgaard, Thomas - 2008
Despite heavy borrowing in recent years, the United States has financed its large current account deficits without experiencing an unusual buildup in foreign investors' holdings of U.S. assets. A new analysis suggests that this somewhat surprising development is attributable largely to rapid...
Persistent link: https://www.econbiz.de/10014221312
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The macro-financial factors behind the crisis : global liquidity glut or global savings glut?
Bracke, Thierry; Fidora, Michael - In: The North American journal of economics and finance : a … 23 (2012) 2, pp. 185-202
Persistent link: https://www.econbiz.de/10009673837