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phenomenon. Predicting the direction and level of asset prices are important activities in the real world practice for investors … linear estimation parts, I found that the 1 basis point unexpected cut of the Fed Fund rate by the Fed Reserve in U.S. will … drive 11 ticks rise of gold prices with significant level of 0.01. In the non-linear estimation parts, if the Fed Reserve …
Persistent link: https://www.econbiz.de/10012952188
This paper analyzes the impact of large-scale, unconventional asset purchases by advanced country central banks on emerging market economies (EMEs) during 2008–2014. I show that there was substantial heterogeneity in the way EME currency, equity, and long-term sovereign bond markets were...
Persistent link: https://www.econbiz.de/10011300668
In this paper, I put the ongoing G20 process of improving the regulation of international finance into a historically informed perspective. To understand the driving forces behind and obstacles to international cooperation in governing finance I combine concepts from international political...
Persistent link: https://www.econbiz.de/10013114299
The contemporary financial crisis has transformed into economic crisis. The occurrence of financial crises has encouraged the emergence of a kind of routine which guarantees the stability of a government's bailout programmes implemented through the banking sector in support of de-facto bankrupt...
Persistent link: https://www.econbiz.de/10013097185
, the impact of the financial crisis on the world and the need for a new global governance architecture as a solution for … heterarchic vision of the new world order …
Persistent link: https://www.econbiz.de/10013146817
, sondern erlauben erst dem Rest der Welt, überhaupt Ersparnis zu bilden. …
Persistent link: https://www.econbiz.de/10011300962
Our friend and colleague Rüdiger Dornbusch passed away before he was able tocomplete his book based on the Munich Lectures in Economics that he gave inNovember 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universität.The lectures contain a fascinating overview of the...
Persistent link: https://www.econbiz.de/10011507825
The 2007-09 global financial crisis has led policy-makers around the world, including central banks, to refocus their …
Persistent link: https://www.econbiz.de/10011515917
The size of gross external portfolio holdings has among many countries increased substantially over the recent past. Over the same period the volatility of inflation has declined in most countries. Many previous papers argue that financial globalisation has led to improved policy-making and...
Persistent link: https://www.econbiz.de/10013083474
It is widely held that currencies of surplus countries, such as China, cannot enjoy wide international use. We argue that the eurodollar market has had little to do with the direction of net capital flows or the US current account balance. It has played different roles over the past 38 years,...
Persistent link: https://www.econbiz.de/10013090471