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Domestic and multilateral effects of capital controls in emerging markets

Pasricha, Gurnain Kaur; Falagiarda, Matteo; … - 2015

Using a novel data set on capital control actions in 17 emerging-market economies (EMEs) over the period 2001 - 11, we provide new evidence on domestic and multilateral (or spillover) effects of capital controls. Our results, based on panel vector autoregressions, suggest that capital control...

Persistent link: https://www.econbiz.de/10011372773

International consumption risk sharing and monetary policy

Blank, Sven - 2009

Persistent link: https://www.econbiz.de/10011387171

Central Bank Swap Lines : Micro-level Evidence

Ferrara, Gerardo; Mueller, Philippe; Viswanath-Natraj, … - 2022

In this paper we investigate the price, volatility and micro-level effects of central bank swap lines during the 2020 pandemic. These policies lowered the ceiling on covered interest rate parity violations and reduced volatility following settlement of swap line auctions. We then combine...

Persistent link: https://www.econbiz.de/10013289210

Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence

Ozhan, Galip - 2021

This paper studies the role of the financial sector in a↵ecting domestic resource allocation and cross-border capital flows. I develop a quantitative, two-country, macroeconomic model in which banks face endogenous and occasionally binding leverage constraints. Banks lend funds to be invested...

Persistent link: https://www.econbiz.de/10013248844

Financial intermediation, resource allocation, and macroeconomic interdependence

Ozhan, G. Kemal - 2016

This paper studies the role of the financial sector in affecting domestic resource allocation and cross-border capital flows. I develop a quantitative, two-country, macroeconomic model in which banks face endogenous and occasionally binding leverage constraints. Banks lend funds to be invested...

Persistent link: https://www.econbiz.de/10011975295

Taper tantrum and emerging equity market slumps

Estrada, Gemma B.; Park, Donghyun; Ramayandi, Arief - 2015

In the postglobal financial crisis period, the central banks of the advanced economies pursued unconventional monetary policies, such as the United States (US) Federal Reserve's quantitative easing (QE). Those policies and their unwinding may significantly affect cross-border capital flows and...

Persistent link: https://www.econbiz.de/10011346243

Monetary policy independence and the strength of the global financial cycle

Friedrich, Christian; Guérin, Pierre; Leiva-Léon, Danilo - 2020 - Last updated: June 5, 2020

We propose a new strength measure of the global financial cycle by estimating a regimeswitching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of...

Persistent link: https://www.econbiz.de/10012243375

Transmission of global financial shocks to EMU member states : the role of monetary policy and national factors

Gelman, Maria; Jochem, Axel; Reitz, Stefan - 2016

The paper analyses the transmission of global financial shocks to individual member states of the European Monetary Union (EMU), in which monetary policy is delegated to the ECB and financial markets are fully integrated. Using a panel VAR model, we show that the asymmetric effects of global...

Persistent link: https://www.econbiz.de/10011495568

The global capital flows cycle : structural drivers and transmission channels

Habib, Maurizio Michael; Venditti, Fabrizio - 2019

In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global … capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks … driving the global financial cycle have the same effects on capital flows. Changes in global risk caused by pure financial …

Persistent link: https://www.econbiz.de/10012009141

The impacts of global risk and US monetary policy on US Dollar exchange rates and excess currency returns

Bernoth, Kerstin; Herwartz, Helmut; Trienens, Lasse - 2023

related to global risk aversion and the convenience yield that investors are willing to pay for holding US Dollar assets. A …

Persistent link: https://www.econbiz.de/10014305726