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Systemic Regulation of Global Trade and Finance : A Tale of Two Systems

Gadbaw, R. Michael - 2011

The recent financial crisis has put enormous strains on the global systems governing international finance and trade. These two important international regulatory systems, created after World War II to promote growth and stability in the global economy, were put to the test in ways unprecedented...

Persistent link: https://www.econbiz.de/10013128513

The Political Economy of International Monetary Policy Coordination

Frieden, Jeffry - 2013

The economic rationale for international monetary policy coordination is not strong. This is the conclusion, not only of the traditional Mundell-Fleming literature, but also the more recent New Open-Economy Macroeconomics literature on international monetary coordination. Yet a broader political...

Persistent link: https://www.econbiz.de/10013086263

Vehicle Currency

Devereux, Michael B. - 2009

Historically, the world payments system has been dominated by a single currency accepted in the exchange of goods and assets among countries. In recent decades, the US dollar has played this role. The dollar acts as a 'vehicle currency' in the sense that agents in non-dollar economies will...

Persistent link: https://www.econbiz.de/10013153147

Global and Domestic Financial Cycles : Variations on a Theme

Aldasoro, Iñaki - 2020

We compare and contrast two prominent notions of financial cycles: a domestic variant, which focuses on how financial conditions within individual economies lead to boom-bust cycles there; and a global variant, which highlights how global financial conditions affect individual economies. The two...

Persistent link: https://www.econbiz.de/10012834310

On the Relationship between Pass-Through and Sticky Nominal Prices

Engel, Charles M. - 2007

The paper draws a link between the conditions for low pass-through when there are flexible prices, and local-currency pricing when there are sticky nominal prices. It shows that the condition under which pass-through is less than one-half when prices are flexible is the same as the condition...

Persistent link: https://www.econbiz.de/10012729335

Trade and Credit : Revisiting the Evidence

Gutiérrez Chacón, Eduardo - 2019

This paper explores the effects of bank lending shocks on export behavior of Spanish firms. For that purpose, we … specific credit supply shocks following Amiti and Weinstein (2018) and estimate their impact on firms' exports at the product …-destination level. According to our estimates, credit supply shocks have sizable effects on both the intensive margin (amount exported …

Persistent link: https://www.econbiz.de/10012894264

International Capital Markets Structure, Preferences and Puzzles : The US-China Case

Caporale, Guglielmo Maria - 2014

A canonical two country-two good model with standard preferences does not address three classic international macroeconomic puzzles as well as two well-known asset pricing puzzles. Specifically, under financial autarky, it does not account for the high real exchange rate (RER) volatility...

Persistent link: https://www.econbiz.de/10013056830

Barriers to global capital allocation

Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2021

We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign asset positions. We estimate this gravity equation...

Persistent link: https://www.econbiz.de/10012514947

A bargaining theory of trade invoicing and pricing

Goldberg, Linda S.; Tille, Cédric - 2013

We develop a theoretical model of international trade pricing in which individual exporters and importers bargain over the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency reflects the full market structure, including the...

Persistent link: https://www.econbiz.de/10009736215

A bargaining theory of trade invoicing and pricing

Goldberg, Linda S.; Tille, Cédric - 2013

Persistent link: https://www.econbiz.de/10009738819

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