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Global Imbalances, the U.S. Dollar, and How the Crisis at the Core of Global Finance Spread to 'Self-Insuring' Emerging Market Economies
Bibow, Jörg - 2010
to the collapse in world trade and sharp drop in commodity prices. Things were made worse by emerging markets' exposure …
Persistent link: https://www.econbiz.de/10013145124
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Spillovers of US unconventional monetary policy : quantitative easing, spreads, and international financial markets
Yildirim, Zekeriya; Ivrendi, Mehmet - In: Financial innovation : FIN 7 (2021), pp. 1-38
-479, 2010) argued that the QE measures primarily aim to reduce US interest rate spreads, such as term and risk premiums … policies significantly affect financial conditions in emerging and advanced countries by altering the risk-taking behavior of … investors. This result suggests that the risk-taking channel plays an important role in transmitting the effects of these …
Persistent link: https://www.econbiz.de/10012798677
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Sovereign credit default swaps and U.S. economic policy uncertainty after the global financial crisis
Inoguchi, Masahiro - In: Global Financial Flows in the Pre- and Post-global …, (pp. 113-141). 2022
Persistent link: https://www.econbiz.de/10013448159
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Mind the gap in sovereign debt markets : the U.S. Treasury basis and the Dollar risk factor
Krishnamurthy, Arvind; Lustig, Hanno - 2019
The U.S. dollar exchange rate clears the global market for dollar-denominated safe assets. We find that shifts in the demand and supply of safe dollar assets are important drivers of variation in the dollar exchange rate, bond yields, and other global financial variables. An increase in the...
Persistent link: https://www.econbiz.de/10012244483
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Equity capital, bankruptcy risk and the liquidity trap
Levintal, Oren - 2012
equity capital to the risk-free interest rate. When equity capital falls, bankruptcy risks rise. Firms become more vulnerable … long time. -- liquidity trap ; financial crisis ; rare disasters ; equity capital ; leverage ; bankruptcy risk …
Persistent link: https://www.econbiz.de/10009535806
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This Time is Different : Facebook’s Libra Can Improve Both Financial Inclusion and Global Financial Stability As a Viable Alternative Currency to the U.S. Dollar
Taskinsoy, John - 2019
of the world population into poverty. In the aftermath of the 2008 global financial crisis, the worst financial … most dominant Bitcoin with 68% of the market share. Bitcoin's arduous journey to the stardom in the digital cash world has … since Libra will be backed by a basket of stable currencies (dollar, euro, pound, and yen) as well as low-risk government …
Persistent link: https://www.econbiz.de/10012864964
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Intermediary Balance Sheets and the Treasury Yield Curve
Du, Wenxin; Hébert, Benjamin; Li, Wenhao - National Bureau of Economic Research - 2022
We document regime change in the U.S. Treasury market post-Global Financial Crisis (GFC): dealers switched from a net short to a net long position in the Treasury market. We first derive bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net...
Persistent link: https://www.econbiz.de/10013334440
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Intermediary balance sheets and the treasury yield curve
Du, Wenxin; Hébert, Benjamin; Li, Wenhao - 2022
We have documented a regime change in the U.S. Treasury market post-Global Financial Crisis (GFC). We first derived bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net long curves. We show that actual Treasury yields moved from the net short...
Persistent link: https://www.econbiz.de/10013277487
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What does the CDS market imply for a U.S. default?
Benzoni, Luca; Cabanilla, Christian; Cocco, Alessandro; … - 2023 - Revised: May 17, 2023
As the debt ceiling episode unfolds, we highlight a sharp increase in activity across the U.S. credit default swaps (CDS) market and infer the likelihood of a U.S. default from these market prices. Beginning in January 2023, we document a significant increase in U.S. CDS trading activity and...
Persistent link: https://www.econbiz.de/10014249852
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The Impact of Quantitative Easing on the U.S. Term Structure of Interest Rates
Jarrow, Robert A. - 2012
This paper estimates the impact of the Federal Reserve's 2008-2011 quantitative easing (QE) program on the U.S. term structure of interest rates. Different from other studies, we estimate an arbitrage-free term structure model that explicitly includes the quantity impact of the Fed's trades on...
Persistent link: https://www.econbiz.de/10013108838