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Financial openness and macroeconomic volatility

Hagen, Jürgen von (contributor); Zhang, Haiping (contributor) - 2006

We analyze the implications of financial openness to macroeconomic volatility in a small open economy. Major … macroeconomic aggregates show non-monotonic volatility patterns with respect to the degree of financial openness in the model … without domestic financial frictions. The introduction of domestic financial frictions makes the volatility patterns flatter …

Persistent link: https://www.econbiz.de/10003449265

Capital flows-at-risk : push, pull and the role of policy

Eguren-Martin, Fernando; O'Neill, Cian; Sokol, Andrej; … - 2021

We characterise the probability distributions of various categories of gross capital flows conditional on information contained in financial asset prices in a panel of emerging market economies, with a focus on "tail" events. Our framework, based on the quantile regression methodology, allows...

Persistent link: https://www.econbiz.de/10012503534

Recent advances in the literature on capital flow management

Beck, Roland; Berganza, Juan Carlos; Brüggemann, Axel; … - 2023 - Revised September 2023

Large swings in cross-border capital flows can have consequences for domestic stability and open a channel for the transmission of shocks and spillovers across economies, including the euro area. Against this backdrop, the present paper reviews new evidence for the effectiveness of capital flow...

Persistent link: https://www.econbiz.de/10014517643

How important are global factors for understanding the dynamics of international capital flows?

Eller, Markus; Huber, Florian; Schuberth, Helene - 2018

We propose a dynamic factor model with time-varying parameters and stochastic volatility to analyze the relationship … country-specific capital flow volatility and that the impact of these variables has become even more important since the 2008 …

Persistent link: https://www.econbiz.de/10011929696

Monetary and Fiscal Policies in a Sudden Stop : Is Tighter Brighter?

Ortiz, Alberto - 2012

In this paper we ask whether tighter monetary and fiscal policies are the right way to face a sudden stop (a sudden curtailment in capital flows) in a typical emerging economy. We develop exogenous measures of fiscal and monetary policy response and conclude that tighter policies are associated...

Persistent link: https://www.econbiz.de/10013104754

A survey of the literature on managing capital inflows

Kawai, Masahiro (contributor); Takagi, Shinji (contributor) - 2008

How to manage capital inflows remains an important policy issue for many emerging market economies. This paper presents a brief survey of the literature on managing capital inflows, with a focus on developing and emerging market economies. The paper, after discussing the economic characteristics...

Persistent link: https://www.econbiz.de/10003719200

Capital account liberalization in Morocco : is it compatible with fixed or flexible exchange rate regime?

Ezzahid, Elhadj; Maouhoub, Brahim - In: Journal of central banking theory and practice 9 (2020) 1, pp. 185-218

This paper examines the opportunity of exchange rate regime flexibilization in Morocco under the policy of capital account liberalization. Basing on our findings in Ezzahid and Maouhoub (2014), we develop a new theoretical game model with four economic agents, namely: monetary authorities,...

Persistent link: https://www.econbiz.de/10012167233

Capital Controls Spillovers

Landi, Valerio Nispi - 2019

I built a three-country business cycle model with one AE and two EMEs to analyze the spillover effects arising from capital controls. I find that, following a push-factor shock from the AE, if one EME tightens capital controls, the other EME experiences an additional wave of foreign investments....

Persistent link: https://www.econbiz.de/10012898841

Capital Controls Spillovers

Landi, Valerio Nispi - 2018

In the last decade, some emerging economies have imposed capital controls to reduce the volatility of capital flows and …

Persistent link: https://www.econbiz.de/10012920519

News Shocks in Open Economies : Evidence from Giant Oil Discoveries

Arezki, Rabah - 2015

This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output - the delay between a discovery and production is on average 4 to 6 years. We first...

Persistent link: https://www.econbiz.de/10013011202

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