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McGuire, Patrick; Tarashev, Nikola A. - 2013

The structure of the international banking market has evolved in important ways since the introduction of the euro in … 1999. In comparison to legacy currencies, the use of the euro in cross-border banking transactions grew on aggregate, and … the bilateral linkages within the euro area became more dispersed in the years after its introduction. However, growth in …

Persistent link: https://www.econbiz.de/10014202576

The Euro Crisis and Economic Growth : A Novel Counterfactual Approach

Terzi, Alessio - 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have … warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …

Persistent link: https://www.econbiz.de/10012866042

Sovereign default and the euro

Whelan, Karl - In: Oxford review of economic policy 29 (2013) 3, pp. 478-501

Persistent link: https://www.econbiz.de/10010344451

Currency Crises and the Real Economy : The Role of Banks

Disyatat, Piti - 2009

This paper attempts to explain the divergent output effects of currency crises through a very simple and intuitive model that relates the effects of a devaluation not only to the financial fragility of banks, but also to the degree of financial market imperfection. The model shows that countries...

Persistent link: https://www.econbiz.de/10013157157

Sovereign default risk premia and state-dependent twin deficits : conference paper

Hürtgen, Patrick; Rühmkorf, Ronald - 2013 - This version: August 7, 2013

This paper studies the impact of the state-dependent risk of a government default on the correlation of the scal balance and current account. We use a small open economy model where nonlinear risk premia arise endogenously when the government operates close to its scal limit, i.e. the maximum...

Persistent link: https://www.econbiz.de/10010341080

Solving Global Financial Imbalances : A Plan for a World Financial Authority

Mirandola, Carlos Mauricio - 2013

This paper will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a plan, the IMF and other existing international financial institutions would be reformed and coordinated around a newly created WFA. The WFA would have two core functions....

Persistent link: https://www.econbiz.de/10013095450

Current Account Reversals and Currency Crises : Empirical Regularities

Milesi-Ferretti, Gian Maria - 2006

This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. Both domestic...

Persistent link: https://www.econbiz.de/10012782234

Chapter 12. International Financial Crises

Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014

This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...

Persistent link: https://www.econbiz.de/10014025374

Global imbalances, Bretton Woods II, and Euroland's role in all this

Bibow, Jörg (contributor) - 2006

Approaching the issue of mounting global imbalances from the perspective of the Bretton Woods II hypothesis,ʺ this paper argues that the popular preoccupation with China’s supposed export-led development strategy is misplaced. It also suggests, similar to Japan’s depression, subdued growth...

Persistent link: https://www.econbiz.de/10003721073

Global Imbalances, Bretton Woods Ii, and Euroland's Role in All this

Bibow, Jörg - 2013

Approaching the issue of mounting global imbalances from the perspective of the quot;Bretton Woods II hypothesis,quot; this paper argues that the popular preoccupation with China's supposed export-led development strategy is misplaced. It also suggests, similar to Japan's depression, subdued...

Persistent link: https://www.econbiz.de/10012711566

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