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Credit market frictions and sudden stops
Imura, Yuko - 2014
Financial crises in emerging economies in the 1980s and 1990s often entailed abrupt declines in foreign capital inflows, improvements in trade balance, and large declines in output and total factor productivity (TFP). This paper develops a two-sector small open economy model wherein...
Persistent link: https://www.econbiz.de/10010426139
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Financial Frictions and Global Spillovers
Metiu, Norbert - 2016
We investigate whether frictions in US financial markets amplify the international propagation of US financial shocks. The dynamics of the US economy is modeled jointly with global macroeconomic and financial variables using a threshold vector autoregression that allows us to capture...
Persistent link: https://www.econbiz.de/10012988701
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Financial Frictions Investment and Tobin's q
Lorenzoni, Guido; Walentin, Karl - 2007
We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...
Persistent link: https://www.econbiz.de/10014050959
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Capital misallocation and secular stagnation
Caggese, Andrea; Pérez, Ander - 2017 - This version: January 17, 2017
The widespread emergence of intangible technologies in recent decades may have significantly hurt output growth -- even when these technologies replaced considerably less productive tangible technologies -- because of structurally low interest rates caused by demographic forces. This insight is...
Persistent link: https://www.econbiz.de/10011708126
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Financial Frictions and the International Transmission of Shocks
Park, Woong Yong - 2019
This study presents a two-good, two-country model with financial frictions, where banks facing a borrowing constraint intermediate funds between households and firms. The endogenous fluctuations of international relative prices increase the business cycle co-movement across countries when...
Persistent link: https://www.econbiz.de/10012858531
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Financial integration and international shock transmission : the terms-of-trade effect
Krenz, Johanna - 2023
What are the effects of financial integration on global comovement? Using a standard two-country DSGE model, I show that in response to country-specific supply shocks higher exposure to foreign assets leads to lower cross-country output correlations, while the opposite is true for...
Persistent link: https://www.econbiz.de/10014463371
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International transmission of credit shocks in an equilibrium model with production heterogeneity
Imura, Yuko; Thomas, Julia K. - 2015
. This paper investigates the extent to which a credit shock in one country is transmitted to its trade partners. To this end … investment loans. We find that a negative credit shock to one country induces a sharp contraction in that country's economy …. The degree of credit-shock transmission depends on the home bias in international trade and the type of goods countries …
Persistent link: https://www.econbiz.de/10011280030
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Inflation, Business Cycles, and Commodity Investing in Financialized Markets
Zaremba, Adam - 2015
Financialization of commodity markets has been a broadly discussed topic in recent years. However, its implications for commodity investors have not yet been fully explored. This paper concentrates on the macroeconomic determinants of commodity returns in financialized and non-financialized...
Persistent link: https://www.econbiz.de/10013034279
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Booms and Banking Crises
Boissay, Frédéric - 2014
positive supply shocks; it does not result from a large negative exogenous shock. Simulations of a calibrated version of the …
Persistent link: https://www.econbiz.de/10013065656
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Booms and Banking Crises
Boissay, Frédéric - 2016
Banking crises are rare events that break out in the midst of credit intensive booms and bring about particularly deep and long-lasting recessions. This paper attempts to explain these phenomena within a textbook DSGE model that features a non-trivial banking sector. In the model, banks are...
Persistent link: https://www.econbiz.de/10012998760