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Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010

The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...

Persistent link: https://www.econbiz.de/10011605300

The bank lending channel: lessons from the crisis

Gambacorta, Leonardo; Marqués-Ibáñez, David - 2011

provision of credit. We show that new factors, such as changes in banks’ business models and market funding patterns, had … structural changes during the period of financial crisis. Banks with weaker core capital positions, greater dependence on market …

Persistent link: https://www.econbiz.de/10011605381

Capital flows, push versus pull factors and the global financial crisis

Fratzscher, Marcel - 2011

The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks – key crisis events as well...

Persistent link: https://www.econbiz.de/10011605410

Trade openness reduces growth volatility when countries are well diversified

Haddad, Mona; Lim, Jamus Jerome; Pancaro, Cosimo; … - 2012

This paper addresses the mechanisms by which trade openness affects growth volatility. Using a diverse set of export concentration measures, we present strong evidence pointing to an important role for export diversification in conditioning the effect of trade openness on growth volatility....

Persistent link: https://www.econbiz.de/10011605536

Is quantity theory still alive?

Teles, Pedro; Uhlig, Harald - 2013

This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...

Persistent link: https://www.econbiz.de/10011605650

Corporate Debt Structure and the Financial Crisis

De Fiore, Fiorella; Uhlig, Harald - 2015

shift from bank finance to bond finance, at a time when the cost of market debt rose above the cost of bank loans. We show …

Persistent link: https://www.econbiz.de/10011605804

Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market

Eichengreen, Barry; Lafarguette, Romain; Mehl, Arnaud - 2016

We analyze the impact of technology on production and trade in services, focusing on the foreign exchange market. We … trading, but which were not laid for purposes related to the foreign exchange market. We estimate the impact of cable … market liquidity, and restrictive regulations that otherwise prevent transactions from moving to the major financial centers …

Persistent link: https://www.econbiz.de/10011605934

Official dollarisation/euroisation - motives, features and policy implications of current cases

Winkler, Adalbert; Mazzaferro, Francesco; Nerlich, Carolin - 2004

Official and unilateral dollarisation/euroisation has become a common policy advice for emerging market economies …

Persistent link: https://www.econbiz.de/10011606163

Corporate ‘excesses’ and financial market dynamics

Maddaloni, Angela; Pain, Darren - 2004

episodes demonstrate that market failures exist, which can undermine the effectiveness of market discipline to ensure the … given rise to market failures: (a) perverse incentives/conflict of interests, (b) destabilising trading … the theoretical arguments and empirical evidence related to these four possible types of market failures, illustrating …

Persistent link: https://www.econbiz.de/10011606169

The accumulation of foreign reserves

Pineau, Georges; Dorrucci, Ettore - 2006

In a number of countries, especially emerging market economies, the public sector has in recent years been accumulating … sizeable cross-border financial assets, mainly in the form of official foreign exchange reserves. World reserves have risen …

Persistent link: https://www.econbiz.de/10011606195