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Lee, Daeyup - 2015

This paper proposes network entropy as a tool for measuring diversity of highly connected financial networks. The computation of network entropy hinges on eigenvector centrality and Shannon entropy. Two policy-related findings emerge from this research. First, regarding time variation of network...

Persistent link: https://www.econbiz.de/10013026008

Financial Globalization and Monetary Policy

Devereux, Michael B. - 2016

Recent data show substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model...

Persistent link: https://www.econbiz.de/10012991117

World Market Integration Through the Lens of Foreign Direct Investors

Albuquerque, Rui A. - 2014

). We construct a globalization measure that equals the share of explained variation in direct investment attributable to … global factors. We show that our globalization measure has increased steadily for developing and developed countries. For the … full sample of countries, the globalization measure rose by over ten-fold from 1985 to 1999. Furthermore, in recent years …

Persistent link: https://www.econbiz.de/10013039662

International Financial Integration and Crisis Contagion

Devereux, Michael B. - 2014

International financial integration helps to diversify risk but also may increase the trans- mission of crises across countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous portfolio choice and collateral con- straints....

Persistent link: https://www.econbiz.de/10013046603

Global Systemic Risk and International Regulatory Coordination : Squaring Sovereignty and Financial Stability

Lupo-Pasini, Federico - 2018

In recent years much attention has been given to systemic risk and maintaining financial stability. Much of the focus, rightly, has been on market failures and the role of regulation in addressing them. This article looks at the role of domestic policies and government actions as sources of...

Persistent link: https://www.econbiz.de/10012934852

Barriers to global capital allocation

Pellegrino, Bruno; Spolaore, Enrico; Wacziarg, Romain - 2021

We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign asset positions. We estimate this gravity equation...

Persistent link: https://www.econbiz.de/10012514947