Similar Search Results

Trilemma, Not Dilemma : Financial Globalisation and Monetary Policy Effectiveness

Georgiadis, Georgios - 2017

We investigate whether the classic Mundell-Flemming "trilemma" has morphed into a "dilemma" due to financial globalisation. According to the dilemma hypothesis, global financial cycles determine domestic financial conditions regardless of an economy's exchange rate regime and monetary policy...

Persistent link: https://www.econbiz.de/10012971243

Fragmentation in Global Financial Markets : Good or Bad for Financial Stability?

Claessens, Stijn - 2019

The many regulatory reforms following the Great Financial Crisis of 2007-09 have most often been designed and adopted through an international cooperative process. As such, actions have tended to harmonise national approaches and diminish inconsistencies. Nevertheless, some market participants...

Persistent link: https://www.econbiz.de/10012861840

Are Financial Benefits of Financial Globalization Questionable Until Greater Domestic Financial Development Has Taken Place?

Asongu, Simplice - 2014

globalization remains open to debate in the literature. In this paper, we try to put some empirical structure on the concept of … object is to assess if financial benefits of financial globalization are questionable until greater domestic financial … financial development benefits of financial globalization. The estimation approach consists of assessing the impact of financial …

Persistent link: https://www.econbiz.de/10013047730

Paths to a Reserve Currency : Internationalization of the Renminbi and Its Implications

Huang, Yiping - 2014

In this paper we try to address the question of what could help make the renminbi (RMB) a reserve currency. In recent years, the authorities in the People's Republic of China (PRC) have made efforts to internationalize its currency through a two-track strategy: promotion of the use of the RMB in...

Persistent link: https://www.econbiz.de/10013053465

Global Asset Allocation Shifts

Kroencke, Tim Alexander - 2015

We show that global asset reallocations of U.S. fund investors obey a strong factor structure, with two factors accounting for more than 90% of the overall variation. The first factor captures switches between U.S. bonds and equities. The second reflects reallocations from U.S. to international...

Persistent link: https://www.econbiz.de/10013025588

Global Asset Allocation Shifts

Kroencke, Tim Alexander - 2015

Persistent link: https://www.econbiz.de/10013025606

Global Stores of Value and the International Role of the Renminbi

Anand, Kartik - 2014

We explore the conditions under which a financial asset emerges as a global store of value and can co-exist with a pre-existing (incumbent) store of value. In our model the acceptability of an asset as a global store is driven by the issuing region's financial development, growth rate, degree of...

Persistent link: https://www.econbiz.de/10013044917

Globalization and the New Normal

Candelon, Bertrand - 2018

to be determined by globalization. Relying on a non-linear dynamic panelrepresentation, it reconciles the earlier results … in the literature regarding the two oppositenarratives of the effects of globalization on output growth. Countries … growth following a financial crisis. The benefits, as well asvulnerabilities, accrue earlier in the globalization process for …

Persistent link: https://www.econbiz.de/10012918567

Can Countries Manage Their Financial Conditions Amid Globalization?

Arregui, Nicolas - 2018

This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global...

Persistent link: https://www.econbiz.de/10012927458

The Global FDI Network : Searching for Ultimate Investors

Damgaard, Jannick - 2018

This paper addresses three types of geographical decoupling in foreign direct investment (FDI), i.e., challenges when using traditional FDI data as a proxy for real economic integration between economies: (i) large bilateral asymmetries between inward and outward FDI, (ii) the role of special...

Persistent link: https://www.econbiz.de/10012929953