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Globalization and Emerging Markets: With or Without Crash?
Rey, Hélène; Martin, Philippe - Department of Economics, Sciences économiques - 2006
We analyze the effects of financial and trade globalization on the likelihood of financial crashes in emerging markets. While trade globalization always makes crashes less likely, financial globalization may make them more likely, especially when trade costs are high. Pessimistic expectations...
Persistent link: https://www.econbiz.de/10010757034
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Collateral constraints, external imbalances and heterogeneous agents in a two-country world
Iliopulos, Eleni - Centre d'Études des Politiques Économiques (EPEE), … - 2008
In this article, we focus on current account dynamics in large open economies characterized by debt-constrained heterogeneous agents and endogenous monetary policies. We incorporate three key features that have bulked large in the New Open Macroeconomics literature: i) home bias in trade ii)...
Persistent link: https://www.econbiz.de/10010640922
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Valuation Effects and the Dynamics of Net External Assets
Devereux, Michael B.; Sutherland, Alan - National Bureau of Economic Research (NBER) - 2009
The traditional current account can be an inaccurate measure of the change in the net foreign asset (NFA) position. Using gross asset and liability positions at the country level, a number of 'valuation effects' have been identified which contribute to changes in NFA but do not enter the...
Persistent link: https://www.econbiz.de/10005720821
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Capital flows and asset prices
Aoki, Kosuke; Benigno, Gianluca; Kiyotaki, Nobuhiro - London School of Economics (LSE) - 2009
depends upon the degree of development of a domestic financial system, and why the economy with an underdeveloped financial … system may be vulnerable to shocks to the domestic and foreign finance. We construct a model of a small open economy in which …
Persistent link: https://www.econbiz.de/10010745119
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Globalization and Emerging Markets: With or Without Crash?
Martin, Philippe; Rey, Hélène - Sciences économiques, Sciences Po - 2006
We analyze the effects of financial and trade globalization on the likelihood of financial crashes in emerging markets. While trade globalization always makes crashes less likely, financial globalization may make them more likely, especially when trade costs are high. Pessimistic expectations...
Persistent link: https://www.econbiz.de/10010795528
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The effect of the milieu and the financial crisis on the economic stability of the EU Member States
Panusheff, Emil - In: Economic Thought journal (2011) 2, pp. 64-80
The impact of international economic relations of the new EU member states are investigated. The trends of their involvement in imports and exports of goods and services are formulated, highlighting the reflection of the crisis on the state of balance of payment. The influence of the capital...
Persistent link: https://www.econbiz.de/10009000972
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External imbalances and collateral constraints in a two-country world.
Iliopulos, Eleni - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2009
In this article, we focus on current account dynamics in large open economies characterized by debt-constrained heterogeneous agents and endogenous monetary policies. We incorporate three key features that have bulked large in the New Open Macroeconomics literature : i) home bias in trade, ii)...
Persistent link: https://www.econbiz.de/10008622028
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Globalization and Emerging Markets: With or Without Crash?.
Martin, Philippe; Rey, Hélène - Sciences Po - 2006
We analyze the effects of financial and trade globalization on the likelihood of financial crashes in emerging markets. While trade globalization always makes crashes less likely, financial globalization may make them more likely, especially when trade costs are high. Pessimistic expectations...
Persistent link: https://www.econbiz.de/10008575120
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Interest Rates, Eurobonds and Intra-European Exchange Rate Misalignments: the Challenge of Sustainable Adjustments in the Eurozone.
Duwicquet, Vincent; Mazier, Jacques; Saadaoui, Jamel - Bureau d'Économie Théorique et Appliquée (BETA), … - 2015
The euro zone crisis illustrates the deficiencies of adjustment mechanisms in a monetary union characterized by a large heterogeneity. Exchange rate adjustments being impossible, they are very few alternative mechanisms. At the level of the whole euro zone the euro is close to its equilibrium...
Persistent link: https://www.econbiz.de/10011146223
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Risk, Aggregate Demand, and Commodity Prices: An Application to Colombia
Gómez-Pineda, Javier Guillermo; Julio-Román, Juan Manuel - BANCO DE LA REPÚBLICA - 2014
We embed a small open economy model for Colombia into the global risk model of Gómez-Pineda, Guillaume, and Tanyeri … (2014). The small open economy model is estimated by Bayesian methods and used for analysis and projections. The model … is consistent because these shocks affect the global economy as a whole, as dictated by a structural global model, in …
Persistent link: https://www.econbiz.de/10011106023