Using a multi-country general equilibrium model, we demonstrate that when agents face credit constraints in an international financial market, rational expectations, which are ex-post heterogeneous between countries, cause business fluctuations. If the international financial market becomes...

Can boundedly rational agents survive competition with fully rational agents? The authors develop a highly nonlinear heterogeneous agents model with rational forward looking versus boundedly rational backward looking agents and evolving market shares depending on their relative performance....

The phenomenon of the global imbalances is one of the causes of the current financial and economic crisis. The financial flows associated to these imbalances are in the origin of the generalized crisis in the international financial markets, which are incapable to absorb efficiently these huge...

En este documento se analiza la efectividad de la poli?tica exterior colombiana desde un punto de vista econo?mico frente a las nuevas realidades internacionales. Se analiza el entorno internacional y las tendencias en materia de distribucio?n del poder econo?mico a nivel mundial y se revisa la...

We analyze the global banking network using data on cross-border banking flows for 184 countries during 1978–2010. We find that the density of the global banking network defined by these flows is pro-cyclical, expanding and contracting with the global cycle of capital flows. We also find that...

We analyze the global banking network using data on cross-border banking flows for 184 countries during 1978–2010. We find that the density of the global banking network defined by these flows is procyclical, expanding and contracting with the global cycle of capital flows. We also find that...

As has happened with other industries, large technology companies are increasingly present in the financial services sector. In addition to being providers of digital tools and solutions, these firms can also act as a distribution channel for goods and services that are traditionally produced by...

We examine whether monetary policy uncertainty influences the reaction of the equity, Treasury security, foreign exchange and crude oil markets, as well as medium-term interest rates, to U.S macroeconomic announcements. Using intraday futures data, we show that in the presence of higher policy...

The pandemic has speeded up the digital transformation of Spanish society. Cloud computing, data analytics and remote interactions have become even more essential, forming the basis for a new industrial and commercial reality in which large technology companies (BigTechs) are at an advantage....