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"This paper compares spillovers from the US and Chinese financial markets to the rest of Asia-Pacific. Structural VAR analysis points to the growing influence of Chinese equities and currency movements. In normal times China's influence in the equity market has risen to a level close to that of...
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This paper uses a comprehensive and detailed bank-level data set to study how the divergence of central bank balance sheet policy in the US vis-à-vis the euro area and Japan affects the supply of international US dollar loans by global banks. Our empirical findings support the view that the...
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This paper discusses operational aspects of official emergency liquidity support to individual institutions under stress. It argues that properly designed lending procedures, clearly laid-out authority and accountability, as well as disclosures rules, will promote financial stability, reduce...
Persistent link: https://www.econbiz.de/10013212034
This paper develops a multi-level structural factor model to study international output co-movement and its underlying driving forces. Our method combines a structural VAR with a multi-level factor model, which helps us understand the economic meaning of the estimated factors. Using quarterly...
Persistent link: https://www.econbiz.de/10013129179