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Determinants of financial stress and recovery during the great recession

Aizenman, Joshua; Pasricha, Gurnain Kaur - 2010

In this paper, we explore the link between stress in the domestic financial sector and the capital flight faced by countries in the 2008-9 global crisis. Both the timing of emergence of internal financial stress in developing economies, and the size of the peak-trough declines in the stock price...

Persistent link: https://www.econbiz.de/10008689040

Global liquidity, world savings glut and global policy coordination

Belke, Ansgar; Gros, Daniel - 2010

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...

Persistent link: https://www.econbiz.de/10003934687

International reserves and swap lines : substitutes or complements?

Aizenman, Joshua; Jinjarak, Yothin - 2010

Developing Asia experienced a sharp surge in foreign currency reserves prior to the 2008-9 crisis. The global crisis has been associated with an unprecedented rise of swap agreements between central banks of larger economies and their counterparts in smaller economies. We explore whether such...

Persistent link: https://www.econbiz.de/10008647624

Asia's post-global financial crisis adjustment : a model-based dynamic

Kawai, Masahiro; Zhai, Fan - 2010

Using a dynamic global general equilibrium model, the paper assesses the short- and medium-term impacts of the global financial crisis on Asian economies and the implications of post-crisis adjustment in emerging East Asia (EEA) for the world economy. The analysis suggests that EEA is unlikely...

Persistent link: https://www.econbiz.de/10008732262

Rebalancing the US economy in a postcrisis world

Bosworth, Barry; Collins, Susan M. - 2010

The objective of this paper is to explore how the external balance of the United States (US) might evolve in future years as the economy emerges from the recession. We examine the issue from the domestic perspective of the saving and investment balance and from the external side in terms of the...

Persistent link: https://www.econbiz.de/10008732363

Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - 2010

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public spending, Germany is urged to reduce its current account...

Persistent link: https://www.econbiz.de/10008798227

Output growth, capital flow reversals and sudden stop crises

Deb, Saubhik (contributor) - 2005

This paper studies the effects of capital flow reversals and sudden stop crises on output growth and how these effects … crises have any significant growth effect in the industrial countries. Our initial estimates for sudden stop crises support … the widely held belief regarding the contractionary nature of such crises. Further robustness checks indicate that the …

Persistent link: https://www.econbiz.de/10003698210

Prospects for global current account rebalancing

Beaton, Kimberly; De Resende, Carlos; Lalonde, René; … - 2010

The authors use the Bank of Canada's version of the Global Economy Model, a multi-country, multi-sector dynamic stochastic general-equilibrium model with an active banking system (the BoC-GEM-FIN), to study the evolution of global current account balances following the recent global financial...

Persistent link: https://www.econbiz.de/10003981363

The eurozone in the current crisis

Wyplosz, Charles - 2010

This paper contrasts the United States (US) and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of...

Persistent link: https://www.econbiz.de/10003983135

An alternative view of finance, saving, deficits, and liquidity

Wray, L. Randall - 2009

This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive United States trade deficits that are supposed to have “soaked up” global...

Persistent link: https://www.econbiz.de/10003943083