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Quantitative Easing, Collateral Constraints, and Financial Spillovers
Geanakoplos, John - 2018
model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …
Persistent link: https://www.econbiz.de/10012906607
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Quantitative Easing, Collateral Constraints, and Financial Spillovers
Geanakoplos, John - 2019
model with collateral. This paper develops a general-equilibrium framework to explore QE's international transmission … involving an advanced economy (AE) and an emerging market economy (EM) whose assets have less collateral capacity. Capital flows … arise as a result of international sharing of scarce collateral. The crucial insight is that private AE agents adjust their …
Persistent link: https://www.econbiz.de/10012896238
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Global Collateral : How Financial Innovation Drives Capital Flows and Increases Financial Instability
Fostel, Ana - 2017
We show that cross-border financial flows arise when countries differ in their abilities to use assets as collateral …. Financial integration is a way of sharing scarce collateral. The ability of one country to leverage and tranche assets provides … for investors in the financially advanced country to invest abroad. Foreign demand for collateral and for collateral …
Persistent link: https://www.econbiz.de/10012962544
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Asset Prices and Macroeconomic Outcomes : A Survey
Claessens, Stijn - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10012942461
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Macroeconomic Implications of Financial Imperfections : A Survey
Claessens, Stijn - 2017
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...
Persistent link: https://www.econbiz.de/10012942465
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Macroeconomic Implications of Financial Imperfections : A Survey
Claessens, Stijn - 2017
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...
Persistent link: https://www.econbiz.de/10012942918
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Asset Prices and Macroeconomic Outcomes : A Survey
Claessens, Stijn - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10012942935
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Macroeconomic implications of financial imperfections : a survey
Claessens, Stijn; Kose, M. Ayhan - 2017
This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...
Persistent link: https://www.econbiz.de/10011778050
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Asset prices and macroeconomic outcomes : a survey
Claessens, Stijn; Kose, M. Ayhan - 2017
This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...
Persistent link: https://www.econbiz.de/10011761064
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Global Collateral and Capital Flows
Fostel, Ana - 2019
collateral to back financial contracts. Financially integrated countries have access to the same set of financial instruments …, and yet there is no price convergence of assets with identical payoffs, due to a gap in collateral values. Home … flows driven by collateral differences collapse following bad news about fundamentals. Our results can explain financial …
Persistent link: https://www.econbiz.de/10012891783