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Bankruptcy, Investment, and Financial Constraints: Evidence from a Post-Transition Economy
Pospíšil, Martin; Schwarz, Jiří - 2014
In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment, financial constraints, and bankruptcy in a posttransition country. Our data constitute a dynamic panel and cover the period 2006-2011, which also allows us to study the impact of...
Persistent link: https://www.econbiz.de/10010358370
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The household cash flow channel of monetary policy
La Cava, Gianni; Hughson, Helen; Kaplan, Greg - 2016
Persistent link: https://www.econbiz.de/10013259664
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FX Funding Risks and Exchange Rate Volatility-Korea's Case
Ree, Jack - 2013
This paper examines how exchange rate volatility and Korean banks' foreign exchange liquidity mismatches interacted …
Persistent link: https://www.econbiz.de/10013089342
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Understanding FX liquidity
Karnaukh, Nina; Ranaldo, Angelo; Söderlind, Paul - 2014 - This version: March 2014
We provide a comprehensive study of the liquidity of spot foreign exchange (FX) rates over more than two decades and a … large cross-section of currencies. First, we show that FX liquidity can be accurately measured with daily and readily …-available data. Second, we demonstrate that FX liquidity declines with funding constraints and global risk, supporting theoretical …
Persistent link: https://www.econbiz.de/10010410328
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Monetary policy in an oil-dependent economy in the presence of multiple shocks
Drygalla, Andrej - Leibniz-Institut für Wirtschaftsforschung Halle - 2017
Russian monetary policy has been challenged by large and continuous private capital outflows and a sharp drop in oil prices during 2014, with both ongoings having put a significant depreciation pressure on the ruble and having led the central bank to eventually give up its exchange rate...
Persistent link: https://www.econbiz.de/10011657233
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Stopping "hot money" or signaling bad policy? : capital controls and the onset of currency crises
Glick, Reuven; Hutchison, Michael M. - 2000
Restrictions on international capital transactions and other payments are usually designed to limit volatile short-term capital flows ( hot money ) and stabilize the exchange rate. Their imposition, however, may have the opposite effect by inadvertently signaling the continuation of...
Persistent link: https://www.econbiz.de/10011536657
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International comparison of stock market valuation : evidence from a new index
Jochem, Axel; Reitz, Stefan - 2013
This Kiel Policy Brief demonstrates the calculation of a new stock market index informing about the price competitiveness of a country's assets vis-à-vis its foreign competitors. In line with the portfolio balance approach we empirically identify net foreign holdings of a country's assets as...
Persistent link: https://www.econbiz.de/10009744076
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Evaluating the Portfolio Rebalancing Hypothesis in the Presence of the International Goods Market
McKinnon, Kate - 2020
A relatively recent approach to examining the currency-equity return relationship argues that the portfolio rebalancing activities of investors gives rise to an Uncovered Equity Parity condition (UEP), whereby higher relative equity returns in one country are associated with a currency...
Persistent link: https://www.econbiz.de/10012846549
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Linking Net Foreign Portfolio Debt and Equity to Exchange Rate Movements
Gardberg, Malin - 2019
Many currencies, especially those of countries with negative net foreign assets, tend to depreciate during times of financial turbulence. Using a panel of 26 currencies over the period 1/1997-6/2016, I show that the composition of net foreign assets matter for the exchange rate sensitivity to...
Persistent link: https://www.econbiz.de/10012897516
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Bitcoin Reveals Exchange Rate Manipulation and Detects Capital Controls
Pieters, Gina C. - 2017
Many countries manipulate the value of their currency or use some form of capital control, yet the data usually used to detect these manipulations are low frequency, expensive, lagged, and potentially mis-measured. I demonstrate that the price data of the internationally traded cryptocurrency...
Persistent link: https://www.econbiz.de/10012970305