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Chapter 10. External Adjustment, Global Imbalances, Valuation Effects
Gourinchas, Pierre-Olivier; Rey, Hélène - In: Handbook of international economics : Volume 4, (pp. 585-645). 2014
We provide an overview of the recent developments of the literature on the determinants of long-term capital flows, global imbalances, and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown...
Persistent link: https://www.econbiz.de/10014025376
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Sudden stop regimes and output : a Markov switching analysis
Bachmann, Andreas; Leist, Stefan - 2013
Sudden stops in capital inflows were a main characteristic of the emerging market crisis during the 1990's. Concerns about them have recurred in the light of recently increased global stability risk and the quantitative easing that led to substantial capital inflows in emerging economies. We add...
Persistent link: https://www.econbiz.de/10010199563
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Chapter 12. International Financial Crises
Lorenzoni, Guido - In: Handbook of international economics : Volume 4, (pp. 689-740). 2014
This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...
Persistent link: https://www.econbiz.de/10014025374
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The Reinvestment of Multinationals as a Capital Flow : Crises, Imbalances and the Cash-Based Current Account
Hansen, Erwin - 2018
On average, foreign corporations save a third of their local profits in the host country. While this is recorded as "Retained Earnings Foreign Direct Investment" (REFDI), macroeconomics has so far overlooked its particularities. This paper explores the aggregate economic properties of REFDI. It...
Persistent link: https://www.econbiz.de/10012937133
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Labor market frictions, investment and capital flows
Struck, Clemens C. - 2017
The standard neoclassical model predicts that countries with higher productivity growth rates experience sharp increases in investment that are followed by rapid declines. This investment response contrasts with the empirical evidence that suggests a rather hump-shaped investment behavior. In...
Persistent link: https://www.econbiz.de/10011774727
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Investment incomes vs. the trade balance : is the current account still a meaningful concept?
Wacker, Konstantin - 2024
This paper documents that cross-border investment income flows are important for explaining current account balances in major economies. Those investment incomes reflect returns on cross-border asset holdings and on balance often reach magnitudes around 5% of major economies' gross domestic...
Persistent link: https://www.econbiz.de/10014515875
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Crisis and Global Imbalances : The Fragility of the Current International Monetary System
Ricci, Andrea - 2010
Global structural factors both monetary and real played a prominent role in the burst of the subprime crisis: 1) the so-called Bretton Woods II international monetary system; 2) the reduction of US real investment return compared with competing countries. We develop a two-country partial...
Persistent link: https://www.econbiz.de/10013135939
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A Key Currency View of Global Imbalances
Ito, Hiro - 2019
This study divides the world into currency zones according to the co-movement of each currency with the key currencies … dollar zone. In such a world, the rise of another large economy poses the question not of relative size but rather of re …
Persistent link: https://www.econbiz.de/10012893452
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Asset Bubbles and Global Imbalances
Phan, Toan - 2019
We analyze the relationships between bubbles, capital flows, and economic activities in a rational bubble model with … two large open economies. We establish a reinforcing relationship between global imbalances and bubbles. Capital flows … from South to North facilitate the emergence and the size of bubbles in the North. Bubbles in the North in turn facilitate …
Persistent link: https://www.econbiz.de/10012905248
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Reducing large net foreign liabilities
Fidora, Michael; Schmitz, Martin; Tcheng, Céline - 2017
In light of persistently large net foreign liability (NFL) positions in several euro area countries, we analyse 138 episodes of sizeable NFL reductions for a broad sample of advanced and emerging economies. We provide stylised facts on the channels through which NFLs were reduced and estimate...
Persistent link: https://www.econbiz.de/10011659341