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Using data for 48 advanced and emerging market economies during 1985–2008, this paper examines the impact of measures of financial integration and globalization on several dimensions of real activity. We find that both advances in financial integration and globalization are associated with...
Persistent link: https://www.econbiz.de/10011046552
Substantial evidence suggests that countries with stronger trade linkages have more synchronized business cycles. The standard international business cycle framework cannot replicate this finding, uncovering the trade-comovement puzzle. We show that under certain macro-level conditions but...
Persistent link: https://www.econbiz.de/10011080272
The run-up in oil prices since 2004 coincided with growing investment in commodity markets and increased price comovement among different commodities. We assess whether speculation in the oil market played a role in driving this salient empirical pattern. We identify oil shocks from a large...
Persistent link: https://www.econbiz.de/10011084143
This paper investigates the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. We model theoretically the effects of real exchange rate changes on the optimal price and quantity responses of firms that export multiple products with heterogeneous levels...
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This paper assembles a comprehensive dataset of the currency composition of countries' external balance sheets for 50 economies over the period 1990-2020. We document the following findings: (i) the US dollar and the euro still dominate global external balance sheets; (ii) there were striking...
Persistent link: https://www.econbiz.de/10015058922