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Effects of emerging market asset purchase program announcements on financial markets during the COVID-19 pandemic
Sever, Can; Goel, Rohit; Drakopoulos, Dimitris; … - 2020
The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...
Persistent link: https://www.econbiz.de/10012487164
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Do multi-sector bond funds pose risks to emerging markets?
Cortes, Fabio; Sanfilippo, Luca - 2020
Emerging economies in the post-crisis period increasingly saw portfolio debt inflows from a type of large international investment fund: Multi-Sector Bond Funds (MSBFs). These investors have lacked adequate representation in the literature. This paper constructs a new detailed database from...
Persistent link: https://www.econbiz.de/10012300674
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Bank competition and financial stability : a general equilibrium exposition
De Nicolò, Gianni; Lucchetta, Marcella - 2011
Persistent link: https://www.econbiz.de/10009419791
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A General Equilibrium Model with Informal Financial Markets
International Monetary Fund - 1991
The paper presents a general equilibrium framework for short-run macroeconomic analysis in a developing country context where controls on interest rates and foreign exchange restrictions lead to the emergence of informal financial markets. The complexity of the model precludes an analytical...
Persistent link: https://www.econbiz.de/10014397805
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The African Continental Free Trade Agreement : welfare gains estimates from a general equilibrium model
Abrego, Lisandro E.; Amado, Maria Alejandra; Gursoy, Tunc; … - 2019
In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization in goods and services and is expected to eventually cover all African countries. Using a...
Persistent link: https://www.econbiz.de/10012102028
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Trade wars and trade deals : estimated effects using a multi-sector model
Caceres, Carlos; Cerdeiro, Diego A.; Mano, Rui C. - 2019
This paper studies the potential long-term effects of three illustrative scenarios using a multi-sector computable general equilibrium (CGE) trade model calibrated to 165 countries. The first scenario estimates effects from potential U.S. auto tariffs. The second analyzes a 'transactional deal'...
Persistent link: https://www.econbiz.de/10012102091
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Do temporary business tax cuts matter? : a general equilibrium analysis
Gbohoui, William - 2019
This paper develops a dynamic general equilibrium model to assess the effects of temporary business tax cuts. First, the analysis extends the Ricardian equivalence result to an environment with production and establishes that a temporary tax cut financed by a future tax-increase has no real...
Persistent link: https://www.econbiz.de/10012009276
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Modeling trade tensions : different mechanisms in general equilibrium
Hunt, Benjamin F.; Mursula, Susanna; Portillo, Rafael; … - 2020
In this paper, we investigate the mechanisms through which import tariffs impact the macroeconomy in two large scale workhorse models used for quantitative policy analysis: a computational general equilibrium (CGE) model (Purdue University GTAP model) and a multi-country dynamic stochastic...
Persistent link: https://www.econbiz.de/10012486064
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German bond yields and debt supply : is there a "bund premium"?
Paret, Anne-Charlotte; Weber, Anke - 2019
sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A … higher premium suggests less substitutability of sovereign bonds. We document a rise in the 'Bund premium' in the post …-crisis period. We show that there is a negative relationship of the premium with the relative supply of German sovereign bonds …
Persistent link: https://www.econbiz.de/10012154614
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Changes in the global investor base and the stability of portfolio flows to emerging markets
Brandao Marques, Luis; Gelos, Gaston; Ichiue, Hibiki; … - 2015
An analysis of mutual-fund-level flow data into EM bond and equity markets confirms that different types of funds behave differently. Bond funds are more sensitive to global factors and engage more in return chasing than equity funds. Flows from retail, open-end, and offshore funds are more...
Persistent link: https://www.econbiz.de/10011445594