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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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The nexus of safe asset shortage, credit growth, and financial instability
Kim, Sujin - 2020
hypothesis of safe asset shortage-induced excess credit booms and financial instability. As an alternative step forward from the …. Using the index, consecutive empirical exercises confirm the positive relationship of safe asset shortage-credit expansion …-2013 presents new evidence that the (high) level of private credit at a time of increasing safe asset shortage is the major …
Persistent link: https://www.econbiz.de/10012253869
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Bank loan supply during crises : the importance of geographic diversication
Dörr, Sebastian; Schaz, Philipp - 2019 - Revised version
We classify a large sample of banks according to the geographic diversification of their international syndicated loan portfolio. Our results show that diversified banks maintain higher loan supply during banking crises in borrower countries. The positive loan supply effects lead to higher...
Persistent link: https://www.econbiz.de/10011993704
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Global Financial Shocks and Foreign Asset Repatriation : Do Local Investors Play a Stabilizing Role?
Adler, Gustavo - 2014
We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of...
Persistent link: https://www.econbiz.de/10013053960
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The risk of external financial crisis
Cavallo, Eduardo A.; Fernández Arias, Eduardo; … - 2022
This paper explores the empirical determinants of external crises on a world panel dataset of 62 countries over the fifty-year period 1970-2019 and estimates their risk trade-offs with the aim of informing macrofinancial prudential policies. The determinants include countries' external balance...
Persistent link: https://www.econbiz.de/10014480077
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The Fed's international dollar liquidity facilities: new evidence on effects
Goldberg, Linda S.; Ravazzolo, Fabiola - 2021
In March 2020, the Federal Reserve eased the terms on its standing swap lines in collaboration with other central banks, reactivated temporary swap agreements, and then introduced the new Foreign and International Monetary Authorities (FIMA) Repo Facility. We provide new evidence on how the...
Persistent link: https://www.econbiz.de/10012797880
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Transparency, Liberalization and Financial Crises
Mehrez, Gil; Kaufmann, Daniel - EconWPA - 2003
policy causes banks to increase their credit above the optimal level given the underlying value of the firms. Once banks …
Persistent link: https://www.econbiz.de/10005561599
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Coping with disasters : two centuries of international official lending
Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020
s, official finance has made a sharp comeback, largely due to the rise of China as an international creditor and the …
Persistent link: https://www.econbiz.de/10012233649
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Coping with disasters : two centuries of international official lending
Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020 - This draft: June 9, 2020
s, official finance has made a sharp comeback, largely due to the rise of China as an international creditor and the …
Persistent link: https://www.econbiz.de/10012261746
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Financial integration in emerging Asia : challenges and prospects
Park, Cyn-Young; Lee, Jong-Wha - 2011
Using both quantity- and price-based measures of financial integration, this paper shows an increasing degree of financial openness and integration in emerging Asian markets. This paper also assesses the impact of a regional shock relative to a global shock on local equity and bond markets. The...
Persistent link: https://www.econbiz.de/10011283415