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作者：Fratzscher, Marcel
作者单位：European Central Bank
摘要：The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks - key crisis events as well as changes to global liquidity and risk - have exerted a large effect on capital flows both in the crisis and in the recovery. However, these effects have been highly heterogeneous across countries, with ...
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作者：Agca, Senay; Celasun, Oya
作者单位：International Monetary Fund; George Washington University
摘要：We document that the corporate sector faces higher borrowing costs when the external debt of the public sector is higher. By contrast, no significant relationship is found between domestic public debt and corporate borrowing costs. An increase in sovereign debt by one standard deviation from its sample mean is associated with 9% higher loan yield spreads. The correlation is considerably higher in countries with weak creditor rights and past sovereign default episodes. Overall, these findings s...
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作者：Holmes, Thomas J.; Stevens, John J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Federal Reserve System - USA
摘要：The fact that large manufacturing plants export relatively more than small plants has been at the foundation of much work in the international trade literature. We examine this fact using Census microdata on plant shipments from the Commodity Flow Survey. We show that the fact is not entirely an international trade phenomenon: part of it can be accounted for by the effect of distance, distinct from any border effect. Export destinations tend to be farther than domestic destinations, and large ...
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作者：Prades, Elvira; Rabitsch, Katrin
作者单位：Vienna University of Economics & Business; Central European University
摘要：Differences in financial systems are often named as a prime candidate for the current state of global imbalances. This paper focuses on cross-country heterogeneity in access to international financial markets that derives from the presence of capital controls and argues that the process of capital liberalization over the past decades can explain a substantial fraction of US net external liabilities. We present a simple two-country model with an internationally traded bond, in which capital con...
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作者：Bruelhart, Marius; Carrere, Celine; Trionfetti, Federico
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; University of Geneva; Aix-Marseille Universite
摘要：We study the response of regional employment and nominal wages to trade liberalization, exploiting the natural experiment provided by the opening of Central and Eastern European markets after the fall of the Iron Curtain in 1990. Using data for Austrian municipalities, we examine differential pre- and post-1990 wage and employment growth rates between regions bordering the formerly communist economies and interior regions. If the 'border regions' are defined narrowly, within a band of less tha...
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作者：Barkbu, Bergljot; Eichengreen, Barry; Mody, Ashoka
作者单位：University of California System; University of California Berkeley; International Monetary Fund; National Bureau of Economic Research; International Monetary Fund
摘要：We provide a synoptic description of financial crises and the multilateral response over the course of the last four decades. We present both indicators of economic performance around crisis dates and a comprehensive description of multilateral rescue efforts. While emergency lending has grown, reliance on debt restructuring, broadly speaking, has declined. This leads us to ask what can be done to rebalance the management of debt problems toward a better mix of emergency lending and private se...
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作者：Habib, Maurizio M.; Stracca, Livio
摘要：The main objective of this paper is to investigate the fundamentals of safe haven currencies, which are those currencies that provide an hedge for a reference portfolio of risky assets, conditional on shocks to global risk aversion. We analyse a large panel of 52 currencies in advanced and emerging countries over almost 25 years of data. We find that only a few factors are robustly associated to a safe haven status, most notably the net foreign asset position, an indicator of external vulnerab...
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作者：Arezki, Rabah; Brueckner, Markus
作者单位：International Monetary Fund; University of Adelaide
摘要：This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign assets, but only in countries that are ethnically homogeneous. In highly ethnically polarized countries, net foreign assets significantly decreased. To explain this asymmetry, the paper shows that in ethn...
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作者：Egger, Hartmut; Kreickemeier, Udo
作者单位：University of Bayreuth; Leibniz Association; Ifo Institut; University of Nottingham; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Eberhard Karls University of Tubingen
摘要：We develop a model of international trade between two symmetric countries that features inter-group inequality between managers and workers, and also intra-group inequality within each of those two groups. Individuals are heterogeneous with respect to their managerial ability, and firms run by more able managers have a higher productivity level and make higher profits. There is rent sharing at the firm level due to fair wage preferences of workers, and hence firms with higher profits pay highe...
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作者：Raddatz, Claudio; Schmulder, Sergio L.
作者单位：The World Bank
摘要：Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by both the underlying investors and fund managers through (i) injections into/redemptions out of each fund and (ii) managerial changes in country weights and cash. Both investors and managers respond to country ret...
