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作者：Bertaut, Carol; DeMarco, Laurie Pounder; Kamin, Steven; Tryon, Ralph
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Relative to the global savings glut (GSG) hypothesis, we present a more complete picture of how capital flows contributed to the financial crisis, drawing attention to the sizable inflows from European investors into U.S. private-label asset-backed securities (ABS), including mortgage-backed securities and other structured investment products. The GSG hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term...
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作者：Dominguez, Kathryn M. E.; Hashimoto, Yuko; Ito, Takatoshi
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; International Monetary Fund; University of Tokyo
摘要：This study examines whether pre-crisis international reserve accumulations, as well as exchange rate and reserve policy decisions made during the global financial crisis, can help to explain cross-country differences in post-crisis economic performance. Our approach focuses not only on the total stock of official reserves held by countries, but also on the decisions by governments to purchase or sell reserve assets during the crisis period. We introduce new data made available through the IMF ...
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作者：Roy, Santanu; Saggi, Kamal
作者单位：Vanderbilt University; Southern Methodist University
摘要：In a North-South vertically differentiated duopoly we analyze (i) the effects of parallel import (PI) policies on price competition and (ii) the interdependence of national PI policies. Prices can be higher in the North if both countries permit PIs relative to when only the South does. If governments maximize national welfare and demand asymmetry across countries is sufficiently large, the North forbids PIs to ensure its firm sells in the South and international price discrimination the South'...
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作者：Rose, Andrew K.; Spiegel, Mark M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Berkeley
摘要：While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into the international financial system. Empirical studies of the success of these efforts have yielded mixed results, in part because their timing is likely to be endogenous. In this paper, we examine the cross-sectional impact of these interventions. T...
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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：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：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...
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作者：Forbes, Kristin; Frankel, Jeffrey; Engel, Charles
作者单位：National Bureau of Economic Research
