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作者：Ostry, Jonathan D.; Ghosh, Atish R.; Chamon, Marcos; Qureshi, Mahvash S.
作者单位：International Monetary Fund
摘要：We examine whether macroprudential policies and capital controls can enhance financial stability in the face of the risks typically associated with large capital inflows. We construct new indices of foreign currency (FX)-related prudential measures, domestic prudential measures, and financial-sector specific capital controls for 51 emerging market economies over the period 1995-2008. Our results indicate that both capital controls and FX-related prudential measures are associated with a lower ...
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作者：Claessens, Stijn; Tong, Hui; Wei, Shang-Jin
作者单位：International Monetary Fund; University of Amsterdam; Columbia University; Tsinghua University; National Bureau of Economic Research
摘要：Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing conditions, on firms' profits, sales and investment using both sectoral benchmarks and firm-specific sensitivities estimated prior to the crisis. We find that the crisis had a bigger negative impact on ...
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作者：Kalemli-Ozcan, Sebnem; Sorensen, Bent; Yesiltas, Sevcan
作者单位：Koc University; Harvard University; National Bureau of Economic Research; University of Houston System; University of Houston; Johns Hopkins University
摘要：We present new stylized facts on bank and firm leverage during the period 2000-2009 using internationally comparable micro level data from many countries. We document the following patterns: a) there was an increase in leverage for investment banks prior to the sub-prime crisis; b) there was no visible increase in leverage for the typical commercial bank and non-financial firm; c) off-balance-sheet items constitute a big fraction of assets, especially for large commercial banks in the US, wher...
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作者：Marshall, Kathryn G.
作者单位：California State University System; California Polytechnic State University San Luis Obispo
摘要：Using OECD input-output tables for a diverse group of 33 countries in the year 2000 and estimates of each country's factor stocks, I compute factor payments for aggregate labor and capital with value-added data adjusted for self-employment by sector. Using a detailed technology matrix for the U.S., I compute factor-specific productivity measures in each country relative to the U.S., and show that these measures are strongly correlated with the pattern of wages and rental rates. I find that man...
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作者：Johnson, Robert C.; Noguera, Guillermo
作者单位：Dartmouth College; Columbia University
摘要：We combine input-output and bilateral trade data to compute the value added content of bilateral trade. The ratio of value added to gross exports (VAX ratio) is a measure of the intensity of production sharing. Across countries, export composition drives VAX ratios, with exporters of Manufactures having lower ratios. Across sectors, the VAX ratio for Manufactures is low relative to Services, primarily because Services are used as an intermediate to produce manufacturing exports. Across bilater...
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作者：Forbes, Kristin J.; Warnock, Francis E.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; National Bureau of Economic Research
摘要：This paper analyzes waves in international capital flows. We develop a new methodology for identifying episodes of extreme capital flow movements using data that differentiates activity by foreigners and domestics. We identify episodes of surges and stops (sharp increases and decreases, respectively, of gross inflows) and flight and retrenchment (sharp increases and decreases, respectively, of gross outflows). Our approach yields fundamentally different results than the previous literature tha...
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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
