International Banking and Liquidity Risk Transmission: Evidence from AustriaSpringer Science and Business Media LLC - - 2015
Esther Segalla
This study provides findings on the transmission of liquidity shocks by Austrian parent banks through the lending channel. The paper investigates how different types of banks adjust their balance sheet positions in response to a liquidity shock. It distinguishes between different definitions of lending activities, such as changes in domestic C&I lending, foreign C&I lending, total credit, cross-bo...... hiện toàn bộ
Emergence of Asia: Reforms, Corporate Savings, and Global ImbalancesSpringer Science and Business Media LLC - Tập 64 - Trang 239-267 - 2015
Jingting Fan, Şebnem Kalemli-Özcan
One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. The paper uses an extensive firm-level data set from several Asian countries during 2002–11, and tests the micro foundation of this theory by estimating the effect of an exogenous change in credit constraints, resulting from financial reforms, on firms’ savi...... hiện toàn bộ
Capital Controls and the Cost of DebtSpringer Science and Business Media LLC - Tập 67 - Trang 288-314 - 2019
Eugenia Andreasen, Martin Schindler, Patricio Valenzuela
Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads, with a one-standard-deviation increase in our capital controls index increasing spreads by up to 35 basis points. The effect of capital control...... hiện toàn bộ
Global Price of Risk and Stabilization PoliciesSpringer Science and Business Media LLC - Tập 67 - Trang 215-260 - 2019
Tobias Adrian, Daniel Stackman, Erik Vogt
We estimate a highly significant price of risk that forecasts global stock and bond returns as a nonlinear function of the VIX. We show that countries’ exposure to the global price of risk is related to macroeconomic risks as measured by output, credit, and inflation volatility, the magnitude of financial crises, and stock and bond market downside risk. Higher exposure to the global price of risk ...... hiện toàn bộ
Entry and Exit of Informal Firms and DevelopmentSpringer Science and Business Media LLC - Tập 69 - Trang 540-575 - 2021
Brian McCaig, Nina Pavcnik
Non-farm informal businesses comprise the majority of the firm distribution in developing countries. We document novel stylized facts about entry and exit of informal, non-farm firms using nationally representative panel data over 15 years and across regions with varying levels of local economic development in Vietnam. First, we find that informal businesses exhibit rates of entry and exit around ...... hiện toàn bộ
Tariff Reductions, Heterogeneous Firms, and Welfare: Theory and Evidence for 1990–2010Springer Science and Business Media LLC - Tập 71 - Trang 817-851 - 2023
Lorenzo Caliendo, Robert C. Feenstra, John Romalis, Alan M. Taylor
We construct a new, global tariff dataset and apply it to a multi-sector quantitative trade model with heterogeneous firms, including nearly all countries of the world. The impact of the Uruguay Round tariff reductions over 1990–2010 is analyzed, as well as the further cuts in Preferential tariffs and the impact of moving to complete free trade. We find that the Uruguay Round tariff cuts led to la...... hiện toàn bộ
(Why) Should Current Account Balances Be Reduced?Springer Science and Business Media LLC - Tập 60 - Trang 139-150 - 2012
Olivier Blanchard, Gian Maria Milesi-Ferretti
The purpose of this note is to discuss two complex issues. First, why might a country want to reduce its current account deficit or surplus? And second, why might the international community ask for more? We argue that, in many cases, current account balances reflect underlying domestic distortions. It is then in the interest of the country to remove those distortions and, in the process, reduce i...... hiện toàn bộ