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International Banking and Liquidity Risk Transmission: Evidence from Austria
Springer Science and Business Media LLC - - 2015
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...
Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances
Springer Science and Business Media LLC - Tập 64 - Trang 239-267 - 2015
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...
Emerging Markets and the New Geography of Trade: The Effects of Rising Trade Barriers
Springer Science and Business Media LLC - Tập 68 Số 3 - Trang 456-508 - 2020
The Transmission Mechanisms of International Business Cycles: International Trade and the Foreign Effects of US Monetary Policy
Springer Science and Business Media LLC - Tập 71 Số 1 - Trang 300-325 - 2023
Capital Controls and the Cost of Debt
Springer Science and Business Media LLC - Tập 67 - Trang 288-314 - 2019
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...
Global Price of Risk and Stabilization Policies
Springer Science and Business Media LLC - Tập 67 - Trang 215-260 - 2019
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 ...
Entry and Exit of Informal Firms and Development
Springer Science and Business Media LLC - Tập 69 - Trang 540-575 - 2021
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 ...
Tariff Reductions, Heterogeneous Firms, and Welfare: Theory and Evidence for 1990–2010
Springer Science and Business Media LLC - Tập 71 - Trang 817-851 - 2023
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...
(Why) Should Current Account Balances Be Reduced?
Springer Science and Business Media LLC - Tập 60 - Trang 139-150 - 2012
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...
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