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Digital
Financial globalisation and the crisis
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Year: 2012 Publisher: Basle BIS

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Digital
Global bond portfolios and EMU
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Year: 2005 Publisher: Frankfurt am Main ECB

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Digital
Voracity and growth
Authors: ---
Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Keywords

Economic growth


Digital
Will the euro trigger more monetary unions in Africa?
Authors: ---
Year: 2000 Publisher: Washington, D.C. World Bank

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Digital
The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets
Authors: ---
Year: 2009 Publisher: Cambridge, Mass National Bureau of Economic Research

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A major focus of the recent literature on the determination of optimal portfolios in open-economy macroeconomic models has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-series variation in aggregate foreign currency exposure and its various subcomponents. In panel estimation, we find that richer, more open economies take longer foreign-currency positions. In addition, we find that an increase in the propensity for a currency to depreciate during bad times is associated with a longer position in foreign currencies, providing a hedge against domestic output fluctuations. We view these new stylized facts as informative in their own right and also potentially useful to the burgeoning theoretical literature on the macroeconomics of international portfolios.


Digital
International Differences in Fiscal Policy During the Global Crisis
Authors: ---
Year: 2010 Publisher: Cambridge, Mass. National Bureau of Economic Research

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We examine the cross-country dispersion in fiscal outcomes during 2007-2009. In principle, international differences in fiscal policy may be related to differences in optimal fiscal positions, funding constraints, political economy factors and fiscal control problems. We find that the decline in the overall and structural fiscal balances have been larger for those countries experiencing larger increases in unemployment and where credit growth during the pre-crisis period was more rapid. However, there is no systematic co-variation between fiscal outcomes and a larger number of other macroeconomic variables and country characteristics.


Digital
External Adjustment and the Global Crisis
Authors: ---
Year: 2011 Publisher: Cambridge, Mass. National Bureau of Economic Research

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The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external adjustment in advanced economies and emerging markets. We find that countries whose pre-crisis current account balances were in excess of what could be explained by standard economic fundamentals have experienced the largest contractions in their external balance. We subsequently examine the contributions of real exchange rates, domestic demand and domestic output to the adjustment process (allowing for differences across exchange rate regimes) and find that external adjustment in deficit countries was achieved primarily through demand compression, rather than expenditure switching. Finally, we show that changes in other investment flows were the main channel of financial account adjustment, with official external assistance and ECB liquidity cushioning the exit of private capital flows for some countries.


Digital
Long-term capital movements
Authors: ---
Year: 2001 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Digital
A global perspective on external positions
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Year: 2005 Publisher: Cambridge, Mass. NBER

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Digital
The international financial integration of China and India
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Year: 2007 Publisher: Washington, D.C. World Bank

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