Foreign-currency loans and systemic risk in Europe

Pınar Yeşin, 26 November 2013

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Before the onset of the financial crisis, foreign currency loans to the non-banking sector in Europe became remarkably prevalent.

Topics: International finance
Tags: foreign currency loans, international finance, systemic risk

Some pitfalls in global investing

Tatiana Didier, Roberto Rigobon, Sergio Schmukler, 12 November 2012

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Since the 1990s, a large proportion of world savings have gone to institutional investors that manage those assets by investing globally. This trend has driven a sharp increase in capital market activity and financial globalisation (cf. Obstfeld and Taylor 2004; Kose, Prasad, Rogoff and Wei 2009).

Topics: International finance
Tags: assets, fund, global funds, international finance

Europe’s fiscal union still lacks a blueprint

Nicolas Véron, 15 February 2012

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Topics: EU policies, Europe's nations and regions, Politics and economics
Tags: Eurozone crisis, international finance

The finance-trade-growth nexus and lessons from the past

Michael Bordo, Peter L Rousseau, 26 May 2011

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Developing and operating a financial system that fosters and sustains growth is one of today’s most pressing policy questions. The correlation between financial development and growth is well established (Levine 2005), and the roles of trade and export orientation in growth are likewise well accepted (e.g., Dollar 1992; Ben-David,1993; Edwards 1998).

Topics: International finance, International trade
Tags: Atlantic, economic growth, international finance, international trade

Financial globalisation in emerging economies: Myths and reality

Eduardo Levy Yeyati, 3 April 2011

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De facto financial globalisation is typically measured a proxy consisting of the ratio of cross-border assets and liabilities (averaged) over GDP. Based on data on cross-border holdings compiled by Lane and Milessi Ferreti (2007), this measure indicates that:

Topics: Development, International finance
Tags: development, emerging markets, globalisation, international finance

Mobile money

William Jack, Tavneet Suri, 16 March 2011

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Over the last dozen years, mobile telephony has spread through the developing world faster than any other technology in history.

Topics: Development, Financial markets
Tags: international finance, Kenya, Mobile money, technology

The first global recession in decades

Jean Imbs, 10 November 2010

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The current turmoil is often argued to have had unprecedented global consequences (see Sugawara et al. 2010 for example).

Topics: Global crisis, Global economy, International finance, International trade
Tags: global crisis, global economy, international finance, international trade

Lessons in regionalism: What can the WTO teach the IMF?

Kati Suominen, 3 November 2010

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The epicentre of financial regionalism is Asia. Emerging East Asian economies, scarred by the IMF’s policy conditionalities during the 1997-98 regional financial crisis, are busily building national reserves and regional financial arrangements so as to wean themselves off the Fund’s influence.

Topics: Global economy, International finance
Tags: global economy, IMF, international finance, regionalism, WTO

Foreign-currency loans in Eastern Europe: Borrower pull or bank push?

Martin Brown, Karolin Kirschenmann, Steven Ongena, 13 September 2010

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A large share of firms and households in Eastern Europe borrow in a foreign currency, i.e. the euro or Swiss franc, rather than in their domestic currency (see Figure 1). Unhedged foreign currency (FX) borrowing by the private sector is seen as a major threat to financial stability in the region and has led to a strong response from national authorities.

Topics: Europe's nations and regions, International finance
Tags: Eastern Europe, Europe’s nations and regions, foreign-currency loans, international finance

Are macro-prudential policies prudent?

Gianluca Benigno, Huigang Chen, Christopher Otrok , Alessandro Rebucci, Eric Young, 16 August 2010

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Economy-wide controls on capital inflows are back in vogue. Concerned with the latest surge in capital inflows, Brazil recently introduced a tax on international portfolio flows, and Taiwan imposed a ban on foreign funds investing in local time-deposits. Other emerging markets are either preparing or considering similar measures.

Topics: Global crisis, Global governance
Tags: financial regulation, global crisis, international finance

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