Before the onset of the financial crisis, foreign currency loans to the non-banking sector in Europe became remarkably prevalent.
Foreign-currency loans and systemic risk in Europe
Pınar Yeşin, 26 November 2013
Some pitfalls in global investing
Tatiana Didier, Roberto Rigobon, Sergio Schmukler, 12 November 2012
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).
Europe’s fiscal union still lacks a blueprint
Nicolas Véron, 15 February 2012
The finance-trade-growth nexus and lessons from the past
Michael Bordo, Peter L Rousseau, 26 May 2011
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).
Financial globalisation in emerging economies: Myths and reality
Eduardo Levy Yeyati, 3 April 2011
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:
William Jack, Tavneet Suri, 16 March 2011
Over the last dozen years, mobile telephony has spread through the developing world faster than any other technology in history.
The first global recession in decades
Jean Imbs, 10 November 2010
The current turmoil is often argued to have had unprecedented global consequences (see Sugawara et al. 2010 for example).
Lessons in regionalism: What can the WTO teach the IMF?
Kati Suominen, 3 November 2010
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.
Foreign-currency loans in Eastern Europe: Borrower pull or bank push?
Martin Brown, Karolin Kirschenmann, Steven Ongena, 13 September 2010
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.
Are macro-prudential policies prudent?
Gianluca Benigno, Huigang Chen, Christopher Otrok , Alessandro Rebucci, Eric Young, 16 August 2010
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.
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Claessens, 18 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides