Financial Integration, Specialization and Systemic Risk PDF Download

Author: Falko Fecht
Publisher:
ISBN: 9783865584663
Category :
Languages : en
Pages : 0

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Author: Mr.Gian Milesi-Ferretti
Publisher: International Monetary Fund
ISBN: 1451850905
Category : Business & Economics
Languages : en
Pages : 46

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Book Description
In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.

Author: Pierre-Richard Agénor
Publisher: World Bank Publications
ISBN:
Category : Capital movements
Languages : en
Pages : 68

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Book Description
This literature review joins with recent studies in arguing that financial integration must be carefully prepared and managed to ensure that the benefits outweigh the short-run risks. But in contrast with some other studies, it adopts a more skeptical view of the benefits of capital flows other than foreign direct investment.

Author:
Publisher: Academic Press
ISBN: 012405899X
Category : Business & Economics
Languages : en
Pages : 807

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Book Description
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. - Substantial articles by top scholars sets this volume apart from other information sources - Rapidly developing subjects will interest readers well into the future - Reader demand and lack of competitors underline the high value of these reference works

Author: Mr. Gian-Maria Milesi-Ferretti
Publisher: International Monetary Fund
ISBN: 1451899254
Category : Business & Economics
Languages : en
Pages : 59

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Book Description
Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries.

Author: Maurice Obstfeld
Publisher: Cambridge University Press
ISBN: 9780521633178
Category : Business & Economics
Languages : en
Pages : 382

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Author: Roger Walton Ferguson
Publisher: Centre for Economic Policy Research
ISBN: 1898128979
Category : Economic stabilization
Languages : en
Pages : 217

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Book Description
This new Geneva Report examines the main threats to international financial stability, focusing on the implications of major changes that have occurred in the global financial system in the past two decades.

Author: Mr.Michael Mussa
Publisher: International Monetary Fund
ISBN: 145195039X
Category : Business & Economics
Languages : en
Pages : 66

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Book Description
This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.

Author: Soyoung Kim
Publisher: 대외경제정책연구원
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 54

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Book Description

Author: Mr.Akito Matsumoto
Publisher: International Monetary Fund
ISBN: 1451873565
Category : Business & Economics
Languages : en
Pages : 40

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Book Description
Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency.