Search Results
Working Paper
Trade policies and fiscal devaluations
Erceg, Christopher J.; Prestipino, Andrea; Raffo, Andrea
(2022-06-22)
Fiscal devaluations—an increase in import tariffs and export subsidies (IX) or an increase in value-added taxes and payroll subsidies (VP)—have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed and the tax pass-through is large, VP is contractionary and IX provides a modest boost. In our medium-scale DSGE model, both features are crucial in accounting for Germany’s underperformance in response to VP in 2007. These findings cast doubt on fiscal devaluations as a cyclical stabilization tool ...
International Finance Discussion Papers
, Paper 1347
Speech
Remarks at the CPMI’s 25th Anniversary Conference
Dudley, William
(2015-06-30)
Remarks at the Committee on Payments and Market Infrastructure?s 25th Anniversary Conference, Bank for International Settlements, Basel, Switzerland.
Speech
, Paper 175
Working Paper
Hedging against the government: a solution to the home asset bias puzzle
Bhattarai, Saroj; Berriel, Tiago C.
(2012)
This paper explains two puzzling facts: international nominal bonds and equity portfolios are biased domestically. In our two-country model, holding domestic government nominal debt provides a hedge against shocks to bond returns and the impact on taxes they induce. For this result, only two features are essential: some nominal risk and taxes falling only on domestic agents. A third feature explains why agents choose to hold primarily domestic equity: government spending falls on domestic goods. Then, an increase in government spending raises the returns on domestic equity, providing a hedge ...
Globalization Institute Working Papers
, Paper 113
Working Paper
The Seniority Structure of Sovereign Debt
Trebesch, Christoph; Schlegl, Matthias; Wright, Mark L. J.
(2019-05-30)
Sovereign governments owe debt to many foreign creditors and can choose which creditors to favor when making payments. This paper documents the de facto seniority structure of sovereign debt using new data on defaults (missed payments or arrears) and creditor losses in debt restructuring (haircuts). We overturn conventional wisdom by showing that official bilateral (government-to-government) debt is junior, or at least not senior, to private sovereign debt such as bank loans and bonds. Private creditors are typically paid first and lose less than bilateral official creditors. We confirm that ...
Working Papers
, Paper 759
Working Paper
What Determines the Composition of International Bank Flows?
Kerl, Cornelia; Niepmann, Friederike
(2016-06)
This paper studies how frictions to foreign bank operations affect the sectoral composition of banks? foreign positions, their funding sources and international bank flows. It presents a parsimonious model of banking across borders, which is matched to bank-level data and used to quantify cross-border frictions. The counterfactual analysis shows how higher barriers to foreign bank entry alter the composition of international bank flows and may reverse the direction of net interbank flows. It also highlights that interbank lending and lending to non-banking firms respond differently to changes ...
International Finance Discussion Papers
, Paper 1170
Report
The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States
Atkeson, Andrew; Heathcote, Jonathan; Perri, Fabrizio
(2022-04-25)
The US net foreign asset position has deteriorated sharply since 2007 and is currently negative 65 percent of US GDP. This deterioration primarily reflects changes in the relative values of large gross international equity positions, as opposed to net new borrowing. In particular, a sharp increase in equity prices that has been US-specific has inflated the value of US foreign liabilities. We develop an international macro finance model to interpret these trends, and we argue that the rise in equity prices in the United States likely reflects rising profitability of domestic firms rather than ...
Staff Report
, Paper 639
Working Paper
International Dollar Flows
Banegas, Ayelen; Judson, Ruth; Sims, Charles; Stebunovs, Viktors
(2015-09-09)
Using confidential Federal Reserve data, we study the factors driving U.S. banknote flows between the United States and other countries. These flows are a significant component of capital flows in emerging market economies, where physical U.S. currency functions as a safe asset and precautionary demand for U.S. banknotes is a form of flight to quality. Prior to the global financial crisis, country-specific factors, including local economic uncertainty, largely explain the volume and heterogeneity of the flows. Since the crisis, global factors, particularly, global economic uncertainty, ...
International Finance Discussion Papers
, Paper 1144
Report
Coordination and Crisis in Monetary Unions
Amador, Manuel; Aguiar, Mark; Gopinath, Gita; Farhi, Emmanuel
(2015-05-11)
We study fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a fiscal externality that arises in the presence of limited commitment and leads countries to over-borrow; this externality rationalizes the imposition of debt ceilings in a monetary union. We then investigate the impact of the composition of ...
Staff Report
, Paper 511
Working Paper
Financial Crises and the Composition of Cross-Border Lending
Cerutti, Eugenio; Minoiu, Camelia; Hale, Galina
(2014-08-10)
We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures, which account for almost one third of total cross-border loan exposures, increased during the global financial crisis due to large drawdowns on credit lines extended before the crisis. Our empirical analysis of the drivers of cross-border loan exposures in a large bilateral dataset leads to three main results. First, banks with lower levels of capital favor syndicated over other kinds of ...
Working Paper Series
, Paper 2014-20
Working Paper
Pre-Positioning and Cross-Border Financial Intermediation
Tabor, Nicholas K.; Zhang, Jeffery Y.
(2022-08-09)
The benefits of cross-border financial activity are wide-ranging, from greater competition and more efficient markets to broader and more stable access to capital. During normal economic times, the official sector and private sector share an incentive to foster such cross-border financial activities. During a financial crisis, however, the short-term alignment of official- and private-sector incentives can diverge—sometimes significantly. We present a game-theoretic model of the underlying trade-offs and discuss lessons for international financial regulators, placing them in the ...
Finance and Economics Discussion Series
, Paper 2022-051
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 30 items
Federal Reserve Bank of Dallas 18 items
Federal Reserve Bank of New York 12 items
Federal Reserve Bank of Minneapolis 11 items
Federal Reserve Bank of Boston 4 items
Federal Reserve Bank of San Francisco 2 items
Federal Reserve Bank of Chicago 1 items
Federal Reserve Bank of Kansas City 1 items
Federal Reserve Bank of Philadelphia 1 items
show more (4)
show less
FILTER BY Series
Globalization Institute Working Papers 18 items
International Finance Discussion Papers 18 items
Finance and Economics Discussion Series 12 items
Staff Report 8 items
Staff Reports 8 items
Working Papers 7 items
Speech 3 items
Working Paper Series 2 items
Current Policy Perspectives 1 items
Economic Review 1 items
Liberty Street Economics 1 items
Proceedings 1 items
show more (7)
show less
FILTER BY Content Type
Working Paper 57 items
Report 17 items
Speech 3 items
Conference Paper 1 items
Discussion Paper 1 items
Journal Article 1 items
show more (1)
show less
FILTER BY Author
Davis, J. Scott 7 items
Gomis-Porqueras, Pedro 5 items
Ruprecht, Romina 5 items
Van Wincoop, Eric 5 items
Zhou, Xuan 5 items
Arellano, Cristina 4 items
Bai, Yan 4 items
Prestipino, Andrea 4 items
Raffo, Andrea 4 items
Bräuning, Falk 3 items
Correa, Ricardo 3 items
Mehl, Arnaud 3 items
Stebunovs, Viktors 3 items
Abbassi, Puriya 2 items
Ahmed, Shaghil 2 items
Bodenstein, Martin 2 items
Borio, Claudio 2 items
Boyarchenko, Nina 2 items
Cuba-Borda, Pablo A. 2 items
Daníelsson, Jón 2 items
Devereux, Michael B. 2 items
Dias, Daniel A. 2 items
Du, Wenxin 2 items
Dudley, William 2 items
Elias, Leonardo 2 items
Erceg, Christopher J. 2 items
Goldberg, Linda S. 2 items
Gornemann, Nils M. 2 items
Hoek, Jasper 2 items
Judson, Ruth 2 items
Kerl, Cornelia 2 items
Lee, Seung Jung 2 items
Liu, Edith X. 2 items
Liu, Lucy Qian 2 items
Niepmann, Friederike 2 items
Presno, Ignacio 2 items
Queraltó, Albert 2 items
Shin, Hyun Song 2 items
Tabor, Nicholas K. 2 items
Valenzuela, Marcela 2 items
Wong, Anna 2 items
Wright, Mark L. J. 2 items
Zer, Ilknur 2 items
Zhang, Jeffery Y. 2 items
Adrian, Tobias 1 items
Aguiar, Mark 1 items
Amador, Manuel 1 items
Anderson, Alyssa G. 1 items
Atkeson, Andrew 1 items
Baker, Malcolm 1 items
Banegas, Ayelen 1 items
Barbiero, Omar 1 items
Barcelona, William 1 items
Berriel, Tiago C. 1 items
Bertaut, Carol C. 1 items
Bhattarai, Saroj 1 items
Bianchi, Javier 1 items
Bouveret, Antoine 1 items
Bruno, Valentina 1 items
Carlson, John A. 1 items
Carvalho, Carlos 1 items
Cerutti, Eugenio 1 items
Chahrour, Ryan 1 items
Conesa, Juan Carlos 1 items
Converse, Nathan L. 1 items
Corbae, Dean 1 items
Coulibaly, Brahima 1 items
Croce, Mariano 1 items
D'Erasmo, Pablo 1 items
Dathan, Michele H. 1 items
DeMarco, Laurie 1 items
Dilts Stedman, Karlye 1 items
Eichengreen, Barry 1 items
Etula, Erkko 1 items
Farhi, Emmanuel 1 items
Fecht, Falko 1 items
Fischer, Andreas M. 1 items
Fratzscher, Marcel 1 items
Georgiadis, Georgios 1 items
Goernemann, Nils 1 items
Gopinath, Gita 1 items
Greminger, Rafael 1 items
Grisse, Christian 1 items
Groen, Jan J. J. 1 items
Hale, Galina 1 items
Heathcote, Jonathan 1 items
Jahan-Parvar, Mohammad R. 1 items
Jain, Anil K. 1 items
James, Harold 1 items
Kamin, Steven B. 1 items
Kehoe, Timothy J. 1 items
Kitsul, Yuriy 1 items
Koech, Janet 1 items
Kollmann, Robert 1 items
Lewis, Karen K. 1 items
Liao, Gordon Y. 1 items
Livia, Chitu 1 items
Lizarazo, Sandra 1 items
Martin, Antoine 1 items
McCabe, Patrick E. 1 items
Mihalache, Gabriel 1 items
Minoiu, Camelia 1 items
Moskowitz, Tobias J. 1 items
Musalem, Alberto G. 1 items
Nattinger, Michael 1 items
Nechio, Fernanda 1 items
Noble, Adam I. 1 items
Osler, Carol L. 1 items
Perri, Fabrizio 1 items
Peydro, Jose Luis 1 items
Ratto, Marco 1 items
Reinhart, Carmen M. 1 items
Richmond, Christine 1 items
Roeger, Werner 1 items
Rosen, Samuel 1 items
Ross, Chase P. 1 items
Ross, Sharon Y. 1 items
Schlegl, Matthias 1 items
Schlusche, Bernd 1 items
Shen, Leslie Sheng 1 items
Sheremirov, Viacheslav 1 items
Shi, Shouyong 1 items
Sims, Charles 1 items
Sosa-Padilla, César 1 items
Stevens, Luminita 1 items
Tashiro, Takeshi 1 items
Tille, Cedric 1 items
Trebesch, Christoph 1 items
Vasudevan, Kaushik 1 items
Vogel, Lukas 1 items
Wurgler, Jeffrey 1 items
Wynne, Mark A. 1 items
Yoldas, Emre 1 items
Yu, Changhua 1 items
Yuan, Yu 1 items
Zlate, Andrei 1 items
in't Veld, Jan 1 items
show more (132)
show less
FILTER BY Jel Classification
G15 21 items
F40 18 items
G01 11 items
E50 8 items
F31 8 items
F41 8 items
G21 8 items
E44 7 items
E40 6 items
E52 6 items
G20 6 items
E30 5 items
G10 5 items
E32 4 items
F34 4 items
F36 4 items
F44 4 items
H22 4 items
E43 3 items
E60 3 items
F21 3 items
F42 3 items
F65 3 items
G12 3 items
G18 3 items
G23 3 items
G28 3 items
N20 3 items
E58 2 items
F00 2 items
F02 2 items
F23 2 items
F50 2 items
F59 2 items
G11 2 items
G24 2 items
N10 2 items
C32 1 items
C51 1 items
C80 1 items
D40 1 items
E00 1 items
E01 1 items
E2 1 items
E20 1 items
E42 1 items
E5 1 items
F10 1 items
F16 1 items
F22 1 items
F32 1 items
F51 1 items
F60 1 items
F62 1 items
G13 1 items
G14 1 items
G30 1 items
G32 1 items
H20 1 items
H30 1 items
H6 1 items
H63 1 items
R30 1 items
show more (59)
show less
FILTER BY Keywords
capital flows 9 items
Financial stability 6 items
Financial stress index 5 items
Small open economies 5 items
Sovereign default 5 items
Global banks 5 items
Monetary policy 5 items
Exchange rates 5 items
Portfolio Heterogeneity 4 items
Fiscal policy 4 items
Global Financial Cycle 4 items
Current Account 4 items
Risk-taking 3 items
Safe assets 3 items
emerging market economies 3 items
Bank Capital 2 items
Bank Liquidity 2 items
China 2 items
Cross-Border Finance 2 items
Debt crisis 2 items
Econometrics and economic theory 2 items
European debt crisis 2 items
Financial instability 2 items
International economics 2 items
International spillovers 2 items
Macroeconomic activity 2 items
Market Fragmentation 2 items
Pre-Positioning 2 items
Real exchange rate 2 items
Spillovers 2 items
Stock market volatility 2 items
central counterparties (CCPs) 2 items
financial crises 2 items
retrenchment 2 items
Asset Pricing 2 items
Cross-border banking 2 items
Emerging markets 2 items
Financial integration 2 items
Fiscal Devaluation 2 items
Foreign exchange 2 items
International bank flows 2 items
Liquidity 2 items
Syndicated loans 2 items
Taper Tantrum 2 items
Trade Policy 2 items
Adverse selection 1 items
Arbitrage 1 items
Arrears 1 items
Asset prices 1 items
BIS international banking statistics 1 items
Bank industry dynamics 1 items
Bank of England 1 items
Bank of Japan 1 items
Basel III 1 items
Basis 1 items
Bond spreads 1 items
COVID 1 items
Capital accumulation 1 items
Central bank 1 items
Central banking 1 items
Committee on Payments and Market Infrastructures (CPMI) 1 items
Comprehensive Capital Analysis and Review (CCAR) 1 items
Contagion 1 items
Coordination failures 1 items
Corporate bonds 1 items
Covered interest rate parity 1 items
Covered-interest parity deviation 1 items
Credit and Equity Shocks 1 items
Crises 1 items
Data Gaps Initiative (DGI) 1 items
Dealogic Loan Analytics 1 items
Debt crises 1 items
Equity markets 1 items
European Central Bank 1 items
Eurozone 1 items
Exchange rates and foreign exchange 1 items
External Positions 1 items
FX markets 1 items
Financial Stability Board (FSB) 1 items
Financial conditions 1 items
Financial crises predictability 1 items
Financial crisis 1 items
Financial sanctions 1 items
Financial system 1 items
Foreign bank competition 1 items
Global banking 1 items
Global factors 1 items
Global financial cycles 1 items
Global imbalances 1 items
Global spillovers 1 items
Growth shock 1 items
Housing and real estate 1 items
IMF 1 items
Information asymmetry 1 items
Information‐insensitive assets 1 items
Insolvency 1 items
Interbank market 1 items
Intermediaries 1 items
International finance 1 items
International financial architecture 1 items
International reserves 1 items
International transmission 1 items
Issuance 1 items
Labor taxes 1 items
Law of one price 1 items
Leverage cycles 1 items
Liquidity Coverage Ratio (LCR) 1 items
Liquidity transformation 1 items
Minsky hypothesis 1 items
Monetary policy independence 1 items
Monetary union 1 items
Money market funds 1 items
Money market mutual funds 1 items
Net Stable Funding Ratio (NSFR) 1 items
Nonbank financial institutions 1 items
Official debt 1 items
PPP puzzle 1 items
Pecking order 1 items
Primary dealers 1 items
Principles for Financial Market Infrastructures 1 items
Priority 1 items
Renegotiation 1 items
Renegotiation policy 1 items
Repos 1 items
Reserves 1 items
Risk taking 1 items
Rollover crisis 1 items
Runs 1 items
SVAR 1 items
Short-term funding markets 1 items
Social costs 1 items
Sovereign bonds 1 items
Sovereign default with production economy 1 items
Stocks 1 items
Syndicated leveraged loans 1 items
Tax reforms 1 items
Traded and nontraded production 1 items
U.S. banknotes 1 items
U.S. monetary policy 1 items
U.S. treasuries 1 items
Uncertainty 1 items
Volatility paradox 1 items
Wars 1 items
Wholesale funding 1 items
advanced economies 1 items
aggregation 1 items
banking distress 1 items
bond market 1 items
border effects 1 items
capital flight 1 items
corporate bond returns 1 items
corporate credit 1 items
credit and real activity outcomes 1 items
cross-border lending 1 items
currency 1 items
currency flows 1 items
currency mismatch 1 items
debt maturity 1 items
depreciation pressure 1 items
dollar hedging 1 items
dollar-priced trade 1 items
economic fundamentals 1 items
economic uncertainty 1 items
emerging market economies (EMEs) 1 items
enhanced prudential standards 1 items
euro area sovereign crisis 1 items
exchange market pressure 1 items
exchange rate sensitivity 1 items
financial intermediaries 1 items
financial market infrastructures 1 items
financial markets 1 items
financial spillovers 1 items
financial stress 1 items
financial stress indices 1 items
flight to quality 1 items
foreign exchange interventions 1 items
foreign exchange rates 1 items
global dollar cycle 1 items
global financial crisis 1 items
global financial system 1 items
global liquidity 1 items
global systemically important financial institutions(G-SIFIs) 1 items
gone concern loss absorption capacity (GLAC) 1 items
heterogeneity 1 items
interbank markets 1 items
international capital flows 1 items
international financial shocks 1 items
invoicing 1 items
lender-of-last-resort (LOLR) 1 items
monetary shocks 1 items
money demand 1 items
non-bank financial intermediaries 1 items
patient 1 items
portfolio investment 1 items
price determination 1 items
price stickiness 1 items
rational expectations 1 items
real economy 1 items
real exchange rates 1 items
return predictability 1 items
risk migration 1 items
risk sensitivity 1 items
safe haven 1 items
shadow banking 1 items
single point of entry (SPE) 1 items
sovereign debts 1 items
sudden stops 1 items
too big to fail 1 items
trade repositories (TRs) 1 items
transmission of shocks 1 items
treasury international capital 1 items
trilemma 1 items
vulnerability 1 items
show more (231)
show less