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Keywords:international economics 

Threat of global housing slide looms amid rising rates

While house-price growth has recently begun to moderate—or, in some countries, to decline—the risk of a deep global housing slide persists.
Dallas Fed Economics

Discussion Paper
The Need for Very Low Interest Rates in an Era of Subdued Investment Spending

Why have interest rates stayed low for so long after the financial crisis?and will they remain low for the foreseeable future? One way to answer these questions is to use the accounting identity that global saving must equal physical investment spending and argue that low rates have been necessary to prop up investment spending enough to match saving. From this perspective, the extent of any recovery in interest rates depends on whether weak investment spending is driven primarily by secular demographic trends that are a long-term drag on aggregate demand or by the residual effects of the ...
Liberty Street Economics , Paper 20170322

Tax, transfer programs explain why Western Europeans work less than Americans

Western Europe differs from the United States not only in consumption tax, income tax and social security systems but also in the total factor productivity—a measure of productivity—for market production in which most European countries are low.
Dallas Fed Economics

Capital flowed from emerging markets as pandemic, economic cycle took hold

Fluctuations in the global financial cycle, reflecting impacts from the COVID crisis, account for roughly one-third of the movement in emerging-market inflows during 2020–23.
Dallas Fed Economics

Discussion Paper
A Closer Look at Chinese Overseas Lending

While considerable attention has focused on China’s credit boom and the rise of China’s domestic debt levels, another important development in international finance has been growth in China’s lending abroad. In this post, we summarize what is known about the size and scope of China’s external lending, discuss the incentives that drove this lending, and consider some of the challenges these exposures pose for Chinese lenders and foreign borrowers.
Liberty Street Economics , Paper 20221109

Blockchain Technology Aims to Expand Role of Digital Transactions on Internet

While the resources devoted to blockchain technology development have increased dramatically the past few years, the technology’s ultimate success depends on whether blockchain protocols can interact with the current economic landscape and how that occurs.
Dallas Fed Economics

Decentralized finance proposed as alternative to traditional financial services

DeFi applications allow users to directly interact with each other to borrow, lend, insure and exchange digital assets without centralized intermediaries, such as banks and custodial exchanges.
Dallas Fed Economics

Dallas Fed, Latin American central banks explore financial stability risks

The COVID-19 pandemic, recent monetary tightening and a strengthening U.S. dollar were the themes explored during a recent conference organized by the Federal Reserve Bank of Dallas and the Center for Latin American Monetary Studies (CEMLA) and held at CEMLA’s Mexico City headquarters.
Dallas Fed Economics

Gazing at r-star: Gauging U.S. monetary policy via the natural rate of interest

While estimating r-star is fraught with difficulty, the latest evidence suggests U.S. monetary policy likely turned restrictive at the start of 2023, after the Federal Reserve started raising rates in March 2022.
Dallas Fed Economics

Treasuries’ allure as safe haven noted in short maturities, not in long bonds

The United States has a large negative net-foreign-asset position, especially in safe assets. In times of crisis, U.S. government debt, especially short-term Treasuries, are viewed as a safe haven. As a result, the U.S. is a net debtor. It is more leveraged and tends to hold more risky assets (mostly equities) and finance those positions by selling safe-asset debt to the rest of the world.
Dallas Fed Economics


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