Now showing items 1-10 of 11
Assessing the Emerging Global Financial Architecture: Measuring the Trilemma’s Configurations over Time
The authors develop a methodology to characterize in an intuitive manner the choices countries have made with respect to the trilemma during the post Bretton-Woods period.
A Forensic Analysis of Global Imbalances
The authors use updated data to re-examine the determinants of current account balances. They find that changes in budget balances in 2008-09 appear to have an effect in advanced current account deficit countries such as ...
What Matters for Financial Development? Capital Controls, Institutions, and Interactions
The authors examine links between capital account liberalization, legal and institutional development and financial development. They explore financial opening and equity market development, whether opening the goods ...
Price-based Measurement of Financial Globalization: A Cross-Country Study of Interest Rate Parity
The authors characterize the relationship between ex post exchange rate depreciation and the interest differential for a set of countries that spans developed and emerging market economies. The measured ex post uncovered ...
A New Measure of Financial Openness
In creating an index that measures the extent of openness in capital account transactions, the authors address the lack of proper ways of measuring the extent of the openness in cross-border financial transactions. The ...
Global Current Account Imbalances: American Fiscal Policy versus East Asian Savings
The authors consider the origins of global current account imbalances and find that for industrial countries, the government budget balance is an important determinant of the current account balance. Their estimates lead ...
Current Account Balances, Financial Development and Institutions: Assaying the World Savings Glut
Through investigation of the medium-term determinants of the current account the authors find that for industrial countries, the government budget balance is an important determinant of the current account balance. ...
The Emerging Global Financial Architecture: Tracing and Evaluating New Patterns of the Trilemma Configuration
The authors investigate how the trilemma policy mix affects economic performance in developing countries. They find that greater monetary independence can dampen output volatility, while greater exchange rate stability is ...
Financial Globalization and China
This paper looks into the relationship between financial globalization and China's economic development. The authors suggest that China may need to reform its financial institutions and systems to accommodate more market ...
Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
With a focus on the Asian economies, the authors examine how policy configurations affect macroeconomic performances by using Aizenman et al.'s "trilemma indexes" that measure the extent of achievement in each of the ...