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  • 1
    Online Resource
    Online Resource
    Financial globalization in emerging economies : Much ado about nothing? (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (47 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Yeyati, Eduardo Levy Financial globalization in emerging economies
    Abstract: Financial globalization, defined as global linkages through cross-border financial flows, has become increasingly relevant for emerging markets as they integrate financially with the rest of the world. This paper argues that, because of the way it is often measured, it has also led to the misperception that financial globalization in emerging markets has been growing in recent years. The authors characterize the evolution of financial globalization in emerging markets using alternative measures, and find that, in the 2000s, financial globalization has grown only marginally and international portfolio diversification has been limited and declining over time. The paper revisits the empirical literature on the implications of financial globalization for local market deepening, international risk diversification, financial contagion, and financial dollarization, and finds them to be rather limited. Whereas financial globalization has indeed fostered domestic market deepening in good times, it has yielded neither the dividends of consumption smoothing (in line with limited portfolio diversification) nor the costs of amplifying global financial shocks. In turn, financial de-dollarization has largely reflected the undoing of financial offshoring and the valuation effects of real appreciation
    DOI: 10.1596/1813-9450-5624
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Emerging Economies in the 2000s : Real Decoupling and Financial Recoupling (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (46 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Yeyati, Eduardo Levy Emerging Economies in the 2000s
    Abstract: The paper documents an intriguing development in the emerging world in the 2000s: a decoupling from the business cycle of advanced countries, combined with the strengthening of the co-movements in the main emerging market assets that predates the synchronized sell-off during the crisis. In addition, the paper tests the hypothesis that financial globalization, to the extent that it creates a common, global investor base for emerging markets, could lead to a tighter asset correlation despite the weaker economic ties. While an examination of the impact of alternative financial globalization proxies does not yield conclusive results, a closer look at global emerging market equity and bond funds shows that the latter indeed foster financial recoupling during downturns, reflecting the fact that they trade near their respective benchmarks and respond to withdrawals by liquidating holdings across the board
    DOI: 10.1596/1813-9450-5961
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Emerging Market Liquidity And Crises (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeyati, Eduardo Levy Emerging Market Liquidity And Crises
    Keywords: Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs
    Abstract: Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large price downturns, typical of crises, are associated with higher trading activity and increased trading costs, with trading activity declining only later as crises progress. Thus, while trading activity tends to be negatively related to trading costs during tranquil times (and across securities), this relation appears to break down during crises. These results are consistent with the analytical literature on portfolio rebalancing by heterogeneous agents in times of crises
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    Online Resource
    Online Resource
    LAC Semiannual Report October 2014 : Inequality in a Lower Growth Latin America (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464804298
    Language: English
    Pages: Online-Ressource (1 online resource (73 p.))
    Edition: Online-Ausg.
    Series Statement: Latin American and Caribbean Semiannual Report
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg.
    Keywords: Business ; Business Cycle ; Decentralization ; Equity ; Growth ; Inequality ; Inflation ; Macroeconomic Determinants of Inequality ; Social Agenda ; Stability
    Abstract: As usual in this series, Chapter 1 reviews the configuration of global risks and assesses the outstanding short term opportunities and challenges facing the LAC region. We document the significant slowdown in economic activity across the region, and explore the possibility of this being the 'new normal'. In Chapter 2 we assess if the major social gains achieved during the 'Golden Decade', in particular the decline in inequality, will hold in this less supportive environment, and discuss alternative policy responses to preserve and further the equity gains in the region
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0429-8
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    Online Resource
    Online Resource
    Catalytic Insurance : The Case of Natural Disasters (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Cordella, Tito Catalytic Insurance
    Abstract: Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such effect is particularly strong in those middle-income countries that face financial constraints when hit by a shock or in its anticipation. Insurance makes defaults less appealing, relaxes countries' borrowing constraint, increases their creditworthiness, and enhances their access to capital markets. Catastrophe lending facilities providing "cheap" reconstruction funds in the aftermath of a natural disaster weaken but do not eliminate the demand for insurance
    DOI: 10.1596/1813-9450-5377
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    Online Resource
    Online Resource
    On the effectiveness of exchange rate interventions in emerging markets (2014)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (31 S.) , graph. Darst.
    Series Statement: Working paper / OECD Development Centre 324
    Series Statement: OECD Development Centre Working Papers no.324
    Keywords: Wechselkurs ; Wechselkurspolitik ; Schwellenländer ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: We analyse the effectiveness of exchange rate interventions for a panel of 18 emerging market economies during the period 2003-11. Using an error-correction model approach, we find that on average intervention is effective in moving the real exchange rate in the desired direction, controlling for deviations from the equilibrium and short-term changes in fundamentals and global financial variables. Our results are robust to different samples and estimation methods. We find little evidence of asymmetries in the effect of sales and purchases, but some evidence of more effective interventions for large deviations from the equilibrium. We also explore differences across countries according to the possible transmission channels and nature of some global shocks.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jxwwfmxfdth-en
    URL: Volltext
    URL: lizenzpflichtig
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  • 7
    Online Resource
    Online Resource
    Dollarization (2003)
    Cambridge, Mass : MIT Press
    Details
    ISBN: 9780262286527 , 0262286521 , 0585443823 , 9780585443829
    Language: English
    Pages: 1 online resource (ix, 341 p.) , ill
    Series Statement: EBSCOhost eBook Collection
    Parallel Title: Print version Dollarization
    Keywords: Dollarization ; Money ; Dollar, American ; Foreign exchange ; Currency question ; International finance ; International finance ; Dollar, American ; Foreign exchange ; Currency question ; Money ; Dollarization ; Electronic books ; Money. ; Dollar, American. ; Foreign exchange. ; Currency question. ; International finance. ; Currency question ; Dollar, American ; Dollarization ; Foreign exchange ; International finance ; Money ; Amerikaanse dollar ; Wisselkoersen ; Monetaire politiek ; BUSINESS & ECONOMICS ; Foreign Exchange ; Devisenmarkt ; Internationaler Zahlungsverkehr ; US-Dollar ; Wechselkurs ; Electronic books. ; Electronic books ; Electronic books ; Aufsatzsammlung ; US-Dollar ; Wechselkurs ; Devisenmarkt ; Internationaler Zahlungsverkehr ; US-Dollar ; Wechselkurs ; Devisenmarkt ; Internationaler Zahlungsverkehr
    Abstract: Dollarization : a primer / Eduardo Levy Yeyati and Federico Sturzenegger -- Dollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden
    Description / Table of Contents: Dollarization : a primer / Eduardo Levy Yeyati and Federico Sturzenegger -- Dollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden
    Description / Table of Contents: Dollarization : a primer / Eduardo Levy Yeyati and Federico SturzeneggerDollarization : analytical issues / Roberto Chang and Andrés Velasco -- Using balance sheet data to identify sovereign default and devaluation risk / Pablo Andrés Neumeyer and Juan Pablo Nicolini -- Dollarization and the lender of last resort / Christian Broda and Eduardo Levy Yeyati -- Measuring costs and benefits of dollarization : an application to Central American and Caribbean countries / Ugo Panizza, Ernesto Stein, and Ernesto Talvi -- Dollarization : the link between devaluation and default risk / Andrew Powell and Federico Sturzenegger -- Implementation guidelines for dollarization and monetary unions / William C. Gruben, Mark A. Wynne, and Carlos E.J.M. Zarazaga -- The political economy of dollarization : domestic and international factors / Jeffry A. Frieden.
    Note: Description based on print version record , Includes bibliographical references and index , Dollarization
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
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