Author(s): Ralph S. J. Koijen and Motohiro Yogo Date: June 2020 Abstract: Using international holdings data, we estimate a demand system for financial assets across 36 countries. The demand system provides a unified framework for decomposing variation in exchange rates, long-term yields, and stock prices; interpreting major economic events such as the European sovereign debt[…]
Author(s): Xin Liu, Shang-Jin Wei, Yifan Zhou Date: June 2020 Abstract: The opening of equity markets to foreign investment appears to generate an enormously large positive growth effect (see Bekaert, Harvey, and Lundblad, 2005) in spite of a relatively small role of such markets for financing investment in most economies. We propose a possible spillover[…]
Author(s): Sebastian Horn, Carmen M. Reinhart, Christoph Trebesch Date: June 2020 Abstract: Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official international lending, covering 230,000 loans, grants and[…]