Author(s): Jean Imbs, Laurent Pauwels Date: April 2022 Abstract: We introduce a measure of exposure to foreign shocks -openness- that computes the fraction of output subjected to foreign shocks at any order. The measure is easy to obtain for any sector with input-output data; It implies that openness is much more prevalent than often thought,[…]
By Jean Imbs, Laurent Pauwels The pandemic and the war in Ukraine have resuscitated concerns over exposure to foreign shocks. But while measures of ‘openness’ abound, their ability to capture the influence of foreign developments on domestic outcomes remains speculative. This column uses an international model with rich linkages to explore the ability of several[…]
CfP Deadline Date: October 23, 2022 Conference Event: December 13, 2022 Event Location: Basel, Switzerland Keynote speaker(s): Wenxin Du (Chicago Booth) Organizer(s): Bank for International Settlements (BIS), Banca d’Italia and the European Central Bank The BIS will host the 12th workshop on “Exchange Rates”, jointly organised with the Banca d’Italia and the European Central Bank.[…]
The Covid-19 pandemic and the war in Ukraine have furthered a sustained retreat from global banking. The funding sources of local banking systems have shifted from cross-border to local and, within cross-border, from inter-office to unrelated sources. An increased share from local sources could improve the stability of funding, but greater cross-border funding from unrelated[…]
Author(s): Ricardo Correa , Julian di Giovanni, Linda S. Goldberg, and Camelia Minoiu Date: September 2022 Abstract: When trade uncertainty directly affects credit supply it can amplify other contractionary impulses from a deterioration in the international trade environment. Exploiting heterogeneity in banks’ ex-ante exposure to trade uncertainty and loan-level data for U.S. banks, we show[…]
Central banks and other supervisory authorities have made significant efforts to collect borrower-level data on debt vulnerabilities. Do such data add to the information in aggregate measures? We find that statistics about household and non-financial corporate borrowers with low repayment capacity help to explain changes in non-performing loans and bankruptcies that aggregate measures would have[…]