international finance topics

62 of 2019 (Reiwa 1)) and will come into effect within one year, with some exceptions (Supp. Staff working papers in the International Finance and Discussion Papers (IFDP) series are primarily materials produced by staff in the Division of International Finance. For all affected firms, the implied cost is $900 per worker in new duties. An increase of one standard deviation in a bank's ex-ante exposure to the energy sector increased the loan volume to borrowers in the sector by 18 percent and reduced interest rates by 6 percent, even though borrower's credit default swap spreads were widening.

While such complexity raises the the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader risk profiles is less well understood. Topics covered include trade, trade policy, macroeconomics and finance. In times of market distress, countries with large positive external imbalances (e.g.

Finding great topics on finance is more difficult than you think. Our results imply that the increasing role of ETFs as a channel for international capital flows has amplified the global financial cycle in emerging markets.20th Street and Constitution Avenue N.W., Washington, DC 20551

First, we collect several stylized facts that characterize EMs' role in the new geography of trade. Quantitatively, a one standard deviation increase in the exposure of a state's banks to the energy sector reduced its GDP by 1.8 percent.Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. We test these conjectures using data on large U.S. BHCs for the 1996-2018 period. In fact, for EMEs with very low levels of vulnerability, a growth-driven rise in U.S. interest rates may even ease financial conditions in some markets.Note: On February 13, 2020, this paper was updated to remove a figure titled “Federal Reserve Policy and Growth in Latin America”, which was inadvertently included in the original file.This paper examines how the growth of exchange-traded funds (ETFs) has affected the sensitivity of international capital flows to global financial conditions. Using an empirical cross-country state-space model, we find that the net supply of sovereign safe assets available to the private sector in secondary markets is an important driver of neutral rates for 11 advanced economies in the period 1970–2018. Given the Pareto effciency of our environment, we argue against the presumption that platforms with externalities need be regulated.This paper documents several stylized facts on the real effects of economic uncertainty. Finally, we show that central borrower's policies can be replicated in a decentralized setting with Pigouvian taxes on debt.This paper studies the impact of transport infrastructure projects of the Belt and Road Initiative on shipment times and trade costs.

(Food Exports Promotion Act, Supp. Externalities arising from market participants not taking into account the impact of changes in their search- and vacancy-posting activities on other market participants can amplify this divergence substantially.

Second, the response of economic growth to an increase in uncertainty is highly nonlinear and asymmetric. First, higher uncertainty is associated with a more dispersed and negatively skewed distribution of output growth. For economies with greater macroeconomic vulnerabilities, the difference between the impact of monetary and growth shocks is magnified. We find that expectations are more accurate for funds that commit more analytical resources, have higher management fees, and with stronger managerial educational background. For the world, the average reduction in shipment time will range between 1.2 and 2.5 percent, leading to reduction of aggregate trade costs between 1.1 and 2.2 percent.

6493 on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions.

Page 1 of 511 Results → The decline in exports is equivalent to an Rises in U.S. interest rates are often thought to generate adverse spillovers to emerging market economies (EMEs). Heterogeneity in openness, production structure, trade linkages, and factor supplies leads to large di erences between the impacts on AEs versus EMs.

To estimate the effect on U.S. export growth, we construct product-level measures of import tariff exposure of U.S. exports from the underlying firm micro data.

Exploiting the quasi-random temporal and spatial variation of real estate capital inows from China, we find that foreign Chinese housing purchases have a positive and significant effect on local housing and labor markets.

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