United States: Department Of The Treasury Office Of Foreign Assets Control Regulations Concerning Iranian Assets Control
In: International legal materials: ILM, Band 20, Heft 4, S. 923-928
ISSN: 1930-6571
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In: International legal materials: ILM, Band 20, Heft 4, S. 923-928
ISSN: 1930-6571
In: International legal materials: ILM, Band 20, Heft 3, S. 769-773
ISSN: 1930-6571
In: IMF Working Paper, S. 1-26
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In: NBER working paper series 13123
Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign reserves grew very rapidly during this period, and hence it is often argued that we live in the era of a New Merchantilism in which large stocks of reserves are a war-chest for defense against Sudden Stops. We conduct a quantitative assessment of this argument using a stochastic intertemporal equilibrium framework with incomplete asset markets in which precautionary saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk. In this framework, Sudden Stops are an equilibrium outcome produced by an endogenous credit constraint that triggers Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible explanations of the observed surge in reserves but business cycle volatility is not. In fact, business cycle volatility has declined in the post-globalization period. These results hold whether we use the formulation of intertemporal preferences of the Bewley-Aiyagari-Hugget class of precautionary savings models or the Uzawa-Epstein setup with endogenous time preference.
In: CESifo working paper series 3656
In: Monetary policy and international finance
This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign assets, but only in countries that are ethnically homogeneous. In highly ethnically polarized countries, net foreign assets significantly decreased. To explain this asymmetry, the paper shows that in ethnically polarized countries commodity windfalls lead to large increases in government consumption expenditures and political corruption. The paper's findings are consistent with theoretical models of the current account that have a built-in voracity effect.
In: CESifo Working Paper Series No. 3656
SSRN
Working paper
In: https://ora.ox.ac.uk/objects/uuid:7a9be8be-dce0-4ef1-a60d-c9730442c60e
This paper examines the effects that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign assets, but only in countries that are ethnically homogeneous. In highly ethnically polarized countries, net foreign assets significantly decreased. To explain this asymmetry, the paper shows that in ethnically polarized countries commodity windfalls lead to large increases in government consumption expenditures and political corruption. The paper's findings are consistent with theoretical models of the current account that have a built-in voracity effect.
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In: International finance discussion papers 764
In: Journal of economic dynamics & control, Band 32, Heft 6, S. 1780-1811
ISSN: 0165-1889
In: IMF Working Paper, S. 1-38
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In: IMF Working Papers, S. 1-45
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In: NBER Working Paper No. w15228
SSRN
Working paper
In: China economic review, Band 23, Heft 3, S. 720-728
ISSN: 1043-951X
In: Journal of development economics, Band 89, Heft 2, S. 194-209
ISSN: 0304-3878
In: NBER Working Paper No. w13123
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