Suchergebnisse

The aim of the study is to identify the international economic linkages between European emergent countries and different economies under the European sovereign debt crisis from the 1990s through 2015. More precisely, we compared the worst-performing European economies with more economically sustainable economies (such France, Germany, the United Kingdom and Norway). Switzerland, China, Japan and the United States were also included to evaluate the external impacts on the European Union. To examine the increasing macro-financial linkages, their interactions were included in the Global VAR model. Credit variables and oil were used to analyse international transmission of the Euro area along with the US, China, Japan and Switzerland credit and aggregate demand shocks. The model was set up with quarterly data from a sample of 11 countries, and the followed global economic variables that included: Real GDP, inflation, real equity prices, real exchange rates, government bonds (10 year), interest rates (3 month) and the price of oil. The results showed that the US influence was contracted since all macroeconomic variables did not react significantly with the oil and US long-term interest rate shocks. ; info:eu-repo/semantics/publishedVersion

Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's Representative Office for Asia and the Pacific and the Reserve Bank of New Zealand (RBNZ) co-hosted a conference on cross-border financial linkages with a view to fostering research on implications of these important developments. The conference marked the completion of the BIS Asian Office's research programme in this area. The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Graeme Wheeler of the Reserve Bank of New Zealand made the opening remarks. Papers presented at the conference covered patterns of cross-border linkages, foreign exchange markets and exchange rate risks, financial market spillovers in Asia-Pacific, and policies to deal with capital flows and their effectiveness. The volume comprises the opening speech and papers presented at the conference.

This paper asks whether there has been any diminution in the traditional role of U.S. financial markets in leading movements in other financial markets. It examines daily movements in three major equity indexes, how daily changes in one market are correlated with immediately subsequent changes in the other two, and the size of movements in each market after a given change in the other markets before and after the onset of the crisis