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Barry Eichengreen - One of the best experts on this subject based on the ideXlab platform.
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the trials of the trilemma International Finance 1870 2017
Social Science Research Network, 2019Co-Authors: Barry Eichengreen, Rui EstevesAbstract:In this paper we survey the history of International Finance spanning a century and a half. We start by characterizing capital flows in the long run, organizing our discussion around six facts relating to the volume and volatility of capital flows, measured in both net and gross terms. We then connect up the discussion with exchange rates and monetary policies. The organizing framework for this section is the macroeconomic trilemma. We describe where countries situated themselves relative to the trilemma over time and consider the political economy of their choices. Finally, we study the connections between International Finance and economic and financial stability. We present consistent measures of growth and debt crises over the century and a half covered in this paper and discuss how their incidence is related to those institutional and political circumstances and, more generally, to the nature of the International monetary and financial regime.
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history gravity and International Finance
Journal of International Money and Finance, 2014Co-Authors: Barry Eichengreen, Livia Chițu, Arnaud MehlAbstract:Abstract We analyse patterns of bilateral financial investment using data on US holdings of foreign bonds. We document a “history effect” in which holdings seven decades ago continue to influence holdings today. 10–15% of the cross-country variation in US investors' foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit and endogenous learning. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in such currencies. Our findings point to history and path dependence as key sources of financial market segmentation.
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history gravity and International Finance
Social Science Research Network, 2012Co-Authors: Livia Chițu, Barry Eichengreen, Arnaud MehlAbstract:We analyze persistence in patterns of bilateral financial investment using data on US investors’ holdings of foreign bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors’ foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in currencies other than the dollar. Our findings point to history and path dependence as key sources of financial market segmentation.
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blocs zones and bands International monetary history in light of recent theoretical developments
Scottish Journal of Political Economy, 1996Co-Authors: Barry Eichengreen, Marc FlandreauAbstract:Trends in International Finance in recent decades have inspired considerable research on bloc- and band-based International monetary arrangements. From this literature have emerged models providing the basis for much recent work in International monetary economics. To date, however, their application to historical experience has been rare. We therefore highlight parallels between modern-day target zones on the one hand and the classical and inter-war gold standards and Bretton Woods System on the other. We suggest that bloc-based International monetary arrangements are in fact an historical commonplace; they have been the rule rather than the exception.
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two cases for sand in the wheels of International Finance
Research Papers in Economics, 1994Co-Authors: Barry Eichengreen, James Tobin, Charles WyploszAbstract:The incompatibility of pegged exchange rates, International capital mobility and national monetary autonomy is a basic postulate of open economy macroeconomies. In the present environment of high capital mobility and political uncertainty, even the possibility that governments may utilize their policy autonomy can defeat efforts to peg the exchange rate. This leaves two possibilities. One is to fix the exchange rate irrevocably through monetary unification. The other is to live with floating rates. Either way, a case can be made for "throwing sand in the wheels" of International Finance. Where monetary unification is not an option, this is a may to make distinct national currencies tolerable and International money and capital markets compatible with modest national autonomy in monetary and macroeconomic policy. For. EU counties striving to create a monetary union, it is the only politically and economically feasible way of completing the transition to Stage III of the Maastricht process.
Catherine R Schenk - One of the best experts on this subject based on the ideXlab platform.
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european banks and the rise of International Finance the post bretton woods era
Business History, 2020Co-Authors: Catherine R SchenkAbstract:As the current era of globalisation comes under scrutiny and criticism, it is useful to reflect on the origins of financialisation of the global economy. Globalisation is sometimes perceived as an ...
Chris Brummer - One of the best experts on this subject based on the ideXlab platform.
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why soft law dominates International Finance and not trade
Social Science Research Network, 2011Co-Authors: Chris BrummerAbstract:International financial law is in many ways a peculiar instrument of global economic affairs. Unlike International trade and monetary affairs, where global coordination is directed through formal International organizations, International financial law arises through inter-agency institutions with ambiguous legal status. Furthermore, the commitments made by regulatory officials participating in such forums are non-binding. This divergence is perplexing, especially when comparing International financial law to International trade. Both trade and Finance comprise key areas of ‘International economic law’ and their rules have important distributive consequences for global markets and market participants. This article suggests that in order to understand soft law’s value as a coordinating mechanism, an institutional assessment of the way that law is enforced is necessary. Under close inspection, International financial law departs from traditional public International law notions of informality and can in fact be ‘harder’ than its soft-law quality suggests. This feature helps explain why International financial rules, though technically non-binding, are often relied upon. The predominance of International soft law in Finance does not, however, imply that it is without flaws, and this article highlights important structural deficiencies that the World Trade Organization, a more mature legal regime, largely avoids.
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why soft law dominates International Finance and not trade
Journal of International Economic Law, 2010Co-Authors: Chris BrummerAbstract:International financial law is in many ways a peculiar instrument of global economic affairs. Unlike International trade and monetary affairs, where global coordination is directed through formal International organizations, International financial law arises through inter-agency institutions with ambiguous legal status. Furthermore, the commitments made by regulatory officials participating in such forums are non-binding. This divergence is perplexing, especially when comparing International financial law to International trade. Both trade and Finance comprise key areas of 'International economic law' and their rules have important distributive consequences for global markets and market participants. This article suggests that in order to understand soft law's value as a coordinating mechanism, an institutional assessment of the way that law is enforced is necessary. Under close inspection, International financial law departs from traditional public International law notions of informality and can in fact be 'harder' than its soft-law quality suggests. This feature helps explain why International financial rules, though technically non-binding, are often relied upon. The predominance of International soft law in Finance does not, however, imply that it is without flaws, and this article highlights important structural deficiencies that the World Trade Organization, a more mature legal regime, largely avoids. Oxford University Press 2010, all rights reserved, Oxford University Press.
Livia Chițu - One of the best experts on this subject based on the ideXlab platform.
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history gravity and International Finance
Journal of International Money and Finance, 2014Co-Authors: Barry Eichengreen, Livia Chițu, Arnaud MehlAbstract:Abstract We analyse patterns of bilateral financial investment using data on US holdings of foreign bonds. We document a “history effect” in which holdings seven decades ago continue to influence holdings today. 10–15% of the cross-country variation in US investors' foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit and endogenous learning. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in such currencies. Our findings point to history and path dependence as key sources of financial market segmentation.
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history gravity and International Finance
Social Science Research Network, 2012Co-Authors: Livia Chițu, Barry Eichengreen, Arnaud MehlAbstract:We analyze persistence in patterns of bilateral financial investment using data on US investors’ holdings of foreign bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors’ foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in currencies other than the dollar. Our findings point to history and path dependence as key sources of financial market segmentation.
Arnaud Mehl - One of the best experts on this subject based on the ideXlab platform.
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history gravity and International Finance
Journal of International Money and Finance, 2014Co-Authors: Barry Eichengreen, Livia Chițu, Arnaud MehlAbstract:Abstract We analyse patterns of bilateral financial investment using data on US holdings of foreign bonds. We document a “history effect” in which holdings seven decades ago continue to influence holdings today. 10–15% of the cross-country variation in US investors' foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit and endogenous learning. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in such currencies. Our findings point to history and path dependence as key sources of financial market segmentation.
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history gravity and International Finance
Social Science Research Network, 2012Co-Authors: Livia Chițu, Barry Eichengreen, Arnaud MehlAbstract:We analyze persistence in patterns of bilateral financial investment using data on US investors’ holdings of foreign bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors’ foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in currencies other than the dollar. Our findings point to history and path dependence as key sources of financial market segmentation.