Search results for " global imbalances"

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Holes in the Dike: the global savings glut, U.S. house prices and the long shadow of banking deregulation

2015

We explore empirically how capital inflows into the US and financial deregulation within the United States interacted in driving the run-up (and subsequent decline) in US housing prices over the period 1990-2010. To obtain an ex ante measure of financial liberalization, we focus on the history of interstate-banking deregulation during the 1980s, i.e. prior to the large net capital inflows into the US from China and other emerging economies. Our results suggest a long shadow of deregulation: in states that opened their banking markets to out-of-state banks earlier, house prices were more sensitive to capital inflows. We provide evidence that global imbalances were a major positive funding sh…

G28media_common.quotation_subjectHouse pricesjel:F20Monetary economicsjel:F40credit constraintsjel:G21Deregulationjel:G28CREDIT CONSTRAINTSSTATE BANKING DEREGULATIONsavings glut10007 Department of Economics0502 economics and businessddc:330F32G10state banking regulations050207 economicsSAVINGS GLUTEmerging marketsmedia_common050208 finance05 social sciencesHouse prices savings glut global imbalances credit constraints state banking deregulationGlobal imbalancesjel:F32jel:G10330 EconomicsInterest rateShock (economics)Net capital ruleCapital (economics)interstate banking deregulationPortfolioG21house pricesBusinessGeneral Economics Econometrics and FinanceF40state banking deregulationglobal imbalancesF20
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MEDIUM-TERM DETERMINANTS OF INTERNATIONAL INVESTMENT POSITIONS: THE ROLE OF STRUCTURAL POLICIES

2012

This paper provides an empirical investigation of the medium-term determinants of international investment positions for a large sample of advanced and emerging economies. In addition to the usually considered drivers of foreign assets and liabilities, the analysis focuses on the role of structural policy indicators. Using cross-section and panel regression techniques the results suggest that structural policy settings are important medium-term drivers of capital flows, having a relatively large impact on gross and net foreign capital positions and on their composition. In particular, the results suggest that certain kinds of structural policy reform could help to narrow global imbalances,…

MacroeconomicsEconomics and EconometricsInternational investmentInvestment PositionsForeign capitalGlobal imbalancesGeneral Business Management and AccountingMedium termF21 JEL Classifications: E6 [Capital flows structural policies global imbalances JEL Classifications]EconomicsCapital employedCapital flowsEmerging marketsFinancePanel dataJournal of International Commerce, Economics and Policy
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