Essays On Global Economic Risk
DOWNLOAD
Download Essays On Global Economic Risk PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Essays On Global Economic Risk book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Essays On Global Economic Risk
DOWNLOAD
Author : Jonathan William Welburn
language : en
Publisher:
Release Date : 2016
Essays On Global Economic Risk written by Jonathan William Welburn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Recent economic crises (the 1997 Asian financial crisis, the 1998 Russian crisis, the 2007 global financial crisis, and the 2009 Eurozone crisis) have created a new landscape. These crises elucidate the systemic nature of economic risk, where adverse events appear capable of quickly spreading from one country to the next through a process commonly known as contagion. This dissertation uses an interdisciplinary approach that bridges the fields of operations research, economics, and risk analysis to contribute a novel approach for understanding the processes by which contagion can occur. First, we present a large game-theoretic framework to explain how the dynamics between households, firms, banks, central banks, countries, and financial intergovernmental organizations contribute to crises. Second, we present a more parsimonious model, a borrower-lender game with sequential moves and imperfect information, to discuss the potential for contagion through debt and trade channels while highlighting the role of beliefs. While many in the literature focus on contagion as a direct transmission of economic shocks through debt and trade channels, we find that contagion through trade is unlikely and that the role of lender beliefs can result in apparent contagion. We demonstrate that changes in lender beliefs following revelations of a crisis in one country may lead a lender to be unwilling to lend to another country. This in turn may create a self-fulfilling prophecy where, without access to credit, that country may be less willing and able to repay past debts. Furthermore, we find that our borrower-lender game can explain apparent contagion throughout the Eurozone crisis through deteriorating lender beliefs. While the conventional story is that contagion leads to real propagations through debt (or trade), we find that a real propagation of shocks is not needed.
Essays On Risk And Uncertainty In Economics And Finance
DOWNLOAD
Author : Jorge Mario Uribe Gil
language : en
Publisher:
Release Date : 2018
Essays On Risk And Uncertainty In Economics And Finance written by Jorge Mario Uribe Gil and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This thesis adds to the resolution of two problems in finance and economics: i) what is macro-financial uncertainty? : How to measure it? How is it different from risk? How important is it for the financial markets? And ii) what sort of asymmetries underlie financial risk and uncertainty propagation across the global financial markets? That is, how risk and uncertainty change according to factors such as market states or market participants. In Chapter 2, which is entitled "Momentum Uncertainties", I study the relationship between macroeconomic uncertainty and the abnormal returns of a momentum trading strategy in the stock market. I show that high levels of uncertainty in the economy impact negatively and significantly the returns of a portfolio of stocks that consist of buying past winners and selling past losers. High uncertainty reduces below zero the abnormal returns of momentum, extinguishes the Sharpe ratio of the momentum strategy, while increases the probability of momentum crashes both by increasing the skewness and the kurtosis of the momentum return distribution. Uncertainty acts as an economic regime that underlies abrupt changes over time of the returns generated by momentum strategies. In Chapter 3, "Measuring Uncertainty in the Stock Market", I propose a new index for measuring stock market uncertainty on a daily basis. The index considers the inherent differentiation between uncertainty and the common variations between the series. The second contribution of chapter 3 is to show how this financial uncertainty index can also serve as an indicator of macroeconomic uncertainty. Finally, I analyze the dynamic relationship between uncertainty and the series of consumption, interest rates, production and stock market prices, among others. In chapter 4: "Uncertainty, Systemic Shocks and the Global Banking Sector: Has the Crisis Modified their Relationship?", I explore the stability of systemic risk and uncertainty propagation among financial institutions in the global economy, and show that it has remained stable over the last decade. Additionally, I provide a new simple tool for measuring the resilience of financial institutions to these systemic shocks. My contribution to the literature in this essay is mainly the examination of the characteristics and stability of systemic risk and uncertainty, in relation to the dynamics of the banking sector stock returns. This sort of evidence is new to the literature and is supportive of past claims, made in the field of macroeconomics, which hold that during the global financial crisis the financial system may have faced stronger versions of traditional shocks rather than a new type of shock. In chapter 5, "Currency downside risk, liquidity, and financial stability", I analyze downside risk propagation across global currency markets and the ways in which it is related to liquidity. I make two primary contributions to the literature. First, I estimate tail-spillovers between currencies in the global FX market. This index is easy to build and does not require intraday data, which constitutes an important advantage. Second, I show that turnover is related to risk spillovers in global currency markets. Chapter 6 is entitled "Spillovers from the United States to Latin American and G7 Stock Markets: A VAR-Quantile Analysis". This essay contributes to the studies of contagion, market integration and cross-border spillovers during both regular and crisis episodes by carrying out a multivariate quantile analysis. I focus the analysis carried out in this chapter on Latin American stock markets, which have been characterized by a highly positive dynamic in recent decades, in terms of market capitalization and liquidity ratios, after a far-reaching process of market liberalization and reforms to pension funds across the continent during the 80s and 90s. I documented smaller dependences between the LA markets and the US market than those between the US and the developed economies, especially in the highest and lowest quantiles. -- TDX.
Managing Global Money
DOWNLOAD
Author : Graham Bird
language : en
Publisher: Springer
Release Date : 1988-05-24
Managing Global Money written by Graham Bird and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-05-24 with Business & Economics categories.
This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Global Economics In Extraordinary Times
DOWNLOAD
Author : C. Fred Bergsten
language : en
Publisher: Peterson Institute
Release Date : 2012-11-15
Global Economics In Extraordinary Times written by C. Fred Bergsten and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-15 with Biography & Autobiography categories.
Over five decades, John Williamson has written across an extraordinarily broad set of topics in international economics ranging from international monetary economics to development policy. The arc of his scholarship follows the main preoccupations of international economists during the second half of the 20th century and the first decade of the 21st. Bridging the scholarly literature and policy debates, his publications on the Washington Consensus, exchange rate policy, and international monetary reform have profoundly influenced public discourse, government policy, and the evolution of the economics discipline. As John marked his 75th birthday, his friends and colleagues prepared this collection of essays to celebrate these many contributions and reflect on their relevance to the challenges that confront the world economy in the wake of the 2008 09 global financial crisis and its current aftermath in Europe.
What S Next
DOWNLOAD
Author : Ian Bremmer
language : en
Publisher: Penguin
Release Date : 2012-11-06
What S Next written by Ian Bremmer and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-06 with Business & Economics categories.
From the world’s leading experts on geopolitical risk, a guide to the major global issues and policies sure to dominate headlines in the next few years. In the last four years, the world has suffered a financial market meltdown and subsequent global recession. The eurozone crisis looms, the Middle East is in turmoil, and a shifting power balance between emerging markets and developed economies is reordering the global economy as a whole. Political and economic challenges intertwine now more than ever before, as the demands of local politics and global business grow increasingly complex and begin to conflict in new ways. Facing these new challenges, what will the future hold? Ian Bremmer and Douglas Rediker, together with experts, analysts, and many of their colleagues from the World Economic Forum’s Global Agenda Council on Geopolitical Risk, analyze these global issues and provide a template to understand how they will change our world in the next few years. Focusing on the most volatile, powerful, or misunderstood developments, the authors examine, among other topics: The risks to the International Monetary Fund Russia’s future The roles of emerging markets The political roots of the eurozone crisis Important trends and tensions in Asia-Pacific The rise of regionalism in the wake of fracturing international governance Most importantly, the contributors provide guidance on how to understand some of the key dynamics in the rapidly evolving global game.
Reflections On Progress
DOWNLOAD
Author : Kemal Dervis
language : en
Publisher: Brookings Institution Press
Release Date : 2016-08-30
Reflections On Progress written by Kemal Dervis and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-30 with Political Science categories.
Now, more than ever, the world needs growth-oriented and socially inclusive policymaking. Is the world giving up on the promise of ever-greater prosperity for all, on functioning democratic institutions, and on long-term peace? Is the special set of circumstances that led to the recent rapid growth in emerging markets unlikely to be present in the future? Will the second decade of the twenty first century end with “secular stagnation”? Does the rise of authoritarianism, populism, and fanatic nihilism—all experienced over the last few years—threaten to unravel what has been built painstakingly since the catastrophe of World War II? Kemal Dervis addresses these and similar questions in this thought-provoking series of essays written for Project Syndicate from 2011 to 2015. The essays are organized in three sections: global economic interdependence, inequality and the political economy of reform, and the specific challenge of Europe. The common theme is the need for growth-oriented and socially inclusive policymaking in an interdependent world. These kinds of policies offer the potential for another wave of unprecedented human progress aided by breathtaking new technologies. However, a huge and destabilizing disruption is possible if policymaking is not globally cooperative and is not focused on inclusion and greater equity. These essays synthesize the experience and analysis of a scholar and policymaker with national, regional, and international experience at the highest levels. Dervis exhibits a passion for combining strongly held values with political feasibility.
The New Global Economy And The Developing Countries
DOWNLOAD
Author : Gerald K. Helleiner
language : en
Publisher: Aldershot, Hants : E. Elgar
Release Date : 1990
The New Global Economy And The Developing Countries written by Gerald K. Helleiner and has been published by Aldershot, Hants : E. Elgar this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Developing countries categories.
Comprises papers and articles originally published between 1981 and 1989.
Global Economic Prospects June 2016
DOWNLOAD
Author : World Bank Group
language : en
Publisher: World Bank Publications
Release Date : 2016-07-13
Global Economic Prospects June 2016 written by World Bank Group and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-13 with Business & Economics categories.
Global growth prospects have deteriorated in 2016. Emerging market and developing economies are facing increased external headwinds, including softer growth in advanced economies. Commodity exporters are struggling with particularly challenging conditions, while commodity importers are thus far showing greater resilience. Global growth is expected to gradually accelerate in 2017-18 but risks to the outlook are increasingly more pronounced. In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes two Special Focus essays of critical importance for emerging and developing economies: an analysis of the buildup of private debt in emerging and frontier markets and a quantitative study of uncertainties surrounding global growth. This year marks the 25th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that has, since its inception in 1991, examined international economic developments and prospects, with a special focus on emerging market and developing economies. It has also included analytical essays on a wide range of topical macroeconomic, financial, and structural policy challenges faced by these economies. It is published on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges, while the June edition contains shorter analytical essays.
Managing International Risk
DOWNLOAD
Author : Richard J. Herring
language : en
Publisher: Cambridge University Press
Release Date : 1983-06-30
Managing International Risk written by Richard J. Herring and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983-06-30 with Business & Economics categories.
The point of departure for this book is the fundamental assertion that managers of international enterprises must cope not only with the hazards that jeopardize the success of ordinary domestic transactions but also with additional perils that are uniquely international. Two of the most important of these are the risk of a breakdown in the rules and practices that govern international trade and investment flows, and country risk - the risk that a sovereign power will interfere with the repatriation of profits, interest payments, principal repayments, or the control of foreign assets. The issues addressed include the prospects for foreign exchange crises, trade wars, international banking crises, and oil shortages; the factors that generate economic, political, and social risk; organizational strategies for mitigating country risk; and the scope for insuring against international risks. The contributors include academic experts from the fields of economics and finance and distinguished practitioners from international corporations, financial institutions, and international agencies.
Essays On The World Economy And Its Financial System
DOWNLOAD
Author : Brigitte Granville
language : en
Publisher: Skyhorse Publishing
Release Date : 2000
Essays On The World Economy And Its Financial System written by Brigitte Granville and has been published by Skyhorse Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Contributors from member organizations of the Tokyo Club discuss the topics "Reflections on the Economies of Three Major Western Players," "Assessment and Responses to Financial Turmoil," "In Search of an Exchange Rate Regime," and "Managing Risks in an Integrating World Financial System." Members of the Tokyo Club include the Brookings Institution (USA), IFO-Institut Fur Wirtschaftsforschung (Germany), Institut Francais des Relations Internationales (France), The Royal Institute of International Affairs (UK), and Nomura Research Institute, Ltd. (Japan).