International Home Bias In International Finance And Business Cycles

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Equity Home Bias in International Finance

Kavous Ardalan
Equity Home Bias in International Finance Book PDF

Author : Kavous Ardalan
Publisher : Routledge
Page : 230 pages
File Size : 55,9 Mb
Release : 2019-05-17
Category : Business & Economics
ISBN : 9781000001433

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Equity Home Bias in International Finance by Kavous Ardalan Pdf

This book provides a comprehensive and critical analysis of research outcomes on the equity home bias puzzle – that people overinvest in domestic stocks relative to the theoretically optimal investment portfolio. It introduces place attachment – the bonding that occurs between individuals and their meaningful environments – as a new explanation for equity home bias, and presents a philosophically multi-paradigmatic view of place attachment. For the first time, a comprehensive and up-to-date review of the extant literature is provided, demonstrating that place attachment is a contributing factor to 22 different topics in which variations of home bias are present. The author also analyses the social-psychological underpinnings of place attachment, and considers the effect of multi-culturalism on the future of equity home bias. The book’s unique approach discusses the issues in conceptual terms rather than through data and statistical methods. This multi- and inter-disciplinary book is an invaluable resource for graduate students and researchers interested in economics, finance, philosophy, and/or methodology, introducing them to a new line of research.

European Business Cycle Convergence

Jennifer Schneider
European Business Cycle Convergence Book PDF

Author : Jennifer Schneider
Publisher : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Page : 218 pages
File Size : 46,6 Mb
Release : 2013
Category : Business & Economics
ISBN : 3631639740

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European Business Cycle Convergence by Jennifer Schneider Pdf

Is the euro area getting closer with regard to business cycles? The study investigates the linkage between business cycle convergence and financial portfolio choice for a panel of 18 European countries. For this purpose an index is constructed which measures the similarity of investment portfolios. The idea is that financial portfolio choice has an impact on business cycles and contributes to convergence via the consumption-wealth linkage. The background of the analysis is the International Asset Pricing Model (IAPM). The results of fixed effects GMM TSLS estimations confirm the linkage. The effect is higher for country-pairs that are built by one euro area member and one member outside the euro area.

International Home Bias in International Finance and Business Cycles

Karen K. Lewis
International Home Bias in International Finance and Business Cycles Book PDF

Author : Karen K. Lewis
Publisher : Unknown
Page : 80 pages
File Size : 54,7 Mb
Release : 1998
Category : Business cycles
ISBN : OSU:32435057622698

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International Home Bias in International Finance and Business Cycles by Karen K. Lewis Pdf

Domestic investors hold a substantially larger proportion of their wealth portfolios in domestic assets than standard portfolio theory would suggest. This phenomenon has been called equity home bias. In the absence of this home bias, investors would optimally diversify away domestic output risk. Therefore, in a world without investor home bias, consumption growth rates would tend to comove across countries even when output growth rates do not. Empirically, however, consumption growth rates tend to have a lower correlation across countries than do output growth rates. Moreover, consumption growth in each country appears to be highly correlated with its own output growth relative to the world. This phenomenon may be called consumption home bias. In this paper, I evaluate existing explanations for these two types of home bias.

Intranational Macroeconomics

Gregory D. Hess,Eric van Wincoop
Intranational Macroeconomics Book PDF

Author : Gregory D. Hess,Eric van Wincoop
Publisher : Cambridge University Press
Page : 342 pages
File Size : 44,9 Mb
Release : 2000-09-11
Category : Business & Economics
ISBN : 0521661633

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Intranational Macroeconomics by Gregory D. Hess,Eric van Wincoop Pdf

This book brings the intranational macroeconomics literature into clearer focus by collecting the strands of research into a common thread.

International Business

Ehud Menipaz,Amit Menipaz
International Business Book PDF

Author : Ehud Menipaz,Amit Menipaz
Publisher : SAGE Publications
Page : 673 pages
File Size : 45,7 Mb
Release : 2011-04-06
Category : Business & Economics
ISBN : 9781412903493

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International Business by Ehud Menipaz,Amit Menipaz Pdf

This book shows students how international business differs from local or national business, and discusses the fundamental challenges and emerging trends in international business. It looks at the impact of globalization, corporate social responsibility, and the ever expanding use of digital technology on corporate strategies and executive decisions. It provides students with a broad overview of the subject, while guiding them through the practical issues and context of international business with the use of a range of examples, and cases and discussion questions drawn from around the world.

The World of Risk Management

H. Gifford Fong
The World of Risk Management Book PDF

Author : H. Gifford Fong
Publisher : World Scientific
Page : 233 pages
File Size : 42,5 Mb
Release : 2006
Category : Business & Economics
ISBN : 9789812700865

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The World of Risk Management by H. Gifford Fong Pdf

Risk management is a foundation discipline for the prudent conduct of investment management. Being effective requires ongoing evolution and adaptation. In The World of Risk Management, an expert team of contributors that include Nobel Prize laureates Robert C Merton and Harry M Markowitz addresses the important issues arising in the practice of risk management. A common thread among these distinguished articles is a rigorous theoretical or conceptual basis. Illustrated with full color figures throughout, they discuss topics ranging from broad policy considerations to detailed how-to prescriptions, providing professionals and academics with useful practical implementations.

Building the Financial Foundations of the Euro

Lars Jonung
Building the Financial Foundations of the Euro Book PDF

Author : Lars Jonung
Publisher : Routledge
Page : 463 pages
File Size : 45,7 Mb
Release : 2009-12-16
Category : Business & Economics
ISBN : 9781135354985

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Building the Financial Foundations of the Euro by Lars Jonung Pdf

First Published in 2008. Routledge is an imprint of Taylor & Francis, an informa company.

Handbook of International Economics

G.M. Grossman,Kenneth Rogoff
Handbook of International Economics Book PDF

Author : G.M. Grossman,Kenneth Rogoff
Publisher : Elsevier
Page : 902 pages
File Size : 40,7 Mb
Release : 1995-12-13
Category : Business & Economics
ISBN : 0444815473

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Handbook of International Economics by G.M. Grossman,Kenneth Rogoff Pdf

This reference accords recognition to the recent revolution in macroeconomics wrought by imperfect competition. Grossman and Rogoff (Princeton U.) present chapters by two dozen contributors on two prime areas of research interest: international trade theory and policy (e.g. strategic trade patterns and policies, the relationship between trade and technological progress), and open economy macroeconomics and international finance (covering such topics as exchange rates, foreign lending, and policy coordination). The volume commences with Krugman's overview of the positive theory of international trade, and concludes with analyses of sovereign debt. Annotation copyrighted by Book News, Inc., Portland, OR.

Handbook of International Economics

Ronald Winthrop Jones,G.M. Grossman,Peter B. Kenen,Kenneth S. Rogoff
Handbook of International Economics Book PDF

Author : Ronald Winthrop Jones,G.M. Grossman,Peter B. Kenen,Kenneth S. Rogoff
Publisher : Elsevier
Page : 896 pages
File Size : 55,6 Mb
Release : 1984
Category : Business & Economics
ISBN : 9780444828644

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Handbook of International Economics by Ronald Winthrop Jones,G.M. Grossman,Peter B. Kenen,Kenneth S. Rogoff Pdf

"This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior."--Publisher's information

2012 Spillover Report - Background Papers

International Monetary Fund
2012 Spillover Report Background Papers Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 147 pages
File Size : 50,8 Mb
Release : 2012-10-07
Category : Business & Economics
ISBN : 9781498340243

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2012 Spillover Report - Background Papers by International Monetary Fund Pdf

This note conducts a business cycle accounting analysis for systemic economies, with an emphasis on spillover effects from macroeconomic versus financial shocks. The systemic economies under consideration are China, the Euro Area, Japan, the United Kingdom, and the United States. This analysis is based on historical decompositions of output growth derived from the estimated structural macroeconometric model of the world economy, disaggregated into thirty five national economies, documented in Vitek (2012). Within this framework, each economy is represented by interconnected real, external, monetary, fiscal, and financial sectors. Spillovers are transmitted across economies via trade, financial, and commodity price linkages

International Capital Flows

Martin Feldstein
International Capital Flows Book PDF

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 43,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

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International Capital Flows by Martin Feldstein Pdf

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Handbook of Financial Integration

Guglielmo M. Caporale
Handbook of Financial Integration Book PDF

Author : Guglielmo M. Caporale
Publisher : Edward Elgar Publishing
Page : 683 pages
File Size : 54,7 Mb
Release : 2024-05-02
Category : Business & Economics
ISBN : 9781803926377

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Handbook of Financial Integration by Guglielmo M. Caporale Pdf

This comprehensive Handbook deftly examines key aspects of financial integration, providing an overview of contemporary research and new perspectives. Employing state of the art econometric methods to obtain new empirical evidence, it will be critical for designing optimal policies, and appropriate investment and risk management strategies.

Building the Financial Foundations of the Euro: Experiences and Challenges

Lars Jonung
Building the Financial Foundations of the Euro Experiences and Challenges Book PDF

Author : Lars Jonung
Publisher : Taylor & Francis
Page : 464 pages
File Size : 54,9 Mb
Release : 2024-06-14
Category : Electronic
ISBN : 9781857434866

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Building the Financial Foundations of the Euro: Experiences and Challenges by Lars Jonung Pdf

Examines the effect of the introduction of the Euro and the establishment of economic and monetary union on the financial landscape of Europe.

International Risk Sharing During the Globalization Era

Mr.Akito Matsumoto,Mr.Robert P. Flood,Ms.Nancy P. Marion
International Risk Sharing During the Globalization Era Book PDF

Author : Mr.Akito Matsumoto,Mr.Robert P. Flood,Ms.Nancy P. Marion
Publisher : International Monetary Fund
Page : 40 pages
File Size : 53,7 Mb
Release : 2009-09-01
Category : Business & Economics
ISBN : 9781451873566

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International Risk Sharing During the Globalization Era by Mr.Akito Matsumoto,Mr.Robert P. Flood,Ms.Nancy P. Marion Pdf

Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk sharing has, indeed, improved during globalization. Improved risk sharing comes mostly from the convergence in rates of consumption growth among countries rather than from synchronization of consumption at the business cycle frequency. Our finding explains why many existing measures fail to detect improved risk sharing-they focus only on risk sharing at the business cycle frequency.

Global Business Cycles

Mr.Ayhan Kose,Mr.Christopher Otrok,Mr.Eswar Prasad
Global Business Cycles Book PDF

Author : Mr.Ayhan Kose,Mr.Christopher Otrok,Mr.Eswar Prasad
Publisher : International Monetary Fund
Page : 51 pages
File Size : 42,9 Mb
Release : 2008-06-01
Category : Business & Economics
ISBN : 9781451870015

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Global Business Cycles by Mr.Ayhan Kose,Mr.Christopher Otrok,Mr.Eswar Prasad Pdf

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates-output, consumption, and investment-into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.