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Author: Julian Di Giovanni
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks to stock returns across countries and sectors using a newly constructed dataset. Our estimation strategy is based on a standard open-economy production network model that delivers a spillover pattern consistent with a spatial autoregression (SAR) process. We use the SAR model to decompose the overall impact of U.S. monetary policy on global stock returns into a direct and a network effect. We find that nearly 70% of the total impact of U.S. monetary policy shocks on country-sector stock returns are due to the network effect of global production linkages. Our results are robust to changes in the definitions of stock returns and monetary policy shocks, to controlling for correlates of the global financial cycle, foreign monetary policy shocks, and to alternative empirical specifications.
Author: Julian Di Giovanni
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We quantify the role of global production linkages in explaining spillovers of U.S. monetary policy shocks to stock returns across countries and sectors using a newly constructed dataset. Our estimation strategy is based on a standard open-economy production network model that delivers a spillover pattern consistent with a spatial autoregression (SAR) process. We use the SAR model to decompose the overall impact of U.S. monetary policy on global stock returns into a direct and a network effect. We find that nearly 70% of the total impact of U.S. monetary policy shocks on country-sector stock returns are due to the network effect of global production linkages. Our results are robust to changes in the definitions of stock returns and monetary policy shocks, to controlling for correlates of the global financial cycle, foreign monetary policy shocks, and to alternative empirical specifications.
Author: Benno Ferrarini
Publisher: Edward Elgar Publishing
ISBN: 178347209X
Category : Business & Economics
Languages : en
Pages : 393
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Book Description
This timely book deploys new tools and measures to understand how global production networks change the nature of global economic interdependence, and how that in turn changes our understanding of which policies are appropriate in this new environment.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
Switzerland: Selected Issues
Author: Thomas Farole
Publisher: World Bank Publications
ISBN: 1464801266
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
This book presents the results of a groundbreaking study on ‘spillovers’ of knowledge and technology from global value-chain oriented foreign direct investment (FDI) in Sub-Saharan Africa, and discusses implications for policymakers hoping to harness the power of FDI for economic development.
Author: Vizhdan Boranova
Publisher: International Monetary Fund
ISBN: 1616356898
Category :
Languages : en
Pages : 42
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Book Description
Cars in Europe: Supply Chains and Spillovers during COVID-19 Times
Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814953
Category : Business & Economics
Languages : en
Pages : 511
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Book Description
Global value chains (GVCs) powered the surge of international trade after 1990 and now account for almost half of all trade. This shift enabled an unprecedented economic convergence: poor countries grew rapidly and began to catch up with richer countries. Since the 2008 global financial crisis, however, the growth of trade has been sluggish and the expansion of GVCs has stalled. Meanwhile, serious threats have emerged to the model of trade-led growth. New technologies could draw production closer to the consumer and reduce the demand for labor. And trade conflicts among large countries could lead to a retrenchment or a segmentation of GVCs. World Development Report 2020: Trading for Development in the Age of Global Value Chains examines whether there is still a path to development through GVCs and trade. It concludes that technological change is, at this stage, more a boon than a curse. GVCs can continue to boost growth, create better jobs, and reduce poverty provided that developing countries implement deeper reforms to promote GVC participation; industrial countries pursue open, predictable policies; and all countries revive multilateral cooperation.
Author: Laurent Ferrara
Publisher: Springer
ISBN: 3319790757
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264765506
Category :
Languages : en
Pages : 215
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Book Description
The multidimensional and intergenerational nature of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs) calls for integrated policies. Progress made in a particular social, economic or environmental area or individual goal may generate synergies and trade-offs across dimensions (spillover effects), and steps taken in one country could have positive or negative impacts beyond national borders (transboundary effects).
Author: Jeffrey Neilson
Publisher: Routledge
ISBN: 1317533658
Category : Political Science
Languages : en
Pages : 273
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Book Description
The global economic system is experiencing a profound period of rapid change. The emergence of globalised production and distribution systems, which bring together diverse constellations of economic actors through a complex regime of global corporate governance, state regulation and new international divisions of labour, demands corresponding and innovative explanatory models. Global value chains (GVCs) and global production networks (GPNs) have been particularly useful as conceptual frameworks for understanding the global market engagement of firms, regions and nations. This book examines the rise of GVCs and GPNs as dominant features of the international political economy. It brings together leading thinkers in the field and sets out new directions for future scholarship in understanding the contemporary global economic system. In doing so, this book makes a significant contribution to our understanding of the international political economy and the global economic system in the post-Washington Consensus era of contemporary capitalism. This book was published as a special issue of the Review of International Political Economy.
Author: Naoto Jinji
Publisher: Springer Nature
ISBN: 9811652104
Category : Economic history
Languages : en
Pages : 191
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Book Description
This open access book explores the impact of deep regional economic integration on spillovers of knowledge and technology across countries. Deep integration through signing deep regional trade agreements (DRTAs), which cover various policy areas in addition to tariff reductions, may or may not facilitate technology spillovers among their signatories. To understand the mechanism of the impact of deep integration on technology spillovers, this book starts by analyzing the behavior of global firms. Factors that affect global firms' activities, such as export, foreign direct investment (FDI), offshore outsourcing, are examined. Micro data on Japanese firms are employed for the analysis. Then, the relationships between bilateral trade patterns and technology spillovers and between types of FDI and technology spillovers are investigated in detail. Patent citation data are used to measure technology spillovers. Finally, the impact of DRTAs on international technology spillovers is analyzed. This book is highly recommended to readers who are interested in the effects of deep regional integration, including academic scholars, policymakers, and graduate students. [Resumen de la editorial]
