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Author : Galina Hale
Release : 2020
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis by : Galina Hale
Download or read book Currency-Induced External Balance Sheet Effects at the Onset of the COVID-19 Crisis written by Galina Hale. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Galina Hale
Release : 2021
Genre : COVID-19 (Disease)
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis External Balance Sheets and the COVID-19 Crisis by : Galina Hale
Download or read book External Balance Sheets and the COVID-19 Crisis written by Galina Hale. This book was released on 2021. Available in PDF, EPUB and Kindle. Book excerpt: At the onset of the COVID-19 economic crisis, as in other crisis episodes, the flight to safety was accompanied by a rapid appreciation of "safe haven" currencies. We quantify currency-induced balance sheet effects for total external positions as well as for individual asset classes using new data on the currency composition of cross-border assets for 48 countries for the first quarter as well as full year 2020. For the first quarter of 2020 we also conduct the stock-flow reconciliation of net international investment positions to measure overall valuation effects. We show that for many countries currency-induced valuation gains mitigated losses that resulted from declining asset prices in the first quarter of 2020. Moreover, for countries with excess capital outflows during this period, the impacts on external balance sheet positions were mitigated by valuation gains. This is because, in contrast with past financial crises, many emerging markets did not experience negative external balance sheet effects from their currency depreciation, partly due to currency-induced valuation gains on equity positions offsetting losses on debt positions, partly due to reduced currency mismatch on their external debt positions.
Author : Mr.Christian H Ebeke
Release : 2021-03-02
Genre : Business & Economics
Kind : eBook
Book Rating : 919/5 ( reviews)
Book Synopsis Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies by : Mr.Christian H Ebeke
Download or read book Corporate Liquidity and Solvency in Europe during COVID-19: The Role of Policies written by Mr.Christian H Ebeke. This book was released on 2021-03-02. Available in PDF, EPUB and Kindle. Book excerpt: The spread of COVID-19, containment measures, and general uncertainty led to a sharp reduction in activity in the first half of 2020. Europe was hit particularly hard—the economic contraction in 2020 is estimated to have been among the largest in the world—with potentially severe repercussions on its nonfinancial corporations. A wave of corporate bankruptcies would generate mass unemployment, and a loss of productive capacity and firm-specific human capital. With many SMEs in Europe relying primarily on the banking sector for external finance, stress in the corporate sector could easily translate into pressures in the banking system (Aiyar et al., forthcoming).
Author : Mirko Licchetta
Release : 2009
Genre :
Kind : eBook
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Book Synopsis Common Determinants of Currency Crises by : Mirko Licchetta
Download or read book Common Determinants of Currency Crises written by Mirko Licchetta. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cem Çakmaklı
Release : 2020
Genre :
Kind : eBook
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Book Synopsis COVID-19 and Emerging Markets by : Cem Çakmaklı
Download or read book COVID-19 and Emerging Markets written by Cem Çakmaklı. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model to Turkey. Sectoral supply shocks are based on the proximity requirements in each sector and the ability to work from home. Physical proximity determines the supply shock through its effect on infection rates. Sectoral demand shocks incorporate domestic and foreign demand, both of which adjust with infection rates. We calibrate demand shocks during COVID-19 using real-time credit card purchase data. Our results show that the optimal policy, which yields the lowest economic cost and saves the maximum number of lives, can be achieved under a full lockdown of 39 days. Economic costs are much larger for an open economy as the shocks are amplified through the international production network. A decline in foreign demand leads to losses in domestic sectors through international input-output linkages, accounting for a third of the total output loss. In addition, the reduction in capital flows deprives the network from its trade financing needs, where sectors with larger external finance needs experience larger losses. The policy options are limited given sparse fiscal resources to fight the pandemic domestically, while serving the external debt. We present historical evidence from 2001 crisis of Turkey, when fiscal, monetary and exchange rate policies were employed altogether to deal with a triple crisis of balance of payments, banking, and sovereign debt
