scholarly journals International credit markets and global business cycles

2018 ◽  
Vol 15 (1) ◽  
pp. 53-75
Author(s):  
Patrick A. Pintus ◽  
Yi Wen ◽  
Xiaochuan Xing
Keyword(s):  
Business Cycles ◽  
Credit Markets ◽  
Global Business ◽  
International Credit

scholarly journals International Credit Markets and Global Business Cycles

2018 ◽  
Author(s):  
Yi Wen ◽  
Xiaochuan Xin ◽  
Patrick A. Pintus
Keyword(s):  
Business Cycles ◽  
Credit Markets ◽  
Global Business ◽  
International Credit

scholarly journals GLOBAL BUSINESS CYCLES: CONVERGENCE OR DECOUPLING?*

2012 ◽  
Vol 53 (2) ◽  
pp. 511-538 ◽  
Author(s):  
M. Ayhan Kose ◽  
Christopher Otrok ◽  
Eswar Prasad
Keyword(s):  
Business Cycles ◽  
Global Business

scholarly journals Anatomy Of The Southern African Customs Union: Structure And Revenue Volatility

2014 ◽  
Vol 13 (1) ◽  
pp. 145
Author(s):  
Harold P. E. Ngalawa
Keyword(s):  
South Africa ◽  
Business Cycles ◽  
Revenue Sharing ◽  
Downward Trend ◽  
Current Status ◽  
Customs Union ◽  
Global Business ◽  
Trading Bloc ◽  
Revenue Volatility ◽  
Union Structure

This paper studies the evolution of the Southern African Customs Union (SACU), tracing it from its inception in 1889 as the Customs Union Convention, the worlds first customs union, to its current status. While the union has operated under different agreements, which have been negotiated and renegotiated with changing circumstances, the study identifies the agreements of 1889, 1910, 1969 and 2002 as key to the unions transformation. It is observed that SACU has evolved from a geopolitical organisation with a repressive colonial foundation to a well-integrated regional trading bloc that is perceived as a possible springboard for larger regional trading blocs in Africa. The study further explores evidence of declining SACU revenue and investigates its implications on government expenditures in the small members of the union; namely, Botswana, Lesotho, Namibia and Swaziland (BLNS countries). It is found that among the members of the union, Lesotho and Swaziland are the most dependent on SACU transfers and, consequently, the most vulnerable to the current downward trend in SACU revenue. While Namibia has traditionally relied on diamond exports, it has also been receiving large SACU transfers relative to its GDP. In addition, the study observes that the present SACU revenue sharing formula adopted in 2002 exposes the BLNS countries to instabilities arising from global business cycles more than it does South Africa.

Economic coercion and the problem of sanctions-proofing

2018 ◽  
Vol 37 (4) ◽  
pp. 385-408 ◽  
Author(s):  
Menevis Cilizoglu ◽  
Navin A Bapat
Keyword(s):  
Interest Rates ◽  
Credit Markets ◽  
Credit Ratings ◽  
Economic Costs ◽  
High Interest ◽  
International Credit ◽  
Economic Coercion ◽  
Target States ◽  
Borrowing Cost ◽  
Do So

Although sanctions generate economic costs, target states may “sanctions-proof” their regime by borrowing capital from abroad. While some targets obtain interest-free capital from black knight states, others may need to borrow with interest from international credit markets. These interest rates may sometimes make borrowing cost-prohibitive, giving targets no choice but to acquiesce to the demands of the sender. However, since senders cannot observe if black knight states are assisting target states, targets have an incentive to misrepresent their source of external capital. In an effort to deter sanctions, targets that must borrow at high interest rates may signal that they have black knight support and are sanctions-proofed. We formally and empirically demonstrate that in this uncertain environment, senders are more likely to impose sanctions on targets with low credit ratings, but only do so if the target places a relatively low value on uninterrupted economic transactions with the sender.

Global Business Cycles

2015 ◽  
pp. 200-232
Author(s):  
Francis X. Diebold ◽  
Yilmaz Kamil
Keyword(s):  
Business Cycles ◽  
Global Business

International credit market integration in northwestern Europe in the 1670s

2019 ◽  
Vol 26 (2) ◽  
pp. 127-145
Author(s):  
Ling-Fan Li
Keyword(s):  
Exchange Rate ◽  
Transaction Cost ◽  
Financial Market ◽  
Market Integration ◽  
Credit Markets ◽  
Credit Market ◽  
Disruptive Effect ◽  
Speed Of Adjustment ◽  
Financial Market Integration ◽  
International Credit

This article studies the financial market integration in the 1670s by examining the effectiveness of triangular exchange arbitrage. The results suggest that international credit markets based on bills of exchange in northwestern Europe were well integrated and responded to exchange-rate differences quickly. The speed of adjustment, ranging between one and three weeks, accorded with the speed of communication, but the transaction cost associated with exchange arbitrage was much lower than that of shipping bullion. Although warfare had a disruptive effect on exchange arbitrage by increasing transaction cost, markets were resilient in remaining efficient.

scholarly journals Global Business Cycles: Convergence or Decoupling?

2008 ◽  
Author(s):  
M. Ayhan Kose ◽  
Christopher Mark Otrok ◽  
Eswar S. Prasad
Keyword(s):  
Business Cycles ◽  
Global Business
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