Pub Date : 2023-02-14DOI: 10.1007/s10290-023-00493-6
Eiji Fujii
For emerging economies, borrowing abroad is a double-edged sword: it can buffer against adverse economic shocks and smooth their domestic consumption; however, it can also amplify volatility in consumption, depending on the currency in which the debt is denominated and cyclicality in the borrower’s exchange rate. We empirically investigate the nexus among external debt portfolios, exchange rate cyclicality, and volatility in consumption of low- and middle-income countries. Since 1980, many countries have concentrated their external debt portfolios’ currency composition. By constructing debt-weighted effective exchange rates, we find that currency concentration magnifies exchange rate pro-cyclicality, making domestic consumption more volatile when national income fluctuates. Our results endorse diversifying the currency composition of external debt to mitigate the negative consequences of “original sin.”
{"title":"Currency concentration in sovereign debt, exchange rate cyclicality, and volatility in consumption","authors":"Eiji Fujii","doi":"10.1007/s10290-023-00493-6","DOIUrl":"https://doi.org/10.1007/s10290-023-00493-6","url":null,"abstract":"For emerging economies, borrowing abroad is a double-edged sword: it can buffer against adverse economic shocks and smooth their domestic consumption; however, it can also amplify volatility in consumption, depending on the currency in which the debt is denominated and cyclicality in the borrower’s exchange rate. We empirically investigate the nexus among external debt portfolios, exchange rate cyclicality, and volatility in consumption of low- and middle-income countries. Since 1980, many countries have concentrated their external debt portfolios’ currency composition. By constructing debt-weighted effective exchange rates, we find that currency concentration magnifies exchange rate pro-cyclicality, making domestic consumption more volatile when national income fluctuates. Our results endorse diversifying the currency composition of external debt to mitigate the negative consequences of “original sin.”","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135797454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-08DOI: 10.1007/s10290-023-00495-4
Tao Liu, Dongzhou Mei, Zihan Chen
{"title":"Financial openness and cross-border capital flows: perspectives from terrorist attacks as exogenous shocks","authors":"Tao Liu, Dongzhou Mei, Zihan Chen","doi":"10.1007/s10290-023-00495-4","DOIUrl":"https://doi.org/10.1007/s10290-023-00495-4","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42994833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-08DOI: 10.1007/s10290-022-00492-z
Qilin Mao, Jiayun Xu
{"title":"WTO accession, input trade liberalization and employment adjustment in Chinese manufacturing","authors":"Qilin Mao, Jiayun Xu","doi":"10.1007/s10290-022-00492-z","DOIUrl":"https://doi.org/10.1007/s10290-022-00492-z","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"1 1","pages":"1-53"},"PeriodicalIF":1.7,"publicationDate":"2023-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42467672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-31DOI: 10.1007/s10290-022-00490-1
Felipe Benguria
{"title":"The global impact of the US–China trade war: firm-level evidence","authors":"Felipe Benguria","doi":"10.1007/s10290-022-00490-1","DOIUrl":"https://doi.org/10.1007/s10290-022-00490-1","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47668643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-24DOI: 10.1007/s10290-022-00491-0
Małgorzata Walerych
{"title":"The aggregate and redistributive effects of emigration","authors":"Małgorzata Walerych","doi":"10.1007/s10290-022-00491-0","DOIUrl":"https://doi.org/10.1007/s10290-022-00491-0","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44879154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-28DOI: 10.1007/s10290-022-00487-w
Marco Hernandez-Vega
{"title":"How relevant are capital flows for house prices in emerging economies?","authors":"Marco Hernandez-Vega","doi":"10.1007/s10290-022-00487-w","DOIUrl":"https://doi.org/10.1007/s10290-022-00487-w","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"1 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43988148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-23DOI: 10.1007/s10290-022-00486-x
Brahim Bergougui, S. Murshed
{"title":"A sectoral analysis of institutional quality and foreign direct investment in Mena countries: does sector type matter?","authors":"Brahim Bergougui, S. Murshed","doi":"10.1007/s10290-022-00486-x","DOIUrl":"https://doi.org/10.1007/s10290-022-00486-x","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45938811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-19DOI: 10.1007/s10290-022-00489-8
Léa Marchal, Giulia Sabbadini
{"title":"Immigrant workers and firm resilience on the export market","authors":"Léa Marchal, Giulia Sabbadini","doi":"10.1007/s10290-022-00489-8","DOIUrl":"https://doi.org/10.1007/s10290-022-00489-8","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48582339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-30DOI: 10.1007/s10290-022-00485-y
Toshiyuki Matsuura, H. Saito
{"title":"Foreign direct investment and labor demand by skill in Indonesian manufacturing firms","authors":"Toshiyuki Matsuura, H. Saito","doi":"10.1007/s10290-022-00485-y","DOIUrl":"https://doi.org/10.1007/s10290-022-00485-y","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44175819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-26DOI: 10.1007/s10290-022-00482-1
Ahmed Boutorat, Loe Franssen
{"title":"Economic missions and firm internationalization: evidence from the Netherlands","authors":"Ahmed Boutorat, Loe Franssen","doi":"10.1007/s10290-022-00482-1","DOIUrl":"https://doi.org/10.1007/s10290-022-00482-1","url":null,"abstract":"","PeriodicalId":47405,"journal":{"name":"Review of World Economics","volume":"159 1","pages":"787 - 826"},"PeriodicalIF":1.7,"publicationDate":"2022-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49401961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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