The Causes of Trade Tensions and their Consequences for Financial Stability

Andrew K. Rose

I have two objectives in this short paper. First, I explore some of the reasons why the world is currently experiencing so much tension associated with internat...

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DOI: https://doi.org/10.22904/sje.2020.33.3.001

The Global Role of the United States and China

M. Ayhan Kose, Csilla Lakatos, Franziska Ohnsorge, Marc Stocker

Economic developments in the United States and China, the world’s two largest economies, can have effects far beyond their shores. A slowdown in these economies...

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DOI: https://doi.org/10.22904/sje.2020.33.3.002

The Global Pandemic, Policy Space and Fiscal Rules to Achieve Stronger Stabilization Policies

Michael M. Hutchison

The world economy was slowing prior to the onset of the Covid-19 pandemic. The slowdown began after a record-long period of expansion marked with record lows in...

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DOI: https://doi.org/10.22904/sje.2020.33.3.003

Korea’s Patterns of Trade

Jean Imbs, Laurent L. Pauwels

Imbs and Pauwels (2020) introduce a measure of openness based on indirect trade. This paper illustrates the differences in the Korean patterns of trade when ope...

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DOI: https://doi.org/10.22904/sje.2020.33.3.004

Response of Bank Loans to the Bank of Japan’s Quantitative and Qualitative Easing Policy: A Panel Data Analysis

Etsuro Shioji

In recent years, many central banks around the world have conducted quantitative easing, namely a massive expansion of their balance sheets. This paper studies ...

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DOI: https://doi.org/10.22904/sje.2020.33.3.005

Global Business and Financial Cycles: A Tale of Two Capital Account Regimes

Julien Acalin, Alessandro Rebucci

Using a new equity price-based measure of the global financial cycle, this paper evaluates the relative importance of global financial shocks for quarterly equi...

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DOI: https://doi.org/10.22904/sje.2020.33.3.006

Plausibility of Local Currency Contribution to the CMIM

Soyoung Kim, Woongji Im

This study assesses the plausibility of local currency contribution to the Chiang Mai Initiative Multilateralization (CMIM) arrangement. First, we investigate t...

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DOI: https://doi.org/10.22904/sje.2020.33.3.007