international capital flowsat thezero lower bound
DESCRIPTION
Catherine MannTRANSCRIPT
International Capital Flows at the
Zero Lower Bound
Catherine L. Mann Rosenberg Professor of Global Finance,
Interna:onal Business School, Brandeis University Visi:ng Scholar Federal Reserve Bank of Boston
Global Interdependence Center, Milan May 2013
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Fed vs Foreign Purchases at ZLB
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Bid-Cover at ZLB Lots of bids… But wanted higher interest rate than outcome… except LT
Bidder Allocation at ZLB: Falling share international/rising investment fund
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Foreign Gross Flows at ZLB UST dominate in ZLB regime … no increase in risky assets
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Foreign Gross Flows at the ZLB private through financial centers drive trends
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Foreign Net Flows at ZLB UST Official dominate post crisis; some return to risk?
Bank flows reflect rolling geography of crisis and risk attitude
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Foreign Official Portfolio at ZLB increasing share, lengthening 3-6yr duration
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Official Portfolio at ZLB Official had wanted higher yield… will they again?
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