http://www.bis.org/cbhub/list/author/author_2642/index.rss Research hub papers by author Andrei Zlate en http://www.federalreserve.gov/pubs/ifdp/2012/1059/ifdp1059.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Ricardo Correa, Horacio Sapriza, and Andrei Zlate Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis 2012-11-10T06:23:59Z Ricardo Correa, Horacio Sapriza, and Andrei Zlate. This paper documents a new type of cross-border bank lending channel. The deepening of the European sovereign debt crisis in 2011 restrained the financial intermediation of European banks in the United States. In this period, some of the U.S. branches of European banks faced a dollar liquidity shock-due to their perceived risk reflecting the sovereign risk of their countries of origin-which in turn affected the branches' lending to U.S. entities. We use a novel dataset to analyze the operations of branches of foreign banks in the United States. Our results show that: (1) The U.S. branches of European banks experienced a run on their deposits, mainly from U.S. money market funds. (2) The branches with curtailed access to large time deposits relied more on funding from their own parent institutions, thus shifting from being net suppliers to being net receivers of dollar funding from their related offices. (3) Since the additional funding received from parent institutions was not enough to offset the decreased access to U.S. funding, such branches reduced their lending to U.S. entities. Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis 2012-11-10T06:23:59Z Abstract http://www.federalreserve.gov/pubs/ifdp/2012/1059/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2012/1059/ifdp1059.pdf Andrei Zlate Horacio Sapriza Ricardo Correa Ricardo Correa, Horacio Sapriza, and Andrei Zlate 2012-11-08 Board of Governors of the Federal Reserve System International Financial Discussion Papers http://www.federalreserve.gov/pubs/ifdp/2011/1020/ifdp1020.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate Trade Credit and International Trade During the 2008-09 Global Financial Crisis 2011-06-28T06:25:00Z Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate. This paper studies the role of the credit crunch in the severe contraction of trade and economic activity at the height of the 2008-09 global financial crisis, using firm-level data from six emerging market economies in Asia. We construct firm-specific measures of global demand, which allow us to disentangle the effect of falling demand from that of financial constraints on sales. The results indicate that: (1) Although the fall in demand adversely affected the sales of all firms during the crisis, sales declined by less for firms with better pre-crisis financial conditions. (2) In the face of the decline in external financing opportunities, some firms relied more on trade credit from suppliers to supplement operating capital during the crisis, which allowed them to post relatively better sales. (3) Export-intensive firms with comparable financial vulnerability resorted less to trade credit as an alternative source of finance, and hence experienced sharper declines in sales than the domestically-oriented firms. These findings point to the presence of credit frictions among the factors that contributed to the disproportionately large decline in international trade during the crisis. Trade Credit and International Trade During the 2008-09 Global Financial Crisis 2011-06-28T06:25:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2011/1020/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2011/1020/ifdp1020.pdf Andrei Zlate Horacio Sapriza Brahima Coulibaly Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate 2011-06-27 Board of Governors of the Federal Reserve System International Financial Discussion Papers http://www.federalreserve.gov/pubs/ifdp/2010/998/ifdp998.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Federico Mandelman and Andrei Zlate Immigration, Remmittances and Business Cycles 2010-06-25T17:46:00Z Federico Mandelman and Andrei Zlate. We use data on border enforcement and macroeconomic indicators from the U.S. and Mexico to estimate a two-country business cycle model of labor migration and remittances. The model matches the cyclical dynamics of labor migration to the U.S. and documents how remittances to Mexico serve an insurance role to smooth consumption across the border. During expansions in the destination economy, immigration increases with the expected stream of future wage gains, but it is dampened by a sunk migration cost that re?ects the intensity of border enforcement. During recessions, established migrants are deterred from returning to their country of origin, which places an additional downward pressure on the wage of native unskilled workers. Thus, migration barriers reduce the ability of the stock of immigrant labor to adjust during the cycle, enhancing the volatility of unskilled wages and remittances. We quantify the welfare implications of various immigration policies for the destination economy. Immigration, Remmittances and Business Cycles 2010-06-25T17:46:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2010/998/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2010/998/ifdp998.pdf Andrei Zlate Federico S. Mandelman Federico Mandelman and Andrei Zlate 2010-06-14 Board of Governors of the Federal Reserve System International Financial Discussion Papers F22 F41 http://www.federalreserve.gov/pubs/ifdp/2010/995/ifdp995.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Andrei Zlate Offshore Production and Business Cycle Dynamics with Heterogeneous Firms 2010-03-29T17:42:00Z Andrei Zlate. Cross-country variation in production costs encourages the relocation of production facilities to other countries, a process known as offshoring through vertical foreign direct investment. I examine the effect of offshoring on the international transmission of business cycles. Unlike the existing macroeconomic literature, I distinguish between fluctuations in the number of offshoring firms (the extensive margin) and in the value added per offshoring firm (the intensive margin) as separate transmission mechanisms. The firms' decision to produce offshore depends on the firm-specific level of labor productivity, on fluctuations in the relative cost of effective labor, and on the fixed and trade costs of offshoring. The model replicates the procyclical pattern of offshoring and the dynamics along its two margins, which I document using data from U.S. manufacturing and Mexico's maquiladora sectors. Oshoring enhances the synchronization of business cycles, and dampens the real exchange rate appreciation generated by aggregate productivity dierentials across countries. Offshore Production and Business Cycle Dynamics with Heterogeneous Firms 2010-03-29T17:42:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2010/995/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2010/995/ifdp995.pdf Andrei Zlate Andrei Zlate 2010-03-14 Board of Governors of the Federal Reserve System International Financial Discussion Papers http://www.frbatlanta.org/filelegacydocs/wp0825.pdf Atlanta Fed Working papers by Federico S. Mandelman and Andrei Zlate Immigration and the Macroeconomy 2008-11-14T17:40:59Z Immigration and the Macroeconomy 2008-11-14T17:40:59Z Abstract http://www.frbatlanta.org/invoke.cfm?objectid=928DA816-5056-9F12-121624E4FE20EAB7&method=display Full text http://www.frbatlanta.org/filelegacydocs/wp0825.pdf Federico S. Mandelman Andrei Zlate Federico S. Mandelman and Andrei Zlate 2008-11 Atlanta Fed Working papers http://www.ecb.int/pub/pdf/scpops/ecbocp86.pdf European Central Bank Occasional papers by Magdalena Morgese Borys, Éva Katalin Polgár and Andrei Zlate Real convergence and the determinants of growth in EU candidate and potential candidate countries: a panel data approach 2008-06-12T17:34:59Z Real convergence and the determinants of growth in EU candidate and potential candidate countries: a panel data approach 2008-06-12T17:34:59Z ECB Full text http://www.ecb.int/pub/pdf/scpops/ecbocp86.pdf Éva Katalin Polgár Magdalena Morgese Borys Andrei Zlate Magdalena Morgese Borys, Éva Katalin Polgár and Andrei Zlate 2008-06 European Central Bank Occasional papers