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For a Few Dollars More : Reserves and Growth in Times of Crises

Bussière, Matthieu - 2014

Based on a dataset of 112 emerging economies and developing countries, this paper addresses two key questions regarding the accumulation of international reserves: first, has the accumulation of reserves effectively protected countries during the 2008-09 financial crisis? And second, what...

Persistent link: https://www.econbiz.de/10012458872

Latin America and East Asia in the Context of an Insurance Model of Currency Crises

Chinn, Menzie D. - 1999

This paper focuses on the 1995 Latin American and 1997 East Asian crises using an insurance-based model of financial crises. First the model of Dooley (forthcoming) is described. Second, some empirical evidence for an insurance model is presented. The key variables in this approach include the...

Persistent link: https://www.econbiz.de/10012471706

Exchange Rate Volatility and the Credit Channel in Emerging Markets : A Vertical Perspective

Caballero, Ricardo - 2004

Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...

Persistent link: https://www.econbiz.de/10012468176

International and Domestic Collateral Constraints in a Model of Emerging Market Crises

Caballero, Ricardo - 2000

We build a model of emerging markets crises which features two types of collateral constraints. Firms in a domestic economy have limited borrowing capacity from international investors. They also have limited borrowing capacity with respect to each other. We study how the presence of and changes...

Persistent link: https://www.econbiz.de/10012470765

Productivity and the Euro-Dollar Exchange Rate Puzzle

Alquist, Ron - 2002

This paper documents the evidence for a productivity based model of the dollar/euro real exchange rate over the 1985 … the Johansen (1988) and Stock-Watson (1993) procedures. We find that each percentage point in the US-Euro area … estimation methodology, the variables included in the regression, and the sample period. We conjecture that productivity …

Persistent link: https://www.econbiz.de/10012469891

Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma

Aizenman, Joshua - 2010

Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...

Persistent link: https://www.econbiz.de/10012462774

Traders, Market Microstructure and Exchange Rate Dynamics

Cheung, Yin-Wong - 1999

We report findings from a survey of United States foreign exchange traders. Our results indicate that: (i) The share of customer business, versus interbank business, has remained fairly constant; (ii) The channels by which transactions take place have changed, as electronically-brokered...

Persistent link: https://www.econbiz.de/10012471365

Financial System Risk and Flight to Quality

Caballero, Ricardo - 2005

We present a model of flight to quality episodes that emphasizes financial system risk and the Knightian uncertainty surrounding these episodes. In the model, agents are uncertain about the probability distribution of shocks in markets different from theirs, treating such uncertainty as...

Persistent link: https://www.econbiz.de/10012466837

Fear of Sudden Stops : Lessons from Australia and Chile

Caballero, Ricardo - 2004

Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden stops of capital inflow. In this paper we explore ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the...

Persistent link: https://www.econbiz.de/10012468174

A "Vertical" Analysis of Crises and Intervention : Fear of Floating and Ex-ante Problems

Caballero, Ricardo - 2001

Emerging economies are prone to crises triggered by external shocks. During these crises, should the central bank stabilize the currency or domestic interest rates? If the choice is outside the central bank's control, as in a currency board, are there good policy substitutes? We argue that these...

Persistent link: https://www.econbiz.de/10012470291