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Balance Sheet Effects on Monetary and Financial Spillovers : The East Asian Crisis Plus 20

Aizenman, Joshua - 2016

We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other … euro) makes the response of a financial variable such as the REER and exchange market pressure in the PHs more sensitive to … a change in key variables in the U.S. (or the euro area) such as policy interest rates and the REER. While having more …

Persistent link: https://www.econbiz.de/10012455943

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

Emerging Market Crises : An Asset Markets Perspective

Caballero, Ricardo J. - 1998

Although internal policy mismanagements can be cited in most recent emerging market crises, they seldom account fully for the severity of these crises. The reluctance of international investors to provide the resources that would limit the extent of the reversal almost invariably plays a key...

Persistent link: https://www.econbiz.de/10012471969

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

Contingent Reserves Management : An Applied Framework

Caballero, Ricardo J. - 2004

One of the most serious problems that a central bank in an emerging market economy can face, is the sudden reversal of capital inflows. Hoarding international reserves can be used to smooth the impact of such reversals, but these reserves are seldom sufficient and always expensive to hold. In...

Persistent link: https://www.econbiz.de/10012467904

A Dual Liquidity Model for Emerging Markets

Caballero, Ricardo J. - 2002

The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...

Persistent link: https://www.econbiz.de/10012469957

Dollarization of Liabilities : Underinsurance and Domestic Financial Underdevelopment

Caballero, Ricardo J. - 2000

While there is still much disagreement on the causes underlying recent emerging markets' crises, one factor that most observers have agreed upon is that contracting dollar' (foreign currency) denominated external debt as opposed to domestic currency debt created balance sheet mismatches that led...

Persistent link: https://www.econbiz.de/10012470958

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

The "Other" Imbalance and the Financial Crisis

Caballero, Ricardo J. - 2010

One of the main economic villains before the crisis was the presence of large "global imbalances." The concern was that the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep recession. However, when the crisis finally did come, the...

Persistent link: https://www.econbiz.de/10012463014