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Boom-Bust Cycles in Middle Income Countries : Facts and Explanation

Tornell, Aaron; Westermann, Frank - 2021

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...

Persistent link: https://www.econbiz.de/10013240937

Taylor Rule Exchange Rate Forecasting During the Financial Crisis

Molodtsova, Tanya - 2012

interest rate in response to inflation and either the output or the unemployment gap, for the euro/dollar exchange rate with …

Persistent link: https://www.econbiz.de/10013101336

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/10013061062

Lessons Unlearned? Corporate Debt in Emerging Markets

Alfaro, Laura - 2017

This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...

Persistent link: https://www.econbiz.de/10012956372

Economic and Financial Crises in Emerging Market Economies : Overview of Prevention and Management

Feldstein, Martin S. - 2021

This is the introductory chapter to an NBER conference volume that examined the lessons to be drawn from the financial and currency crises of the late 1990s. The paper does not attempt to summarize the specific content of that meeting but provides the author's personal conclusions about crisis...

Persistent link: https://www.econbiz.de/10013245699

Emerging Market Crises : an Asset Markets Perspective

Caballero, Ricardo J. - 2010

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/10012763359

The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets

Aizenman, Joshua - 2019

Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro … zone, UK, and Japan, and issue more debt denominated in the big four currencies (US dollar, euro, pound, yen) hoard more IR … economic factors. We also find that TARGET2 balances matter for the currency composition in the euro zone; commodity …

Persistent link: https://www.econbiz.de/10012868738

Contagion : How to Measure it?

Rigobon, Roberto - 2021

The empirical literature on contagion has mainly measured the propagation of shocks across countries using daily stock markets, interest rates, and exchange rates. Several methodologies have been used for this purpose, however, the properties of the data introduces important limitations on the...

Persistent link: https://www.econbiz.de/10013243366

Credit, Prices, and Crashes : Business Cycles with a Sudden Stop

Mendoza, Enrique G. - 2001

The 1990s emerging-markets crises were characterized by sudden reversals in inflows of foreign capital followed by unusually large declines in current account deficits, private expenditures, production, and prices of nontradable goods relative to tradables. This paper shows that these Sudden...

Persistent link: https://www.econbiz.de/10012787676

Identifying Exchange Rate Common Factors

Greenaway-McGrevy, Ryan - 2017

-factor model. We identify them as a dollar factor and a euro factor. Exchange rates are thus driven by global, US, and Euro …

Persistent link: https://www.econbiz.de/10012948925