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Burger, John D. - 2010

We assess the development of local currency bond markets in emerging market economies (EMEs). Supported by policies and laws that helped to improve macroeconomic stability and creditor rights, many local currency EME bond markets have grown substantially over the past decade and have also...

Persistent link: https://www.econbiz.de/10012462406

Financial Globalization, Financial Crises and Contagion

Mendoza, Enrique G. - 2009

financial institutions and asset markets. Using an open-economy model where financial intermediaries play a central role, we …

Persistent link: https://www.econbiz.de/10012463217

Global Business Cycles : Convergence or Decoupling?

Kose, M. Ayhan - 2008

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose...

Persistent link: https://www.econbiz.de/10012464278

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 …

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

Inflation Targeting and Sudden Stops

Caballero, Ricardo J. - 2003

Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for insurance' rather than for aggregate demand reasons. In this environment, a central bank...

Persistent link: https://www.econbiz.de/10012469099

Why Should Emerging Economies Give up National Currencies : A Case for 'Institutions Substitution'

Mendoza, Enrique G. - 2002

explosive mix of lack of policy credibility and world capital market imperfections that afflict emerging economies with national …

Persistent link: https://www.econbiz.de/10012469764

Benchmarking Portfolio Flows

Burger, John D. - 2018

To gauge the amount of portfolio inflows a country can expect to receive, we create a benchmark, a longer-term baseline path around which actual flows fluctuate. The relationship between our benchmark and actual flows is quite strong for emerging market economies (EMEs). For our sample of 28...

Persistent link: https://www.econbiz.de/10012452960

World Shocks, World Prices, and Business Cycles : An Empirical Investigation

Fernández, Andrés - 2016

intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …

Persistent link: https://www.econbiz.de/10012455847

Global Cycles : Capital Flows, Commodities, and Sovereign Defaults, 1815-2015

Reinhart, Carmen M. - 2016

Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to connect their timing. We date turning points in global capital flows and commodity prices across two centuries and provide estimates from alternative data...

Persistent link: https://www.econbiz.de/10012456715

Political Booms, Financial Crises

Herrera, Helios - 2014

We show that political booms, measured by the rise in governments' popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging...

Persistent link: https://www.econbiz.de/10012458321