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Calvo, Guillermo; Reinhart, Carmen - National Bureau of Economic Research (NBER) - 2000

In recent years, many countries have suffered severe financial crises, producing a staggering toll on their economies, particularly in emerging markets. One view blames fixed exchange rates-- soft pegs'--for these meltdowns. Adherents to that view advise countries to allow their currency to...

Persistent link: https://www.econbiz.de/10005828836

Twin Fallacies About Exchange Rate Policy in Emerging Markets

Reinhart, Carmen; Reinhart, Vincent R. - National Bureau of Economic Research (NBER) - 2003

by an inflation target for the central bank) or a hard (preferably irrevocable) peg. The second, seemingly unrelated …

Persistent link: https://www.econbiz.de/10005777593

Financial Markets in Times of Stress

Kaminsky, Graciela Laura; Reinhart, Carmen - National Bureau of Economic Research (NBER) - 2001

In this paper, we examine which markets are most synchronized internationally and exhibit the greater extent of comovement. We focus on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. Our sample covers thirty-five developed and emerging market...

Persistent link: https://www.econbiz.de/10005777818

Addicted to Dollars

Reinhart, Carmen; Rogoff, Kenneth S; Savastano, Miguel A. - National Bureau of Economic Research (NBER) - 2003

Dollarization, in a broad sense, is increasingly a defining characteristic of many emerging market economies. How important is this trend quantitatively and how important is it for the conduct of monetary policy and the choice of exchange rate regimes? Though these questions have become a hot...

Persistent link: https://www.econbiz.de/10005778356

Default, Currency Crises and Sovereign Credit Ratings

Reinhart, Carmen - National Bureau of Economic Research (NBER) - 2002

Sovereign credit ratings play an important role in determining the terms and the extent to which countries have access to international capital markets. In principle, there is no reason why changes in sovereign credit ratings should be expected to systematically predict a currency crisis. In...

Persistent link: https://www.econbiz.de/10005049742

The Modern History of Exchange Rate Arrangements: A Reinterpretation

Reinhart, Carmen; Rogoff, Kenneth S - National Bureau of Economic Research (NBER) - 2002

inflation. Our newly compiled monthly data set on market-determined exchange rates goes back to 1946 for 153 countries. …

Persistent link: https://www.econbiz.de/10005050106

Capital Controls: An Evaluation

Reinhart, Carmen; Magud, Nicolas - National Bureau of Economic Research (NBER) - 2006

The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is not unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures...

Persistent link: https://www.econbiz.de/10005036803

Debt Intolerance

Reinhart, Carmen; Rogoff, Kenneth S; Savastano, Miguel A. - National Bureau of Economic Research (NBER) - 2003

country's default and inflation history. Debt intolerance is linked to the phenomenon of serial default that has plagued many …

Persistent link: https://www.econbiz.de/10005575090

The Unholy Trinity of Financial Contagion

Kaminsky, Graciela Laura; Reinhart, Carmen; Vegh, Carlos - National Bureau of Economic Research (NBER) - 2003

Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction....

Persistent link: https://www.econbiz.de/10005588914

The Liquidation of Government Debt

Reinhart, Carmen; Sbrancia, M. Belen - National Bureau of Economic Research (NBER) - 2011

. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation …. Inflation need not take market participants entirely by surprise and, in effect, it need not be very high (by historic standards … amounted on average from 3 to 4 percent of GDP a year. For Australia and Italy, which recorded higher inflation rates, the …

Persistent link: https://www.econbiz.de/10008871143