Similar Search Results

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

International Liquidity Management : Sterilization Policy in Illiquid Financial Markets

Caballero, Ricardo J. - 2000

During the booms that precede crises in emerging economies, policy makers often struggle to limit capital flows and their expansionary consequences. The main policy tool for this task is sterilization - essentially a swap of international reserves for public bonds. However, there is an extensive...

Persistent link: https://www.econbiz.de/10012471010

Institutions, Restructuring, and Macroeconomic Performance

Caballero, Ricardo J. - 2000

A growing body of new research has emphasized the macroeconomic consequences of transactional impediments in factor markets, and their role in the recurrent restructuring requirements of modern economies. We first review the function institutional arrangements play in facilitating transactions...

Persistent link: https://www.econbiz.de/10012471041

The Cost of Recessions Revisited : A Reverse-Liquidationist View

Caballero, Ricardo J. - 1999

of theory and empirical evidence on gross job flows and on financial and labor market rents, we find that, cumulatively …

Persistent link: https://www.econbiz.de/10012471429

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Liquidity Traps : How to Avoid Them and How to Escape Them

Buiter, Willem H. - 1999

The paper considers ways of avoiding a liquidity trap and ways of getting out of one. Unless lower short nominal interest rates are associated with significantly lower interest volatility, a lower average rate of inflation, which will be associated with lower expected nominal interest rates,...

Persistent link: https://www.econbiz.de/10012471545

Fiscal Prerequisites for a Viable Managed Exchange Rate Regime : A Non-technical Eclectic Introduction

Buiter, Willem H. - 1986

borrowing. There is not yet any "deep structural" theory justifying the (exogenous) lower bounds on the stock of foreign … exchange reserves characteristic of the collapsing exchange rate literature. Absent such a theory of "international liquidity …

Persistent link: https://www.econbiz.de/10012477028

Death, Population Growth, Productivity Growth and Debt Neutrality

Buiter, Willem H. - 1986

Debt neutrality is said to occur if, given a program for public spending on current goods and services over time, the real equilibrium of the economy (private consumption, investment, relative prices, etc.) is independent of the pattern of government borrowing and lump-sum taxation over time....

Persistent link: https://www.econbiz.de/10012477043

Structural and Stabilization Aspects of Fiscal and Financial Policy in the Dependent Economy

Buiter, Willem H. - 1986

The paper considers the response of a small, open dependent economy to a variety of fiscal and financial shocks as well as the influence of alternative budget balancing rules on the response of the system to such external shocks as a change in the world interest rate. The approach allows for...

Persistent link: https://www.econbiz.de/10012477047

Fiscal policy in open, interdependent economies

Buiter, Willem H. - 1984

The paper studies the effects of alternative financing policies in the open economy.There is a non-trivial role for financial policy because of the failure of first-order debt neutrality due to uncertain private lifetimes. Both the single-country case and the interdependent two-country case are...

Persistent link: https://www.econbiz.de/10012477660

1
2
3
4
5
6
7
8
Next
Last