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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

International Financial Contagion and the Fund; A Theoretical Framework

Clark, Peter B.; Huang, Haizhou - International Monetary Fund (IMF) - 2001

a lower IMF rate. Highly indebted countries hit by large negative shocks to output will default. The resulting reduction … further rounds of defaults. In this environment the IMF can limit default and internalize the externality generated by … contagion through its lending with conditionality. We characterize the IMF's optimal lending decision in mitigating the loss in …

Persistent link: https://www.econbiz.de/10005826144

From Crisis to IMF-Supported Program; Does democracy impede the speed required by financial markets?

Mody, Ashoka; Saravia, Diego - International Monetary Fund (IMF) - 2008

agreement on an IMF-supported adjustment program. This span appears to have decreased over time. More precisely, we find that …

Persistent link: https://www.econbiz.de/10005605163

Early warning for currency crises: what is the role of financial openness?

Frost, Jon; Saiki, Ayako - de Nederlandsche Bank - 2013

We explore the role of financial openness - capital account openness and gross capital inflows - and a newly constructed gravity-based contagion index to assess the importance of these factors in the run-up to currency crises. Using a quarterly data set of 46 advanced and emerging market...

Persistent link: https://www.econbiz.de/10010757284

Banking across Borders

Niepmann, Friederike - de Nederlandsche Bank - 2011

This paper develops and tests a theoretical model that allows for the endogenous decision of banks to engage in international and global banking. International banking, where banks raise capital in the home market and lend it abroad, is driven by differences in factor endowments across...

Persistent link: https://www.econbiz.de/10009644843

Financial Globalization and Monetary Policy

Wagner, Helmut; Berger, Wolfram - de Nederlandsche Bank - 2003

Recently, it has often been argued that globalization eases the job of central banks as it helps to tame inflation. This is used to argue that central banks (particularly the ECB, referring to the objectives as laid down in the EU-Treaty) could or should reduce their efforts in the fight against...

Persistent link: https://www.econbiz.de/10005106786