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Market Discipline under Systemic Risk: Evidence from Bank Runs in Emerging Economies

Schmukler, Sergio L.; Levy-Yeyati, Eduardo; Peria, … - Econometric Society - 2004

This paper shows that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market discipline both regardless of and through bank fundamentals. First, worsening systemic conditions...

Persistent link: https://www.econbiz.de/10005328877

Country Insurance

Yeyati, Eduardo Levy; Cordella, Tito - Econometric Society - 2004

To understand the consequences of the presence of international safety nets on governments' incentives to undertake reforms, we model IFIsÂ´ interventions as country insurance policies. We find that country insurance (especially when made contingent on negative external shocks) is more likely...

Persistent link: https://www.econbiz.de/10005328891

Non Monotone Liquidity Under-Supply

Ana, Fostel; John, Geanakoplos - Econometric Society - 2004

We show that very little is needed to create liquidity under-supply in equilibrium: only the presence of credit constraints on demand. We show that the under-supply is a non-monotone function of the demand distortion that causes it, a result that may have interesting implications for emerging...

Persistent link: https://www.econbiz.de/10005063557

The Chilean-Style of Capital Controls: an Empirical Assessment

Tapia, Heriberto; Ffrench-Davis, Ricardo - Econometric Society - 2004

In this paper we review the main features of the Chilean-Style of capital controls during the nineties. In particular, we analyze empirically the effectiveness of the unremunerated reserve requirement (URR) in three key areas: its capacity to open space for monetary policy, its influence on the...

Persistent link: https://www.econbiz.de/10005063567

Country Insurance

Cordella, Tito; Yeyati, Eduardo Levy - Econometric Society - 2004

The recent wave of financial crises has fueled the debate on the effect of IFIs intervention on governments' incentives to undertake reforms. In this paper we treat this intervention more generally as a country insurance contract, and examine its implications in a stylized set-up. More...

Persistent link: https://www.econbiz.de/10005063703

Optimal Devaluations

Nicolini, Juan Pablo; Hevia, Constantino - Econometric Society - 2004

We analyze optimal ï¬scal,monetary and exchange rate policy in a simple small open econonomy model with price setting frictions.We perform our analysis in the tradition of optimal dynamic Ramsey problems.We characterize optimal allocations and the government policies that implement the optimal...

Persistent link: https://www.econbiz.de/10005699579

Globalization, Migration and Development: The Role of Mexican Migrant Remittances

Córdova, Ernesto López - Econometric Society - 2004

evidence suggesting that remittances sent by international migrants are associated with improved developmental outcomes. Using … households receiving international remittances is correlated with better schooling and health indicators, and with reductions in … exercises control for the likely endogeneity between remittances and migration variables, on the one hand, and developmental …

Persistent link: https://www.econbiz.de/10005328901

Fear of Sudden Stops: lessons from Australia and Chile

Kearns, Jonathan; Caballero, Ricardo J.; Cowan, Kevin - Econometric Society - 2004

Latin American economies are exposed to ubstantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden financial distress. In this paper we explore ways of overcoming external vulnerability drawing lessons from a detailed comparison of the...

Persistent link: https://www.econbiz.de/10005328899

Can Financial Frictions Help Explain the Performance of the US Fed?

de-Blas-Pérez, Beatriz - Econometric Society - 2004

This paper investigates whether the presence of financial frictions can help explain the differences in the variability of output and inflation between the Pre- and the Post-Volcker periods. I use a limited participation model with credit market imperfections, in which financial frictions may...

Persistent link: https://www.econbiz.de/10005328958

The Yield Curve, Recession and the Credibility of the Monetary Regime: long run evidence 1875-1997

Bordo, Michael; Haubrich, Joseph - Econometric Society - 2004

Most work showing the yield curve predicts future economic growth relies on post WWII data. We demonstrate that the yield curve has predictive content for most of the post Civil War period. This predictive ability, however, is closely related to the credibility of the monetary regime in place,...

Persistent link: https://www.econbiz.de/10005063720