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What triggers market jitters: a chronicle of the Asian crisis
Kaminsky, Graciela L.; Schmukler, Sergio L. - Federal Reserve Board (Board of Governors of the … - 1999
In the chaotic financial environment of Asia in 1997-1998, daily changes in stock prices of about 10 percent became commonplace. This paper analyzes what type of news moves the markets in those days of market jitters. We find that movements are triggered by local and neighbor-country news, with...
Persistent link: https://www.econbiz.de/10005368219
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Asset bubbles, domino effects and 'lifeboats': elements of the East Asian crisis
Edison, Hali J.; Luangaram, Pongsak; Miller, Marcus - Federal Reserve Board (Board of Governors of the … - 1998
Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a brief account of the nature of the recent crises, we use a model of highly levered...
Persistent link: https://www.econbiz.de/10005368222
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Was China the first domino? assessing links between China and the rest of emerging Asia.
Fernald, John; Edison, Hali; Loungani, Prakash - Federal Reserve Board (Board of Governors of the … - 1998
export growth from China and from other developing Asian economies. To the extent there is evidence of export competition, it … is the period from about 1989 to 1993: China’s exchange rate depreciated sharply, Chinese export growth exceeded export … growth of other Asian economies, and the composition of Asian exports (measured by export shares of various goods to the …
Persistent link: https://www.econbiz.de/10005368268
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Identifying the role of moral hazard in international financial markets
Kamin, Steven B. - Federal Reserve Board (Board of Governors of the … - 2002
Considerable attention has been paid to the possibility that large-scale IMF-led financing packages may have distorted incentives in international financial markets, leading private investors to provide more credit to emerging market countries, and at lower interest rates, than might otherwise...
Persistent link: https://www.econbiz.de/10005368430
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High frequency data, frequency domain inference and volatility forecasting
Wright, Jonathan H.; Bollerslev, Tim - Federal Reserve Board (Board of Governors of the … - 1999
While it is clear that the volatility of asset returns is serially correlated, there is no general agreement as to the most appropriate parametric model for characterizing this temporal dependence. In this paper, we propose a simple way of modeling financial market volatility using high...
Persistent link: https://www.econbiz.de/10005368451
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Patience, persistence and welfare costs of incomplete markets in open economies
Kim, Jinill; Kim, Sunghyun Henry; Levin, Andrew - Federal Reserve Board (Board of Governors of the … - 2001
In this paper, we investigate the welfare implications of alternative financial market structures in a two-country endowment economy model. In particular, we obtain an analytic expression for the expected lifetime utility of the representative household when sovereign bonds are the only...
Persistent link: https://www.econbiz.de/10005372576
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Using policy intervention to identify financial stress
Carlson, Mark A.; Lewis, Kurt F.; Nelson, William R. - Federal Reserve Board (Board of Governors of the … - 2012
This paper describes the construction of a financial stress index. This stress index differs from other indexes in that it incorporates the co-movement and volatility of financial series as well as the levels of the series. Our index also uses past experience more than others to guide the...
Persistent link: https://www.econbiz.de/10009421364
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The economy and financial markets: testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, February 14, 2008
Bernanke, Ben S. - Federal Reserve Board (Board of Governors of the … - 2008
Persistent link: https://www.econbiz.de/10010725110
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Panel discussion: financial markets, financial fragility, and central banking: a speech at a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming,...
Kohn, Donald L. - Federal Reserve Board (Board of Governors of the … - 2005
Persistent link: https://www.econbiz.de/10010725118
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Reflections on a year of crisis: a speech at the Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyoming, August 21, 2009
Bernanke, Ben S. - Federal Reserve Board (Board of Governors of the … - 2009
Persistent link: https://www.econbiz.de/10010725126