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Understanding Financial Crises : A Developing Country Perspective

Mishkin, Frederic S. - 1996

This paper explains the puzzle of how a developing economy can shift from a path of reasonable growth before a financial crisis, as in Mexico in 1994, to a sharp decline in economic activity after a crisis occurs. It does so by outlining an asymmetric information framework for analyzing banking...

Persistent link: https://www.econbiz.de/10012473248

What Measure of Inflation Should a Developing Country Central Bank Target?

Anand, Rahul - 2015

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained...

Persistent link: https://www.econbiz.de/10012457280

Sources and Transmission of Country Risk

Hassan, Tarek A.; Schreger, Jesse; Schwedeler, Markus; … - National Bureau of Economic Research - 2021

We use textual analysis of earnings conference calls held by listed firms around the world to measure the amount of …

Persistent link: https://www.econbiz.de/10012696435

Financial Globalization : A Reappraisal

Kose, M. Ayhan - 2006

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...

Persistent link: https://www.econbiz.de/10012466181

On the Sequencing of Structural Reforms

Edwards, Sebastian - 1989

Both OECD and developing economies have embarked on structural reforms aimed at dismantling regulations and reducing the extent of distortions affecting different sectors of their economies. Regardless of the marked difference, both groups have to deal with the problems of the appropriate...

Persistent link: https://www.econbiz.de/10012475905

Deadly Debt Crises : COVID-19 in Emerging Markets

Arellano, Cristina - 2020

The COVID-19 epidemic in emerging markets risks a combined health, economic, and debt crisis. We integrate a standard epidemiology model into a sovereign default model and study how default risk impacts the ability of these countries to respond to the epidemic. Lockdown policies are useful for...

Persistent link: https://www.econbiz.de/10012481857

The Composition Matters : Capital Inflows and Liquidity Crunch during a Global Economic Crisis

Tong, Hui - 2009

International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis - especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's...

Persistent link: https://www.econbiz.de/10012463442

Is Financial Globalization Beneficial?

Mishkin, Frederic - 2005

This lecture examines whether financial globalization is beneficial to developing countries by first examining the evidence on financial development and economic growth and concludes that financial development is indeed a key element in promoting economic growth. It then asks why if financial...

Persistent link: https://www.econbiz.de/10012466780

Financial Crises in Emerging Markets : The Lessons from 1995

Sachs, Jeffrey - 1996

In this paper we examine closely the financial events following the Mexican peso devaluation to uncover new lessons about the nature of financial crises. We explore the question of why, during 1995, some emerging markets were hit by financial crises while others were not. To this end, we ask...

Persistent link: https://www.econbiz.de/10012473272

International Reserves Before and After the Global Crisis : Is There No End to Hoarding?

Aizenman, Joshua - 2014

We evaluate the impact of the global financial crisis (GFC) and recent structural changes in the patterns of hoarding … the pre-GFC period of 1999-2006, gross saving is associated with higher IR in developing and emerging markets. The … the 2007-2009 GFC period, previously significant variables become insignificant or display the opposite effect, probably …

Persistent link: https://www.econbiz.de/10012458280