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From Sudden Stops to Fisherian Deflation : Quantitative Theory and Policy Implications
Korinek, Anton - 2013
The 1990s Sudden Stops in emerging markets were a harbinger for the 2008 global financial crisis. During Sudden Stops, countries lost access to credit, causing abrupt current account reversals, and suffered Great Recessions. This paper reviews a class of models that yields quantitative...
Persistent link: https://www.econbiz.de/10012459300
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Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
Edwards, Sebastian - 2004
In this paper I analyze the anatomy of current account adjustments in the world economy during the last three decades. The main findings may be summarized as follows: (a) Major reversals in current account deficits have tended to be associated to sudden stops' of capital inflows. (b) The...
Persistent link: https://www.econbiz.de/10012468417
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Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
Wei, Shang-Jin - 2001
Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...
Persistent link: https://www.econbiz.de/10012470539
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Private Inflows when Crises are Anticipated : A Case Study of Korea
Dooley, Michael P. - 2000
Models of financial crises based on distortions in capital markets have strong implications for the behavior of investors leading up to crises. In this paper we evaluate the hypothesis that deregulation of financial markets in Korea provided the incentives and opportunities for a sequence of...
Persistent link: https://www.econbiz.de/10012470739
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A Model of Crises in Emerging Markets
Dooley, Michael P. - 1997
a common external shock generated capital inflows to emerging markets in Asia and Latin America after 1989. Country …
Persistent link: https://www.econbiz.de/10012472513
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Reverse Speculative Attacks
Amador, Manuel - 2016
In January 2015, in the face of sustained capital inflows, the Swiss National Bank abandoned the floor for the Swiss Franc against the Euro, a decision which led to the appreciation of the Swiss Franc. The objective of this paper is to present a simple framework that helps to better understand...
Persistent link: https://www.econbiz.de/10012456377
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Crises in Emerging Market Economies : A Global Perspective
Calvo, Guillermo A. - 2005
The paper argues that global financial factors played an important role in the capital-inflow episode in Emerging Market economies (EMs), during the early part of the 1990s, and clearly in the Sudden Stop (of capital inflows) crises that took place after the 1998 Russian crisis. Moreover, the...
Persistent link: https://www.econbiz.de/10012467379
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Asian Demography and Foreign Capital Dependence
Higgins, Matthew - 1996
Ansley Coale and Edgar Hoover were right about Asia. Rising fertility and declining infant mortality have had a … youth dependency burdens; Where Asia has kicked the foreign capital dependence habit is where youth dependency burdens have … will go to the rest of Asia since the rest will become net capital exporters, at least if demography is allowed to have its …
Persistent link: https://www.econbiz.de/10012473288
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Lessons from the Asian Crisis
Mishkin, Frederic S. - 2000
This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several lessons from this crisis. First, there is a strong rationale for an international lender of last resort. Second, without appropriate conditionality for this lending, the moral hazard...
Persistent link: https://www.econbiz.de/10012470928