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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua - 2010
choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …
Persistent link: https://www.econbiz.de/10012462774
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Exchange Rate Volatility and the Credit Channel in Emerging Markets : A Vertical Perspective
Caballero, Ricardo - 2004
Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...
Persistent link: https://www.econbiz.de/10012468176
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What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility
Reinhart, Carmen M. - 2001
With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries have the potential to influence the competitive position of many developing countries. According to some analysts, establishing...
Persistent link: https://www.econbiz.de/10012470183
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Exchange Rate Fluctuations and Firm Leverage
Kalemli-Ozcan, Sebnem; Shim, Ilhyock; Liu, Xiaoxi - National Bureau of Economic Research - 2021
We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers the value of their foreign currency debt. These firms can borrow more as a result...
Persistent link: https://www.econbiz.de/10012496162
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One Money, One Market : Estimating the Effect of Common Currencies on Trade
Rose, Andrew K. - 1999
A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international … trade. The panel data set used includes bilateral observations for five years spanning 1970 through 1990 for 186 countries … exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate …
Persistent link: https://www.econbiz.de/10012471350
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Currency Crashes in Emerging Markets : Empirical Indicators
Frankel, Jeffrey A. - 1996
We use a panel of annual data for over one hundred developing countries from 1971 through 1992 to characterize currency …
Persistent link: https://www.econbiz.de/10012473427
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Economic Transformation, Population Growth and the Long-Run World Income Distribution
Chamon, Marcos - 2006
We construct and calibrate a model of the world economy in which countries' opportunities to develop depend on their trade with advanced economies. Trade opportunities in turn depend on the relative population of the advanced and developing world. As developing countries become advanced, they...
Persistent link: https://www.econbiz.de/10012466631
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Terms of Trade, Exchange Rates and Labor Markets Adjustment in Developing Countries
Edwards, Sebastian - 1986
This paper uses three models of a small open economy to analyze the effects of terms of trade and exchange rate changes (i.e. devaluations) on labor market adjustment. First, a three goods (exportables, importables, non-tradables), four factors model is developed and used to investigate how an...
Persistent link: https://www.econbiz.de/10012476959
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On the International Financial Architecture : Insuring Emerging Markets
Caballero, Ricardo J. - 2003
volatility, and discusses steps to facilitate the creation of these markets …
Persistent link: https://www.econbiz.de/10012469130
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Emerging Equity Market Volatility
Bekaert, Geert - 1995
has focused on average returns, we analyze the volatility of the returns in emerging equity markets. We characterize the … time-series of volatility in emerging markets and explore the distributional foundations of the variance process. Of … particular interest is evidence of asymmetries in volatility and the evolution of the variance process after periods of capital …
Persistent link: https://www.econbiz.de/10012473563