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Sudden Stops and IMF-Supported Programs.
Mody, Ashoka - 2006
Intro -- Contents -- I. INTRODUCTION -- II. SUDDEN STOPS AND MULTILATERAL INSURANCE -- III. CAPITAL FLOWS AND SUDDEN STOPS -- IV. IMF-SUPPORTED PROGRAMS -- V. MULTIVARIATE ANALYSIS -- VI. IMF-SUPPORTED PROGRAMS AND SUDDEN STOPS -- VII. EXTENSIONS -- VIII. CONCLUSIONS AND IMPLICATIONS -- Appendix...
Persistent link: https://www.econbiz.de/10012691059
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Financial Globalization : A Reappraisal
Rogoff, Kenneth - 2006
Intro -- Contents -- EXECUTIVE SUMMARY -- I. INTRODUCTION -- II. A BRIEF OVERVIEW OF THEORY -- III. MEASURING FINANCIAL OPENNESS -- IV. PATTERNS OF FINANCIAL GLOBALIZATION -- V. MACROECONOMIC EVIDENCE ON EFFECTS OF FINANCIAL GLOBALIZATION -- VI. HOW DOES THE COMPOSITION OF CAPITAL FLOWS MATTER?...
Persistent link: https://www.econbiz.de/10012690991
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Herd Behavior in Financial Markets
Cipriani, Marco - 2008
, one in which the price adjusts to the order flow so that herding should never occur, and one in which event uncertainty … makes herding possible. In the first treatment, subjects herd seldom, in accordance with both the theory and previous … by the theory. In the second treatment, the proportion of herding decisions increases, but not as much as theor …
Persistent link: https://www.econbiz.de/10012677606
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A Theory of International Crisis Lending and IMF Conditionality
Zettelmeyer, Jeromin - 2008
We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality commits country authorities to undertake crisis resolution efforts, facilitating the...
Persistent link: https://www.econbiz.de/10012677672
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Are Asset Price Guarantees Useful for Preventing Sudden Stops? A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff.
Durdu, Ceyhun Bora - 2006
Intro -- Contents -- I. INTRODUCTION -- II. A MODEL OF GLOBALIZATION HAZARD AND PRICE GUARANTEES -- III. CHARACTERIZING THE GLOBALIZATION HAZARD-MORAL HAZARD TRADEOFF -- IV. QUANTITATIVE ANALYSIS -- V. NORMATIVE IMPLICATIONS AND SENSITIVITY ANALYSIS -- VI. CONCLUSIONS -- REFERENCES.
Persistent link: https://www.econbiz.de/10012691021
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Credit Booms and Lending Standards : Evidence From the Subprime Mortgage Market
Dell'Ariccia, Giovanni - 2008
This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying...
Persistent link: https://www.econbiz.de/10014409025
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Managing Financial Crises; The Experience in East Asia
Lane, Timothy D.; Hamann, A. Javier; Schulze-Gattas, … - International Monetary Fund (IMF) - 2000
The Asian financial crisis of 1997-98 was one of the most dramatic economic events of recent times, which raised many questions regarding the appropriate policy response to financial crises. This paper reviews the experience of this crisis, focusing on the overall strategy of crisis management...
Persistent link: https://www.econbiz.de/10005263845
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Using Credit Ratings for Capital Requirementson Lending to Emerging Market Economies; Possible Impact of a New Basel Accord
Mulder, Christian B.; Monfort, Brieuc - International Monetary Fund (IMF) - 2000
The Basel Committee on Banking Supervision has proposed linking capital requirements for bank loans to ratings by commercial credit rating agencies. Estimates for 20 emerging market economies show that sovereign ratings react procyclically to crisis indicators. Ratings deteriorate if the real...
Persistent link: https://www.econbiz.de/10005264127
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Corporate Financial Structure and Financial Stability
Stone, Mark R.; Davis, E. P. - International Monetary Fund (IMF) - 2004
This paper uses flow-of-funds and balance sheet data to analyze the impact of financial crises on corporate financing and GDP in a range of countries. Post-crisis GDP contractions are mainly accounted for by declines in investment and inventory and are more severe for emerging market countries....
Persistent link: https://www.econbiz.de/10005599642
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Sudden Stops and Optimal Self-Insurance
Kim, Jun Il - 2008
This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between...
Persistent link: https://www.econbiz.de/10012677603