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Boom-Bust Cycles in Middle Income Countries : Facts and Explanation

Tornell, Aaron; Westermann, Frank - 2021

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...

Persistent link: https://www.econbiz.de/10013240937

Balance Sheet Effects on Monetary and Financial Spillovers : The East Asian Crisis Plus 20

Aizenman, Joshua - 2016

We study how the financial conditions in the Center Economies [the U.S., Japan, and the Euro area] impact other … euro) makes the response of a financial variable such as the REER and exchange market pressure in the PHs more sensitive to … a change in key variables in the U.S. (or the euro area) such as policy interest rates and the REER. While having more …

Persistent link: https://www.econbiz.de/10012981103

Debauchery and Original Sin : The Currency Composition of Sovereign Debt

Engel, Charles M. - 2018

This study quantitatively investigates the currency composition of sovereign debt in the presence of two types of limited enforcement frictions arising from a government's monetary and debt policy: strategic currency debasement and default on sovereign debt. Local currency debt obligations are...

Persistent link: https://www.econbiz.de/10012917595

Dollar Shortages and Crises

Rajan, Raghuram G. - 2010

Emerging markets do not handle adverse shocks well. In this paper, we lay out an argument about why emerging markets are so fragile, and why they may adopt contractual mechanisms -such as a dollarized banking system- that increase their fragility. We draw on this analysis to explain why...

Persistent link: https://www.econbiz.de/10012762562

Emerging Market Crises : an Asset Markets Perspective

Caballero, Ricardo J. - 2010

Although internal policy mismanagements can be cited in most recent emerging market crises, they seldom account fully for the severity of these crises. The reluctance of international investors to provide the resources that would limit the extent of the reversal almost invariably plays a key...

Persistent link: https://www.econbiz.de/10012763359

Lessons Unlearned? Corporate Debt in Emerging Markets

Alfaro, Laura - 2017

This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...

Persistent link: https://www.econbiz.de/10012956372

Economic and Financial Crises in Emerging Market Economies : Overview of Prevention and Management

Feldstein, Martin S. - 2021

This is the introductory chapter to an NBER conference volume that examined the lessons to be drawn from the financial and currency crises of the late 1990s. The paper does not attempt to summarize the specific content of that meeting but provides the author's personal conclusions about crisis...

Persistent link: https://www.econbiz.de/10013245699

A Model of Crises in Emerging Markets

Dooley, Michael P. - 2021

First generation models of speculative attacks show that apparently random speculative attacks on policy regimes can be fully consistent with rational and well-informed speculative behavior. Unfortunately, models driven by a conflict between exchange rate policy and other macroeconomic...

Persistent link: https://www.econbiz.de/10013238941

Financial Crises in Emerging Markets : The Lessons from 1995

Sachs, Jeffrey D.; Tornell, Aaron; Velasco, Andrés - 2021

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/10013211651

Currency Crashes in Emerging Markets : Empirical Indicators

Frankel, Jeffrey A.; Rose, Andrew Kenan - 2021

We use a panel of annual data for over one hundred developing countries from 1971 through 1992 to characterize currency crashes. We define a currency crash as a large change of the nominal exchange rate that is also a substantial increase in the rate of change of nominal depreciation. We examine...

Persistent link: https://www.econbiz.de/10013228733

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