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On the Fiscal Implications of Twin Crises
Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio T. - 2021
inflation and depreciation rates. We use a first-generation type model of speculative attacks which has four key features: (i … the crises; (iii) a portion of the government's liabilities are not indexed to inflation; and (iv) there are nontradable … account for the high rates of devaluation and moderate rates of inflation often observed in the wake of currency crises. We …
Persistent link: https://www.econbiz.de/10013247252
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Sargent-Wallace Meets Krugman-Flood-Garber, or : Why Sovereign Debt Swaps Don'T Avert Macroeconomic Crises
Aizenman, Joshua; Kletzer, Kenneth M.; Pinto, Brian - 2021
as the manifestation of excessive monetary injections [Krugman-Flood-Garber], the fiscal theory of inflation [Sargent …
Persistent link: https://www.econbiz.de/10013247628
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Halting Inflation in Italy and France after World War Ii
Casella, Alessandra; Eichengreen, Barry - 2021
In the aftermath of World War II, Italy and France experienced high inflation. The two countries enacted remarkably … decline. We conclude that inflation was symptomatic of an unresolved distributional conflict, and carne to an end when one …
Persistent link: https://www.econbiz.de/10013219986
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Procyclicality and Monetary Aggregates
Shin, Hyun Song - 2011
Financial intermediaries borrow in order to lend. When credit is increasing rapidly, the traditional deposit funding (core liabilities) is supplemented with other funding (non-core liabilities). We explore the hypothesis that monetary aggregates reflect the size of non-core and core liabilities...
Persistent link: https://www.econbiz.de/10013129118
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Currency and Financial Crises of the 1990s and 2000s
Razin, Assaf - 2011
We survey three distinct types of financial crises which took place in the 1990s and the 2000s: 1) the credit implosion leading to severe banking crisis in Japan; 2) The foreign reserves' meltdown triggered by foreign hot money flight from frothy economies with fixed exchange rate regimes of...
Persistent link: https://www.econbiz.de/10013130560
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Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
Edwards, Sebastian - 2011
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/10013133172
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Current Account Reversals and Currency Crises : Empirical Regularities
Milesi-Ferrett, Gian Maria - 2010
This paper studies sharp reductions in current account deficits and large exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. It finds...
Persistent link: https://www.econbiz.de/10013137242
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Exchange Rates in Emerging Countries : Eleven Empirical Regularities from Latin America and East Asia
Edwards, Sebastian - 2011
In this paper I discuss some of the most important lessons on exchange rate policies in emerging markets during the last 35 years. The analysis is undertaken from the perspective of both the Latin American and East Asian nations. Some of the topics addressed include: the relationship between...
Persistent link: https://www.econbiz.de/10013124845
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Dollar Funding and the Lending Behavior of Global Banks
Ivashina, Victoria - 2012
A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale dollar funding, while raising...
Persistent link: https://www.econbiz.de/10013098138
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Three Branches of Theories of Financial Crises
Goldstein, Itay - 2013
In this paper, we review three branches of theoretical literature on financial crises. The first one deals with banking crises originating from coordination failures among bank creditors. The second one deals with frictions in credit and interbank markets due to problems of moral hazard and...
Persistent link: https://www.econbiz.de/10013089020