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Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
Aizenman, Joshua - 2013
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...
Persistent link: https://www.econbiz.de/10013075864
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Asian Demography and Foreign Capital Dependence
Higgins, Matthew; Williamson, Jeffrey G. - 2021
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/10013240628
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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/10013077215
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Crises in Emerging Market Economies : A Global Perspective
Calvo, Guillermo A. - 2021
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/10013313675
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Sudden Stop, Financial Factors and Economic Collpase in Latin America : Learning from Argentina and Chile
Calvo, Guillermo A.; Talvi, Ernesto - 2021
This paper shows that the Russian 1998 crisis had a big impact on capital flows to Emerging Market Economies, EMs, especially in Latin America, and that the impact of the Russian shock differs quite markedly across EMs. To illustrate this statement, we compare the polar cases of Chile and...
Persistent link: https://www.econbiz.de/10013222318
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A Model of Crises in Emerging Markets
Dooley, Michael P. - 2021
a common external shock generated capital inflows to emerging markets in Asia and Latin America after 1989. Country …
Persistent link: https://www.econbiz.de/10013238941
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Capital Inflows into Latin America : A Stop-Go Story?
Edwards, Sebastian - 2021
This paper deals with Latin America's experience with capital flows during the last decade and a half. It concentrates on a number of issues of increasing interest among academics and international observers, including the effect of capital inflows on domestic savings, the way in which capital...
Persistent link: https://www.econbiz.de/10013248243
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Foreign Capital in Latin America in the Nineteenth and Twentieth Centuries
Taylor, Alan M. - 2021
This paper examines the history of foreign investment in Latin America in the two centuries since independence. Investment flows to the region were sometimes large and always volatile. Symptoms of overborrowing, sudden stops, debt, default and crises have been evident from the beginning. In...
Persistent link: https://www.econbiz.de/10013243417
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Current Account Sustainability : Selected East Asian and Latin American Experiences
Milesi-Ferretti, Gian Maria; Razin, Assaf - 2021
A number of developing countries have run large and persistent current account deficits in both the late seventies/early eighties and in the early nineties, raising the issue of whether these persistent imbalances are sustainable. This paper puts forward a notion of current account...
Persistent link: https://www.econbiz.de/10013230779
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Recent Private Capital Inflows to Developing Countries : Is the Debt Crisis History?
Dooley, Michael P. - 2010
This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in...
Persistent link: https://www.econbiz.de/10013139243