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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G. - 2010
Two observations suggest that financial globalization played an important role in the recent financial crisis. First …
Persistent link: https://www.econbiz.de/10013150545
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Commodity Price Volatility and World Market Integration Since 1700
Jacks, David S. - 2009
never been constant. Globalization increased poor country specialization in commodities when the world went open after the … of life deep into the 18th century. Does world market integration breed more or less commodity price volatility? The … been associated with much greater commodity price volatility, while world market integration associated with peace and pro …
Persistent link: https://www.econbiz.de/10012764828
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Land, Labor and Globalization in the Pre-Industrial Third World
Williamson, Jeffrey G. - 2021
/rental ratios the world round between 1870 and 1940. The data offer a useful way to identify the impact of globalization on the pre …A Third World data base documenting commodity and factor prices 1870-1940 has been collected, yielding annual time …-industrial Third World. This paper finds commodity price convergence to have been bigger in the Third World than the Atlantic economy …
Persistent link: https://www.econbiz.de/10013234038
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Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
Mendoza, Enrique G. - 2013
and asset prices first rise and then fall. These results are in line with the post-globalization dynamics observed in …
Persistent link: https://www.econbiz.de/10013081498
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On the International Financial Architecture : Insuring Emerging Markets
Caballero, Ricardo J. - 2010
In spite of significant institutional and macroeconomic reforms over the last decade or two, capital flows to developing economies remain highly volatile. In 1996, net private capital flows to emerging markets reached US$230 billions; by 1997 these flows had been cut in half; by 1998 halved...
Persistent link: https://www.econbiz.de/10012762843
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Monetary Policy Spillovers and the Trilemma in the New Normal : Periphery Country Sensitivity to Core Country Conditions
Aizenman, Joshua - 2015
We investigate why and how the financial conditions of developing and emerging market countries (peripheral countries) can be affected by the movements in the center economies - the U.S., Japan, the Eurozone, and China. We apply a two-step approach. First, we estimate the sensitivity of...
Persistent link: https://www.econbiz.de/10013023347
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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
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Procyclical Fiscal Policy and Asset Market Incompleteness
Fernández, Andrés; Guzman, Daniel; Lama, Ruy; Vegh, … - 2023
To explain the fact that government spending and tax policy are procyclical in emerging and developing countries, we develop a model for the joint behavior of optimal tax rates and government spending over the business cycle. Our set-up relies on financial frictions, which have been shown to be...
Persistent link: https://www.econbiz.de/10014257265
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Government, Financial Markets, and Economic Development
Stiglitz, Joseph E. - 2021
Ideological debates on the role of government in development have focused on two contrasting prescriptions: one calling for large scale government interventions to solve problems of massive market failures, the other for the unfettering of markets, with the dynamic forces of capitalism naturally...
Persistent link: https://www.econbiz.de/10013219988
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Financial Factors in Economic Development
Dornbusch, Rudiger; Reynoso, Alejandro - 2021
Financial factors have been assigned strategic importance in economic development. But very different factors have been isolated in the respective experiences: in Asia unrepressed financial markets in mobilizing saving and allocating investment have been given prominence. In Latin America the...
Persistent link: https://www.econbiz.de/10013226568