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Financial Crises and Reform of the International Financial System
Fischer, Stanley - 2021
Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and...
Persistent link: https://www.econbiz.de/10013226057
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Reserve Uncertainty and the Supply of International Credit
Aizenman, Joshua - 2010
This paper examines how increased uncertainty about an emerging market's international reserves affects the willingness of foreign investors to supply international credits. We illustrate the relevance of this concern for South Korea during the recent financial crisis. Using available...
Persistent link: https://www.econbiz.de/10012763799
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Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?
Aizenman, Joshua - 2010
This paper characterizes the effects of reserve requirements on financial loans in the presence of moral hazard on the lender side (i.e., the anticipation that the taxpayer will bailout lending banks if large default will occur) and sovereign risk on the borrower side. The impacts of such...
Persistent link: https://www.econbiz.de/10012763810
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A Dual Liquidity Model for Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2021
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...
Persistent link: https://www.econbiz.de/10013224671
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How Important are Perpetual Tax Savings?
Hines Jr., James R. - 2012
Federal estate taxes give very wealthy families incentives to transfer resources directly to distant generations in order to avoid taxes on successive rounds of transfers. Until recently such transfers were impeded by the rule against perpetuities, which prevented transfers to most potential...
Persistent link: https://www.econbiz.de/10013097667
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Economic Effects of Runs on Early 'Shadow Banks' : Trust Companies and the Impact of the Panic of 1907
Frydman, Carola - 2012
We use the unique circumstances that led to the Panic of 1907 to analyze its impact on economic activity. The panic was fuelled by runs on the 'shadow banks' of the time, New York's trust companies. But the shock that triggered the runs was unrelated to the nonfinancial corporations affiliated...
Persistent link: https://www.econbiz.de/10013103045
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Fiduciary Duty and the Market for Financial Advice
Bhattacharya, Vivek - 2019
Fiduciary duty aims to solve principal-agent problems, and the United States is in the middle of a protracted debate … state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp. Through the lens …, and counterfactual simulations suggest that further increases in the stringency of fiduciary duty, such as a federal …
Persistent link: https://www.econbiz.de/10012870060
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Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities
Egan, Mark; Ge, Shan; Tang, Johnny - 2022
conflicts of interest, the Department of Labor proposed a rule in 2016 that would hold brokers to a fiduciary standard when … dealing with retirement accounts. We find that after the proposed fiduciary rule, sales of high-expense variable annuities …-expense products. Based on our structural model estimates, investor welfare improved as a result of the fiduciary rule under …
Persistent link: https://www.econbiz.de/10014238702
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Holdouts in Sovereign Debt Restructuring : A Theory of Negotiation in a Weak Contractual Environment
Pitchford, Rohan - 2011
Why is it difficult to restructure sovereign debt in a timely manner? In this paper we present a theory of the sovereign debt restructuring process in which delay arises as individual creditors hold-up a set- tlement in order to extract greater payments from the sovereign. We then use the theory...
Persistent link: https://www.econbiz.de/10013132010
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Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, Laura - 2011
We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign transactions account for upstream...
Persistent link: https://www.econbiz.de/10013120311