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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

Taylor Rule Exchange Rate Forecasting During the Financial Crisis

Molodtsova, Tanya - 2012

interest rate in response to inflation and either the output or the unemployment gap, for the euro/dollar exchange rate with …

Persistent link: https://www.econbiz.de/10013101336

Debauchery and Original Sin : The Currency Composition of Sovereign Debt

Engel, Charles - 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

Have Financial Markets Become More Informative?

Bai, Jennie - 2014

The finance industry has grown, financial markets have become more liquid, information technology has undergone a revolution. But have market prices become more informative? We derive a welfare-based measure of price informativeness: the predicted variation of future cash flows from current...

Persistent link: https://www.econbiz.de/10013053306

For a Few Dollars More : Reserves and Growth in Times of Crises

Bussière, Matthieu - 2014

Based on a dataset of 112 emerging economies and developing countries, this paper addresses two key questions regarding the accumulation of international reserves: first, has the accumulation of reserves effectively protected countries during the 2008-09 financial crisis? And second, what...

Persistent link: https://www.econbiz.de/10013061062

Heterogeneous Expectations and Tests of Efficiency in the Yen/Dollar Forward Foreign Exchange Rate Market

Elliott, Graham - 2010

This paper examines the efficiency of the forward yen/dollar market using micro survey data. We first argue that the conventional tests of efficiency (unbiasedness) of the forward rate or of the survey forecasts do not correspond directly to the zero-profit condition. Instead, we use the survey...

Persistent link: https://www.econbiz.de/10012763699

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

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

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