Similar Search Results

The Two Crises of International Economics

Dooley, Michael P. - 2010

In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The...

Persistent link: https://www.econbiz.de/10012759976

Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?

Eichengreen, Barry - 2010

Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...

Persistent link: https://www.econbiz.de/10012759200

From the Great Moderation to the Global Crisis : Exchange Market Pressure in the 2000s

Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - 2021

This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...

Persistent link: https://www.econbiz.de/10013311931

Global Financial Cycle and Liquidity Management

Jeanne, Olivier; Sandri, Damiano - 2022

We use a tractable model to show that emerging markets can protect themselves from the global financial cycle by expanding (rather than restricting) capital flows. This involves accumulating reserves when global liquidity is high to buy back domestic assets at a discount when global financial...

Persistent link: https://www.econbiz.de/10013406746

Capital Inflows and Reserve Accumulation : The Recent Evidence

Reinhart, Carmen M. - 2008

Over the past decade, policymakers in many emerging market economies have opted to limit fluctuations of the value of their domestic currencies relative to the U.S. dollar. A simple interest-parity relationship is used to identify the potential sources of upward pressure on the value of a...

Persistent link: https://www.econbiz.de/10012772450

Sudden Stops : Determinants and Output Effects in the First Era of Globalization, 1880-1913

Bordo, Michael D. - 2010

Using a sample of 20 emerging countries from 1880 to 1913, we study the determinants and output effects of sudden stops in capital inflows during an era of intensified globalization. We find that higher levels of original sin (hard currency debt to total debt) and large current account deficits...

Persistent link: https://www.econbiz.de/10012759772

The Future of International Liquidity and the Role of China

Taylor, Alan M. - 2013

and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …

Persistent link: https://www.econbiz.de/10013087068

The Plaza Accord, 30 Years Later

Frankel, Jeffrey A. - 2015

The paper reviews an event of 30 years ago from the perspective of today: a successful G-5 initiative to reverse what had been an overvalued dollar. The “Plaza Accord” is best viewed not as the precise product of the meeting on September 22, 1985, but as shorthand for a historic change in US...

Persistent link: https://www.econbiz.de/10013009917

The Role of Industrial Country Policies in Emerging Market Crises

Frankel, Jeffrey A.; Roubini, Nouriel - 2021

This paper considers policies of the industrialized countries, as they pertain to crises in emerging markets. These fall into three areas: (1) their own macroeconomic policies, which determine the global financial environment; (2) their role in responding to crises when they occur, particularly...

Persistent link: https://www.econbiz.de/10013248674

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops

Razin, Assaf; Rubinstein, Yona - 2021

The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the...

Persistent link: https://www.econbiz.de/10013225587

1
2
3
4
5
6
7
8
9
10
Next
Last