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Globalization and Emerging Markets : With or Without Crash?
Martin, Philippe; Rey, Hélène - 2021
income in the emerging market and in the industrialized country. Whereas trade globalization always has a positive effect on … the emerging market, financial globalization may not, especially when trade costs are high. For intermediate levels of …
Persistent link: https://www.econbiz.de/10013218441
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Financial Globalization and Emerging Markets : With or Without Crash?
Martin, Philippe; Rey, Hélène - 2021
We analyze the impact of financial globalization on asset prices, investment and the possibility of crashes driven by …
Persistent link: https://www.econbiz.de/10013227189
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Is Financial Globalization Beneficial?
Mishkin, Frederic S. - 2010
This lecture examines whether financial globalization is beneficial to developing countries by first examining the … to examine whether globalization, particularly of the financial kind, can help encourage financial and economic … development and argues that it can. However, financial globalization does not always work to encourage economic development …
Persistent link: https://www.econbiz.de/10012761881
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Globalization, Growth and Crises : The View from Latin America
Edwards, Sebastian - 2008
In this paper I analyze the role of openness and globalization in Latin America's economic development. The paper is …
Persistent link: https://www.econbiz.de/10012771804
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Global Shocks, Economic Growth and Financial Crises : 120 Years of New Zealand Experience
Bordo, Michael D. - 2010
We identify the timing of currency, banking crises and sudden stops in New Zealand from 1880 to 2008, and consider the extent to which empirical models can explain New Zealand's crisis history. We find that the cross country evidence on the determinants of crises fits New Zealand experience...
Persistent link: https://www.econbiz.de/10013143168
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Financial Crises and Political Crises
Chang, Roberto - 2010
This paper is an analysis of the simultaneous determination of financial default and political crises and its consequences. It focuses on a small open economy that faces a debt default decision. Crucially, this decision is made by a government that has superior information than the public about...
Persistent link: https://www.econbiz.de/10012761899
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Emerging Market Crises : an Asset Markets Perspective
Caballero, Ricardo J. - 2010
Although internal policy mismanagements can be cited in most recent emerging market crises, they seldom account fully for the severity of these crises. The reluctance of international investors to provide the resources that would limit the extent of the reversal almost invariably plays a key...
Persistent link: https://www.econbiz.de/10012763359
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Multiple Equilibria in Open Economy Models with Collateral Constraints : Overborrowing Revisited
Schmitt-Grohé, Stephanie - 2016
This paper establishes the existence of multiple equilibria in infinite-horizon open- economy models in which the value of tradable and nontradable endowments serves as collateral. In this environment, the economy displays self-fulfilling financial crises in which pessimistic views about the...
Persistent link: https://www.econbiz.de/10012990790
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Was Expansionary Monetary Policy Feasible During the Great Contraction? an Examination of the Gold Standard Constraint
Bordo, Michael D.; Choudhri, Ehsan U.; Schwartz, Anna J. - 2021
The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2) for most countries, continued adherence to gold prevented...
Persistent link: https://www.econbiz.de/10013222903
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Liquidity Crises in Emerging Markets : Theory and Policy
Chang, Roberto; Velasco, Andrés - 2022
We build a model of financial sector illiquidity in an open economy. Illiquidity defined as a situation in which a country's consolidated financial system has potential short-term obligations in foreign currency that exceed the amount of foreign currency it can have access to on short notice can...
Persistent link: https://www.econbiz.de/10013321588