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Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism
Durdu, Ceyhun Bora - 2007
Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops since the mid 1990s. Foreign … saving affects foreign assets via three mechanisms: business cycle volatility, financial globalization, and Sudden Stop risk … Irving Fisher's debt-deflation mechanism. Our results show that financial globalization and Sudden Stop risk are plausible …
Persistent link: https://www.econbiz.de/10012776881
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Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard
Irwin, Douglas A. - 2011
The intellectual response to the Great Depression is often portrayed as a battle between the ideas of Friedrich Hayek and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete. Austrians could explain how a country might get into a...
Persistent link: https://www.econbiz.de/10013118250
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A Series of Unfortunate Events : Common Sequencing Patterns in Financial Crises
Reinhart, Carmen M. - 2012
in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark …
Persistent link: https://www.econbiz.de/10013108287
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Original Sin and the Great Depression
Bordo, Michael D.; Meissner, Christopher M. - 2021
Was foreign currency denominated debt a determinant of exchange rate and monetary policy during the Great Depression? Policy makers of the day thought so. High-frequency bond price data show depreciation was associated with elevated risk premia on public debt. We also show that foreign currency...
Persistent link: https://www.econbiz.de/10013310973
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Forecasting the Recovery from the Great Recession : is this Time Different?
Dominguez, Kathryn M.E. - 2013
This paper asks whether the slow recovery of the US economy from the trough of the Great Recession was anticipated, and identifies some of the factors that contributed to surprises in the course of the recovery. It constructs a narrative using news reports and government announcements to...
Persistent link: https://www.econbiz.de/10013087447
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Bolivia's Economic Crisis
Morales, Juan Antonio - 2010
By any standard, Bolivia's economic crisis in the 1980's has been extraordinary. Like its neighbors. Bolivia suffered from major external shocks, but the extent of economic collapse in the face of these shocks (including a hyperinflation during 1984-85) suggests that internal factors as well as...
Persistent link: https://www.econbiz.de/10012760204
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Economic Recovery from the Argentine Great Depression : Institutions, Expectations, and the Change of Macroeconomic Regime
della Paolera, Gerardo; Taylor, Alan M. - 2021
This work explores how Argentina overcame the Great Depression and asks whether active macroeconomic interventions made any contribution to the recovery. In particular, we study Argentine macroeconomic policy as it deviated from gold-standard orthodoxy after the final suspension of...
Persistent link: https://www.econbiz.de/10013221515
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Managing Macroeconomic Crises
Frankel, Jeffrey A.; Wei, Shang-Jin - 2021
This study reviews broadly the experience of the last decade on crisis prevention and management. It seeks to draw greater attention to policy decisions that are made during the phase when capital inflows come to a sudden stop. Procrastination---the period of financing a balance of payments...
Persistent link: https://www.econbiz.de/10013232190
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The Macroeconomics of the Great Depression : A Comparative Approach
Bernanke, Ben S. - 2021
Recently, research on the causes of the Great Depression has shifted from a heavy emphasis on events in the United States to a broader, more comparative approach that examines the interwar experiences of many countries simultaneously. In this lecture I survey the current state of our knowledge...
Persistent link: https://www.econbiz.de/10013245107
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Structural Transformation, Deep Downturns, and Government Policy
Stiglitz, Joseph E. - 2017
Most recessions are a result of some shock to the economic system, typically amplified by financial accelerators, and leading to large balance sheet effects of households and firms, which result in the effects persisting. But, over time, the balance sheets get restored. Even banks recover. But...
Persistent link: https://www.econbiz.de/10012948040