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Current Account Sustainability : Selected East Asian and Latin American Experiences
Milesi-Ferretti, Gian Maria; Razin, Assaf - 2021
, Colombia and Mexico -- and three East Asian countries--Korea, Malaysia and Thailand. It identifies a number of potential … forward a notion of current account sustainability and compares the experience of three Latin American countries -- Chile …
Persistent link: https://www.econbiz.de/10013230779
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Does Openness to International Financial Flows Raise Productivity Growth?
Kose, M. Ayhan - 2010
Economic theory has identified a number of channels through which openness to international financial flows could raise productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output growth, far less attention has been paid to its...
Persistent link: https://www.econbiz.de/10012758028
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Why is There Multilateral Lending?
Rodrik, Dani - 2010
Why should multilateral lending exist in a world where private capital markets are well developed and governments have their own bilateral aid programs? If lending by the World Bank, IMF, and regional development banks has an independent rationale, it must rest on advantages generated by the...
Persistent link: https://www.econbiz.de/10012763737
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Composition of Capital Flows : A Survey
Kirabaeva, Koralai - 2010
We survey several mechanisms that explain the composition of international capital flows: foreign direct investment, foreign portfolio investment and debt flows (bank loans and bonds). We focus on information frictions such as adverse selection and moral hazard, and exposure to liquidity shocks,...
Persistent link: https://www.econbiz.de/10013136735
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Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
Wei, Shang-Jin; Wu, Yi - 2022
Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition...
Persistent link: https://www.econbiz.de/10013321581
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International Debt Service and Economic Growth : Some Simple Analytics
Feldstein, Martin S. - 2021
which these three goals are compatible. The analysis indicates that Argentina, Brazil and Mexico are now all capable of …
Persistent link: https://www.econbiz.de/10013243643
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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
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When is Debt Odious? A Theory of Repression and Growth Traps
Acharya, Viral V.; Rajan, Raghuram G.; Shim, Jack - 2021
How is a developing country affected by its odious government’s ability to borrow in international markets? We examine the dynamics of a country’s growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, socially unproductive,...
Persistent link: https://www.econbiz.de/10013315312
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Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
Du, Wenxin - 2016
We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk-averse lenders and lack of monetary policy...
Persistent link: https://www.econbiz.de/10012983672
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Why Have Economic Reforms in Mexico Not Generated Growth?
Kehoe, Timothy J. - 2010
Following its opening to trade and foreign investment in the mid-1980s, Mexico's economic growth has been modest at … that the relation between openness and growth is not a simple one. Using standard trade theory, we find that Mexico has … continuing reforms, Chinese growth is likely to slow down sharply, perhaps leaving China at a level less than Mexico's real GDP …
Persistent link: https://www.econbiz.de/10013135399