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We quantify the macroeconomic effects of COVID-19 for emerging markets using a SIR-multisector-small open economy model and calibrating it to Turkey. Domestic infection rates feed into both sectoral supply and sectoral demand shocks. Sectoral demand shocks also incorporate lower external demand...
Persistent link: https://www.econbiz.de/10012833730
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
In this paper I use weekly data from seven emerging nations - four in Latin America and three in Asia - to investigate … dynamics - in Latin America and Asia. The results also indicate that capital controls are not an effective tool for isolating …
Persistent link: https://www.econbiz.de/10013097663
Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...
Persistent link: https://www.econbiz.de/10013145228
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...
Persistent link: https://www.econbiz.de/10013075864
.Most central banks in Asia have actively used sterilised foreign exchange intervention as a policy tool to smooth exchange rates … intervention, our model implies that the role of exchange rate movements in the optimal setting of monetary policy in Asia is …
Persistent link: https://www.econbiz.de/10013051760
One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002–2011, and test the micro foundation of this theory by estimating the...
Persistent link: https://www.econbiz.de/10012989124
Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 emerging market economies, we estimate the effects of foreign competition, vertical linkages with foreign firms, and international...
Persistent link: https://www.econbiz.de/10012751127
In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply …
Persistent link: https://www.econbiz.de/10012759929
The paper argues that global financial factors played an important role in the capital-inflow episode in Emerging Market economies (EMs), during the early part of the 1990s, and clearly in the Sudden Stop (of capital inflows) crises that took place after the 1998 Russian crisis. Moreover, the...
Persistent link: https://www.econbiz.de/10013313675