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Banking Crises : An Equal Opportunity Menace

Reinhart, Carmen M. - 2008

Banking crises dramatically weaken fiscal positions in both groups, with government revenues invariably contracting, and fiscal expenditures often expanding sharply. Three years after a financial crisis central government debt increases, on average, by about 86 percent. Thus the fiscal burden of...

Persistent link: https://www.econbiz.de/10012464062

Finance, inequality, and poverty : cross-country evidence

Beck, Thorsten - 2004

"While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions...

Persistent link: https://www.econbiz.de/10010522996

Finance, Inequality, and Poverty : Cross-Country Evidence

Beck, Thorsten - 2004

While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions...

Persistent link: https://www.econbiz.de/10012467709

Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies

Husain, Aasim M. - 2004

Drawing on new data and advances in exchange rate regimes' classification, we find that countries appear to benefit by having increasingly flexible exchange rate systems as they become richer and more financially developed. For developing countries with little exposure to international capital...

Persistent link: https://www.econbiz.de/10012468017

Financial Globalization : A Reappraisal

Kose, M. Ayhan - 2006

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … perspective on the macroeconomic effects of financial globalization, both in terms of growth and volatility. Overall, our critical … benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support …

Persistent link: https://www.econbiz.de/10012466181

This Time is Different : A Panoramic View of Eight Centuries of Financial Crises

Reinhart, Carmen M. - 2008

This paper offers a "panoramic" analysis of the history of financial crises dating from England's fourteenth-century default to the current United States sub-prime financial crisis. Our study is based on a new dataset that spans all regions. It incorporates a number of important credit episodes...

Persistent link: https://www.econbiz.de/10012464765

Financial Globalization, Growth and Volatility in Developing Countries

Prasad, Eswar S. - 2004

This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on …, we do find that financial globalization can be beneficial under the right circumstances. Empirically, good institutions … and quality of governance are crucial in helping developing countries derive the benefits of globalization. Similarly …

Persistent link: https://www.econbiz.de/10012467745

The Continuing Puzzle of Short Horizon Exchange Rate Forecasting

Rogoff, Kenneth S. - 2008

Are structural models getting closer to being able to forecast exchange rates at short horizons? Here we argue that misinterpretation of some new out-of-sample tests for nested models, over-reliance on asymptotic test statistics, and failure to sufficiently check robustness to alternative time...

Persistent link: https://www.econbiz.de/10012464525

Debt Intolerance

Reinhart, Carmen M. - 2003

This paper introduces the concept of debt intolerance,' which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. We argue that safe' external debt-to-GNP thresholds for debt intolerant countries are...

Persistent link: https://www.econbiz.de/10012468789

From Financial Crash to Debt Crisis

Reinhart, Carmen M. - 2010

analysis is on three related hypotheses tested with both "world" aggregate levels and on an individual country basis. First …

Persistent link: https://www.econbiz.de/10012462855