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Liquidity, Institutional Quality and the Composition of International Equity Flows

Goldstein, Itay - 2010

liquidity shocks, the liquidation price they can get will be lower when buyers know that they have more information on … expectation of future liquidity problems export relatively more FPI than FDI, and (2) this effect strengthens as the source … source countries from 1985 to 2004. Our key variable is the predicted severity of liquidity shock, as proxied by episodes of …

Persistent link: https://www.econbiz.de/10012462924

Interpreting the Unconventional U.S. Monetary Policy of 2007-09

Reis, Ricardo - 2010

compares the Federal Reserve's actions with the literature on optimal policy in a liquidity trap. The theory suggests that, to … securities markets can restore liquidity with fewer government funds than extending credit to the originators of loans …

Persistent link: https://www.econbiz.de/10012462989

Liquidity, Institutional Quality and the Composition of International Equity Outflows

Goldstein, Itay - 2008

country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity … 140 source countries from 1985 to 2004. Our key variable is the probability of an aggregate liquidity crisis, estimated … that the probability of a liquidity crisis has a strong effect on the composition of foreign equity investment. Furthermore …

Persistent link: https://www.econbiz.de/10012464879

A Brazilian Debt-Crisis Model

Razin, Assaf - 2002

We develop a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil lies in the fact that (1) in Brazil the macro fundamentals were sound (e.g., a primary surplus, a relatively low debt/GDP ratio, etc.); and (2) in the Brazilian case the trigger...

Persistent link: https://www.econbiz.de/10012469498

A Brazilian Debt-Crisis

Razin, Assaf - 2002

We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that the country default on its debt triggers a reversal in the direction of inflows of international financial capital raise interest-rate spreads and thus the cost of servicing the...

Persistent link: https://www.econbiz.de/10012469550

Different Types of Central Bank Insolvency and the Central Role of Seignorage

Reis, Ricardo - 2015

A central bank is insolvent if its plans imply a Ponzi scheme on reserves so the price level becomes infinity. If the central bank enjoys fiscal support, in the form of a dividend rule that pays out net income every period, including when it is negative, it can never become insolvent...

Persistent link: https://www.econbiz.de/10012457441