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A Dual Liquidity Model for Emerging Markets

Caballero, Ricardo J. - 2002

The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...

Persistent link: https://www.econbiz.de/10012469957

Balance SHeet Effects, Bailout Guarantees and Financial Crises

Schneider, Martin - 2000

Several recent twin' currency and banking crises were preceded by lending booms during which the banking system financed rapid growth of the nontradable (N) sector by borrowing in foreign currency. They were followed by recessions during which a sharp decline in credit especially hurt the...

Persistent link: https://www.econbiz.de/10012470672

Banking, Trade, and the making of a Dominant Currency

Gopinath, Gita - 2018

theory highlights the following points: 1) a currency's role as a unit of account for invoicing decisions is complementary to …, thereby bestowing an "exorbitant privilege" on the dominant currency. The theory thus provides a unified explanation for why a …

Persistent link: https://www.econbiz.de/10012453230

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding

Aizenman, Joshua - 2006

modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long …-run perspective, manufacturing exporters in East Asia adopted financial mercantilism -- subsidizing the cost of capital -- during … disentangle the monetary mercantilism from precautionary response to the heritage of past financial mercantilism. Monetary …

Persistent link: https://www.econbiz.de/10012465942

Chinese Outwards Mercantilism – the Art and Practice of Bundling

Aizenman, Joshua - 2015

Chinese outward-mercantilism, which aims at securing a higher rate of returns on its net foreign asset position, leveraging …

Persistent link: https://www.econbiz.de/10012457577

Boom-Bust Capital Flow Cycles

Kaminsky, Graciela L. - 2019

This paper examines the new trends in research on capital flows fueled by the 2007-2009 Global Crisis. Previous studies on capital flows focused on current-account imbalances and net capital flows. The Global Crisis changed that. The onset of this crisis was preceded by a dramatic increase in...

Persistent link: https://www.econbiz.de/10012479839

International Finance and Growth in Developing Countries : What Have We Learned?

Obstfeld, Maurice - 2009

Despite an abundance of cross-section, panel, and event studies, there is strikingly little convincing documentation of direct positive impacts of financial opening on the economic welfare levels or growth rates of developing countries. The econometric difficulties are similar to those that...

Persistent link: https://www.econbiz.de/10012463949

Keeping Capital Flowing : The Role of the IMF

Bordo, Michael D. - 2004

In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve following the adoption of an IMF program, although they may initially deteriorate...

Persistent link: https://www.econbiz.de/10012467855

World Markets for Raising New Capital

Henderson, Brian J. - 2004

Financial markets are increasingly integrated globally. We examine the extent to which firms from different countries rely on alternative sources of capital, the locations where they raise capital, and the factors that affect these choices. During the 1990-2001 period, firms raised about $25.9...

Persistent link: https://www.econbiz.de/10012468469

Domestic Capital Market Reform and Access to Global Finance : Making Markets Work

Henry, Peter Blair - 2003

Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for …

Persistent link: https://www.econbiz.de/10012468630

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