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Causal Effects of Countercyclical Interest Rates : Evidence from the Classical Gold Standard
Mitchener, Kris; Pina, Gonçalo - National Bureau of Economic Research - 2022
We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...
Persistent link: https://www.econbiz.de/10013191065
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Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float : An Impulse-Response Analysis
Bayoumi, Tamim - 1992
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10012474799
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Capital Flows and Domestic and International Order : Trilemmas from Macroeconomics to Political Economy and International Relations
Bordo, Michael - 2015
This paper explains the problem of adjustment to the challenges of globalization in terms of the logic underpinning four distinct policy constraints or trilemmas, and their interrelationship, and in particular the disturbances that arise from capital flows. The analysis of a policy trilemma was...
Persistent link: https://www.econbiz.de/10012457651
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Interest Rates, Contagion and Capital Controls
Edwards, Sebastian - 2000
In this paper I analyze several issues related to contagion,' including its definition, recent experiences, alternative channels at work, and possible prevention mechanisms. The discussion deals with the macroeconomics implications of contagion, and concentrates on the relationship between the...
Persistent link: https://www.econbiz.de/10012470949
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Capital Mobility and the Scope for Sterilization : Mexico in the 1970s
Cumby, Robert E. - 1981
This paper is an empirical study of the Banco de Mexico's monetary policy during the 1970s. In particular, it studies … de Mexico reaction function suggest that the Mexican central bank attempted to sterilize reserve flows through offsetting … coefficients indicate that the Banco de Mexico's monetary control was exercised at a substantial cost in terms of reserve …
Persistent link: https://www.econbiz.de/10012478345
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Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate
Kehoe, Timothy J. - 2008
the Mexican economy, and use it to analyze Mexico's 1994-95 crisis. When subjected to a sudden stop, the model accounts …
Persistent link: https://www.econbiz.de/10012464252
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Exchange Rate Regimes, Capital Flows and Crisis Prevention
Edwards, Sebastian - 2001
In this paper I analyze, within the context of the new 'financial architecture,' the relationship between exchange rate regimes, capital flows and currency crises in emerging economies. The paper draws on lessons learned during the 1990s, and deals with some of the most important policy...
Persistent link: https://www.econbiz.de/10012470189
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Credit, Prices, and Crashes : Business Cycles with a Sudden Stop
Mendoza, Enrique G. - 2001
The 1990s emerging-markets crises were characterized by sudden reversals in inflows of foreign capital followed by unusually large declines in current account deficits, private expenditures, production, and prices of nontradable goods relative to tradables. This paper shows that these Sudden...
Persistent link: https://www.econbiz.de/10012470386
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Banks and Macroeconomics Disturbances under Predetermined Exchange Rates
Edwards, Sebastian - 1997
evidence for Chile and Mexico supports the main predictions of the model …
Persistent link: https://www.econbiz.de/10012472844
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KFstar and Portfolio Inflows : A Focus on Latin America
Burger, John D.; Warnock, Francis E.; Warnock, Veronica C. - National Bureau of Economic Research - 2022
for Brazil, Chile, and Mexico; risk tolerance for Argentina, Costa Rica, and Peru …
Persistent link: https://www.econbiz.de/10013388809