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Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops
Razin, Assaf - 2005
The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the...
Persistent link: https://www.econbiz.de/10012467554
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Dollarization : Analytical Issues
Chang, Roberto - 2002
This paper discusses major analytical aspects of dollarization and their practical implications. We develop a simple model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance of such losses can only be evaluated in conjunction...
Persistent link: https://www.econbiz.de/10012469877
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Liquidity, Efficiency and Bank Bailouts
Gorton, Gary - 2002
Why do governments bailout banking systems in distress? We argue that the government can efficiently provide liquidity. We present a general equilibrium model in which not all assets can be used to purchase all other assets at every date. At some dates agents want to sell projects or securities....
Persistent link: https://www.econbiz.de/10012469552
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Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
Bocola, Luigi - 2017
Foreign currency borrowing is perceived as a source of financial instability in emerging markets. We propose a theory …
Persistent link: https://www.econbiz.de/10012453729
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U.S. Banks, Crises, and Bailouts : From Mexico to LTCM
Stulz, Rene M. - 2000
This paper investigates the impact on bank stock prices of emerging market currency crises and bailouts. The stock … events in countries experiencing a crisis. The paper uses the impact of the LTCM crisis on bank stock prices to put the …
Persistent link: https://www.econbiz.de/10012471245
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W. - 2012
effects of RFC assistance on bank survival. We find that the loan program had no statistically significant effect on the … of increasing the indebtedness of financial institutions and subordinating bank depositors. We find that RFC's purchases … of preferred stock - which did not increase indebtedness or subordinate depositors - increased the chances that a bank …
Persistent link: https://www.econbiz.de/10012460233
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The Desirability of a Dollar Appreciation, Given a Contractionary U.S. Monetary Policy
Frankel, Jeffrey A. - 1983
Undesirable real effects have been attributed to floating exchange rates in general, and the 1980-83 appreciation of the dollar in particular.In the appreciating country, the U.S., export industries lose competitiveness and so output falls. In the other country, say Europe, the exchange rate...
Persistent link: https://www.econbiz.de/10012477992
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Domestic Price Dollarization in Emerging Economies
Drenik, Andres - 2020
This paper studies the dollarization of prices in retail markets of emerging economies. We develop a model of the firm's optimal currency choice in retail markets in inflationary economies. We derive theoretical predictions regarding the optimality of dollar pricing, and test them using data...
Persistent link: https://www.econbiz.de/10012481195
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Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
Goldberg, Linda S. - 2010
reducing the dollar funding pressures abroad and stresses in money markets. The central bank dollar swap facilities are an …
Persistent link: https://www.econbiz.de/10012462892
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On the Determinants of Exporters' Currency Pricing : History vs. Expectations
Fukuda, Shin-ichi - 2006
The purpose of this paper is to investigate why the choice of invoice currency under exchange rate uncertainty depends not only on expectations but also on history. The analysis is motivated by the fact that the U.S. dollar has historically been the dominant vehicle currency in developing...
Persistent link: https://www.econbiz.de/10012466232