Narrow search
Showing 1 - 10 of 1,603
Cover Image
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
Cover Image
Financial Sector Regulation and Reforms in Emerging Markets : An Overview
Prasad, Eswar S. - 2010
as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest … objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that …
Persistent link: https://www.econbiz.de/10012462228
Cover Image
Data and Welfare in Credit Markets
Jansen, Mark; Nagel, Fabian; Yannelis, Constantine; … - National Bureau of Economic Research - 2022
We show how to measure the welfare effects arising from increased data availability. When lenders have more data on prospective borrower costs, they can charge prices that are more aligned with these costs. This increases total social welfare, and transfers surplus from borrowers to lenders. We...
Persistent link: https://www.econbiz.de/10013334452
Cover Image
The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
, and discusses their implications for the financial system and regulation. We document that the balance sheet share of … how these shifts impact the financial sector's sensitivity to macroprudential regulation. While raising capital … undergone significant transformation, with implications for macroprudential policy and financial regulation …
Persistent link: https://www.econbiz.de/10014486266
Cover Image
Financial Dollarization in Emerging Markets : Efficient Risk Sharing or Prescription for Disaster?
Christiano, Lawrence J.; Dalgic, Husnu; Nurbekyan, Armen - National Bureau of Economic Research - 2021
This paper pushes back against two views about the effects of dollarization. First, there is a view that the dollar is a device by which rich countries provide business cycle insurance to emerging market (EME) countries. We find that the dollar is important for risk sharing, but the evidence...
Persistent link: https://www.econbiz.de/10012599324
Cover Image
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
Cover Image
Monetary Policy Challenges in Emerging Markets : Sudden Stop, Liability Dollarization, and Lender of Last Resort
Calvo, Guillermo A. - 2006
The paper argues that Emerging Market economies (EMs) face financial vulnerabilities that weaken the effectiveness of a domestic Lender of Last Resort (LOLR). As a result, monetary policy is inextricably linked to the state of the credit market. In particular, the central bank should be ready to...
Persistent link: https://www.econbiz.de/10012465871
Cover Image
Dollar Shortages and Crises
Rajan, Raghuram G. - 2004
Emerging markets do not handle adverse shocks well. In this paper, I will outline an explanation of why emerging markets are so fragile, and why they may adopt contractual mechanisms -- such as a dollarized banking system -- that increase their fragility. I draw on this analysis to explain why...
Persistent link: https://www.econbiz.de/10012467844
Cover Image
Exchange Rate Volatility and the Credit Channel in Emerging Markets : A Vertical Perspective
Caballero, Ricardo - 2004
Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...
Persistent link: https://www.econbiz.de/10012468176
Cover Image
A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
Edwards, Sebastian - 2003
In this paper we analyze whether common currency' countries that is, dollarized and independent currency union countries have outperformed countries that have a currency of their own. The paper is empirical and estimates jointly the probability of being a common currency country and outcome'...
Persistent link: https://www.econbiz.de/10012469189