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The Two Crises of International Economics
Dooley, Michael P. - 2007
In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The...
Persistent link: https://www.econbiz.de/10012465456
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Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?
Eichengreen, Barry - 2008
Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...
Persistent link: https://www.econbiz.de/10012464545
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Global Financial Cycle and Liquidity Management
Jeanne, Olivier - 2020
We use a tractable model to show that emerging markets can protect themselves from the global financial cycle by expanding (rather than restricting) capital flows. This involves accumulating reserves when global liquidity is high to buy back domestic assets at a discount when global financial...
Persistent link: https://www.econbiz.de/10012482120
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From the Great Moderation to the global crisis : Exchange market pressure in the 2000s
Aizenman, Joshua - 2010
This paper investigates the factors explaining exchange market pressures (EMP) and the hoarding and use of international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and great recession. According to our results, both financial...
Persistent link: https://www.econbiz.de/10012462210
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Global Imbalances and Currency Wars at the ZLB
Caballero, Ricardo J. - 2015
This paper explores the consequences of extremely low equilibrium real interest rates in a world with integrated but …
Persistent link: https://www.econbiz.de/10012456999
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Will Subprime be a Twin Crisis for the United States?
Dooley, Michael P. - 2008
We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments...
Persistent link: https://www.econbiz.de/10012464668
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Capital Inflows and Reserve Accumulation : The Recent Evidence
Reinhart, Carmen M. - 2008
Over the past decade, policymakers in many emerging market economies have opted to limit fluctuations of the value of their domestic currencies relative to the U.S. dollar. A simple interest-parity relationship is used to identify the potential sources of upward pressure on the value of a...
Persistent link: https://www.econbiz.de/10012464804
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Sudden Stops : Determinants and Output Effects in the First Era of Globalization, 1880-1913
Bordo, Michael D. - 2007
Using a sample of 20 emerging countries from 1880 to 1913, we study the determinants and output effects of sudden stops in capital inflows during an era of intensified globalization. We find that higher levels of original sin (hard currency debt to total debt) and large current account deficits...
Persistent link: https://www.econbiz.de/10012465157
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The Future of International Liquidity and the Role of China
Taylor, Alan M. - 2013
and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …' precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system …, another re-run of the Triffin paradox, with an ever-growing emerging-world insurance demand loaded onto a small group of ever …
Persistent link: https://www.econbiz.de/10012459889
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The Plaza Accord, 30 Years Later
Frankel, Jeffrey - 2015
The paper reviews an event of 30 years ago from the perspective of today: a successful G-5 initiative to reverse what had been an overvalued dollar. The "Plaza Accord" is best viewed not as the precise product of the meeting on September 22, 1985, but as shorthand for a historic change in US...
Persistent link: https://www.econbiz.de/10012456857