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Financial Development and the Instability of Open Economies

Aghion, Philippe - 2004

This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit...

Persistent link: https://www.econbiz.de/10012468447

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 … for financial stability with the imperatives of financial development and broader financial inclusion. I argue that these … 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

Ethical Foundations of Financial Regulation

Kane, Edward J. - 1997

Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating … arise in multi- party relationships and that regulation introduces opportunities to impose rules that enhance the welfare of … discretion and choose actions for the common good. Agency-cost theories portray regulation as a way to raise the quality of …

Persistent link: https://www.econbiz.de/10012472798

Reallocation in the Great Recession : Cleansing or Not?

Foster, Lucia - 2014

The high pace of reallocation across producers is pervasive in the U.S. economy. Evidence shows this high pace of reallocation is closely linked to productivity. While these patterns hold on average, the extent to which the reallocation dynamics in recessions are "cleansing" is an open question....

Persistent link: https://www.econbiz.de/10012458240

A Brief History of Regulations Regarding Financial Markets in the United States : 1789 to 2009

Komai, Alejandro - 2011

In the United States today, the system of financial regulation is complex and fragmented. Responsibility to regulate …

Persistent link: https://www.econbiz.de/10012461215

Boom-Bust Cycles in Middle Income Countries : Facts and Explanation

Tornell, Aaron - 2002

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...

Persistent link: https://www.econbiz.de/10012469490

Financial Globalization, Financial Crises and Contagion

Mendoza, Enrique G. - 2009

Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing...

Persistent link: https://www.econbiz.de/10012463217

The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China

Aizenman, Joshua - 2015

This paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of exported growth, benefiting from learning by doing, and by adopting foreign know-how, supported by a complex...

Persistent link: https://www.econbiz.de/10012457723

Using Deferred Compensation to Strengthen the Ethicsof Financial Regulation

Kane, Edward J. - 2001

Defects in the corporate governance of government-owned enterprises tempt opportunistic officials to breach duties of public stewardship. Corporate-governance theory suggests that incentive-based deferred compensation could intensify the force that common-law duties actually exert on regulatory...

Persistent link: https://www.econbiz.de/10012470321

Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints : A Fisherian Deflation of Tobin's Q

Mendoza, Enrique G. - 2006

The current account reversals, large recessions, and price collapses that define Sudden Stops contradict the predictions of a large class of models in which the current account is a vehicle for consumption smoothing and investment financing. This paper shows that the quantitative predictions of...

Persistent link: https://www.econbiz.de/10012466098

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