This paper tests for evidence of contagion between the financial markets of Thailand, Malaysia, Indonesia, Korea, and the Philippines. Cross-country correlations among currencies and sovereign spreads are found to increase significantly during the crisis period, whereas the equity market...

This paper investigates the contagion from Russia to Brazil in late 1998 under two dimensions players involved and the timing of events. The data does not seem to reflect a compensatory liquidation of assets story by international institutional investors. It does contribute, however, to the...

This paper evaluates monetary policy and its relationship with the exchange rate in the five Asian crisis countries. The findings are compared to previous currency crises in recent history. The paper finds that there is no evidence of overly tight monetary policy in the Asian crisis countries in...

The paper analyzes the Brazilian crisis with emphasis on the role of capital flows and the players involved. It concludes that while foreign investors (both banks and institutional investors) were long in Brazil, the speculation against the currency was not overwhelming. Once their position...

This paper investigates the relationship between hard currency and financial development. It creates four different series of hard currency based on different sets of data. The results of the paper suggest that indeed financial development and the hardness of currencies are highly correlated....

The paper studies the relationship between exchange rate depreciations and inflation using a sample of 71 countries in the period 1980-1998. The main determinants of the extent of inflationary pass-through of the depreciations (appreciations) are the cyclical component of output, the extent of...

The paper discusses the advantages and disadvantages of the full dollarization option and offers a few stylized facts and conclusions regarding the effects of full dollarization. On one hand, a full-dollarized economy delivers an impressive inflation performance and may even reduce the impact of...

The paper analyzes the effect of different proposals for the new international financial architecture in an open economy liquidity crises model. It shows that an international lender of last resort that provides a complete financial rescue leads, in the short run, to a lower probability of a BoP...

A general equilibrium model is built to explain if there are circumstances in which exchange rate risk smoothing (ERRS) policies may bring a Pareto-improvement for a indebted small open (home) economy. The model shows that this is the case when overpessimistic foreign creditors demand a large...

Este artigo tem como objetivo estudar as condições necessárias à implantação de um mercado líquido de letras hipotecárias no Brasil. A consolidação do processo de estabilidade macroeconômica bem como a diminuição dos níveis e volatilidade das taxas de juros são condições...