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Liquidity crises in emerging markets: Theory and policy

Chang, Roberto; Velasco, Andres - 1999

We build a model of financial sector illiquidity in an open economy. Illiquidity is defined as a situation in which a country's consolidated financial system has potential short-term obligations that exceed the amount of foreign currency available on short notice. We show that illiquidity is key...

Persistent link: https://www.econbiz.de/10010397400

Why did Czech Banks Switch From Loans in 1995?

Nilsen, Jeffrey H. - 1998

have Czech banks successfully provided worthy enterprises with sufficient credit from the funds made available to them …? Using data from the Czech National Bank and data on individual Czech banks, I find evidence that in 1995 banks are provided … competition from foreign funds made the loan interest margin too narrow for Czech banks to profitably lend. The tight money …

Persistent link: https://www.econbiz.de/10011430003

Macroeconomic imbalances and exchange rate regime shifts

Post, Erik - 2007

This paper uses a dynamic stochastic rational expectations model of a small open economy to shed some light on factors determining exits from a fixed to a flexible exchange rate regime. Exits are in the model determined by a concern for macroeconomic stabilization. If cost-push shocks are...

Persistent link: https://www.econbiz.de/10010321564

India's Macroeconomic Performance and Policies since 2000

Acharya, Shankar - 2008

The paper reviews India's macroeconomic performance and policies since 2000. The first section briefly summarizes key macroeconomic developments regarding economic growth, inflation, external balance, the fiscal situation and aggregate savings and investment. The second section considers some of...

Persistent link: https://www.econbiz.de/10011807631

Insuring against private capital flows: is it worth the premium? ; What are the alternatives?

Bibow, Jörg - 2008

Following an analysis of the forces behind the global capital flows paradox" observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...

Persistent link: https://www.econbiz.de/10010266434

Global imbalances, the US dollar, and how the crisis at the core of global finance spread to "self-insuring" emerging market economies

Bibow, Jörg - 2010

This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through the early stages of the financial turmoil that began in the summer of 2007, they have been hit hard...

Persistent link: https://www.econbiz.de/10010281707

Permanent and selective capital account management regimes as an alternative to self-insurance strategies in emerging-market economies

Bibow, Jörg - 2011

Currency market intervention-cum-reserve accumulation has emerged as the favored selfinsurance strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed...

Persistent link: https://www.econbiz.de/10010286519

Controlling capital? Legal restrictions and the asset composition of international financial flows

Binici, Mahir; Hutchison, Michael; Schindler, Martin - 2009

Legal restrictions on international capital movements are imposed in many countries in an attempt to (partially) insulate their economies from abroad and pursue some degree of domestic policy independence. But is the imposition of capital controls effective in achieving these goals? We...

Persistent link: https://www.econbiz.de/10010287761

Is shareholders´ strategic default behavior priced?Evidence from the international cross-section of stocks

Favara, Giovanni; Schroth, Enrique; Valta, Philip - Swiss National Centre of Competence in Research North … - 2010

We test whether the ´firms systematic equity risk reflects the shareholders´ incen-tives to default strategically on its debt. We use a standard real options model torelate the shareholders´strategic default behavior to frictions in the debt renegotia-tion procedure. We test its predictions...

Persistent link: https://www.econbiz.de/10009305083

Self-Fulfilling Risk Panics

Baccheta, Philippe; Tille, Cédric; Van Wincoop, Eric - Swiss National Centre of Competence in Research North … - 2010

Recent crises have seen very large spikes in asset price risk without dramatic shiftsin fundamentals. We propose an explanation for these risk panics based on selffullling shifts in risk made possible by a negative link between the current assetprice and risk about the future asset price. This...

Persistent link: https://www.econbiz.de/10009305102

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