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This paper examines the empirical evidence on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain...
Persistent link: https://www.econbiz.de/10008915325
The authors examine the empirical evidence on currency crises and propose a specific early-warning system. This system involves monitoring the evolution of several indicators that tend to exhibit unusual behavior in the periods preceding a crisis. An indicator exceeding a certain threshold value...
Persistent link: https://www.econbiz.de/10005115891
This papers examines the empirical literature on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit unusual behaviorin the periods preceding a crisis. When an indicator exceeds a certain threshold...
Persistent link: https://www.econbiz.de/10005619554
Persistent link: https://www.econbiz.de/10005531151
Persistent link: https://www.econbiz.de/10005311517
Dollarization, in a broad sense, is increasingly a defining characteristic of many emerging market economies. How important is this trend quantitatively and how important is it for the conduct of monetary policy and the choice of exchange rate regimes? Though these questions have become a hot...
Persistent link: https://www.econbiz.de/10010819301
Many emerging market economies are dollarized in varying degrees. How important is this for the conduct of monetary policy and choice of exchange rate regime? We propose a composite measure of dollarization, identify its major trends, and ascertain its impact on the effectiveness of monetary and...
Persistent link: https://www.econbiz.de/10010744540
This paper introduces the concept of "debt intolerance," which manifests itself in the extreme duress many emerging market economies experience at levels of indebtedness that would seem manageable by advanced country standards. The paper argues that "safe" external debt-to-GNP thresholds for...
Persistent link: https://www.econbiz.de/10005053902
Persistent link: https://www.econbiz.de/10005314321
Primary commodities still account for the bulk of exports in many developing countries. However, real commodity prices have been declining almost continuously since the early 1980s. The appropriate policy response to a terms of trade shock depends importantly on whether the shock is perceived to...
Persistent link: https://www.econbiz.de/10008915461