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Leverage Constraints and the International Transmission of Shocks
Devereux, Michael B; Yetman, James - Reserve Bank of Australia - 2009
-movements. When leverage constraints bind, however, the presence of diversified portfolios in combination with these constraints … international transmission of shocks due to interdependent portfolio holdings among leverage-constrained financial institutions. In … the absence of leverage constraints, international portfolio diversification has no implications for macroeconomic co …
Persistent link: https://www.econbiz.de/10008565768
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Stories of the Twentieth Century for the Twenty-First
Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011
leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst …
Persistent link: https://www.econbiz.de/10009201122
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The Federal Reserve Engages the World (1970-2000): An Insider’s Narrative of the Transition to Managed Floating and Financial Turbulence
Truman, Edwin M. - Peter G. Peterson Institute for International Economics … - 2014
This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...
Persistent link: https://www.econbiz.de/10010889808
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Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability
Edwards, Sebastian - National Bureau of Economic Research (NBER) - 2007
In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new...
Persistent link: https://www.econbiz.de/10005085366
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Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
Jeanne, Olivier; Korinek, Anton - National Bureau of Economic Research (NBER) - 2010
This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. It presents a model in which restricting capital inflows during boom times reduces the potential outflows...
Persistent link: https://www.econbiz.de/10008625925
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Rating the Rating Agencies
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
In this study, we begin by assessing the ability of sovereign credit ratings to anticipate crises. In addition, given the wave of sovereign credit ratings downgrades that have followed the crises in Asia, we investigate formally the extent to which credit ratings are reactive. Along the way, we...
Persistent link: https://www.econbiz.de/10008531919
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Early Warning System: Empirical Results from The Signals Approach
Reinhart, Carmen; Goldstein, Morris; Kaminsky, Graciela - Volkswirtschaftliche Fakultät, … - 2000
The signals approach was applied to 24 of the indicators around the dates of the 29 banking and the 87 currency crises. In what follows, we first compare our results for the 15 original indicators in Kaminsky and Reinhart (1996) to those presented in that study. This exercise assesses the...
Persistent link: https://www.econbiz.de/10008531936
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Revisando la evidencia sobre frenazos súbitos y crisis financieras
VARGAS, César TAMAYO y Andrés - DEPARTAMENTO NACIONAL DE PLANEACIÓN - 2007
La nueva oleada de flujos de capital hacia economías emergentes ha renovado el interés por laocurrencia de un nuevo frenazo súbito o crisis de flujos de capital. Este trabajo es una nuevaaproximación al tema, a partir de los problemas de liquidez como determinantes de estosfrenazos súbitos....
Persistent link: https://www.econbiz.de/10005603912
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Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?
Kaminsky, Graciela Laura; Mati, Amine; Choueiri, Nada - National Bureau of Economic Research (NBER) - 2009
This paper examines Argentina's currency crises from 1970 to 2001, with particular attention to the role of domestic and external factors. Using VAR estimations, we find that deteriorating domestic fundamentals matter. For example, at the core of the late 1980s crises was excessively loose...
Persistent link: https://www.econbiz.de/10008610980
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Bonanzas de flujos de capital: una mirada que abarca el pasado y el presente
Reinhart, Carmen M.; Reinhart, Vincent R. - In: ENSAYOS SOBRE POLÍTICA ECONÓMICA (2009)
En este artículo, un algoritmo cataloga las bonanzas de entradas de capital tanto a economías emergentes como a economías avanzadas desde 1980 a 2007 para 181 países y desde 1960 a 2007 para un subconjunto de 66 economías de todas las regiones. Factores globales como los precios de los...
Persistent link: https://www.econbiz.de/10008621811