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Bubbles and Capital Flow Volatility : Causes and Risk Management
Caballero, Ricardo J. - 2005
liquidity requirements, sterilization of capital inflows and structural policies aimed at developing public debt markets quot …
Persistent link: https://www.econbiz.de/10012736084
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Bubbles and Capital Flow Volatility: Causes and Risk Management
Caballero, Ricardo J; Krishnamurthy, Arvind - National Bureau of Economic Research (NBER) - 2005
liquidity requirements, sterilization of capital inflows and structural policies aimed at developing public debt markets …
Persistent link: https://www.econbiz.de/10005778011
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A Dual Liquidity Model for Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...
Persistent link: https://www.econbiz.de/10014121253
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Exchange Rate Volatility and the Credit Channel in the Emerging Markets : A Vertical Perspective
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2004
Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...
Persistent link: https://www.econbiz.de/10014071372
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A Dual Liquidity Model for Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2002
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...
Persistent link: https://www.econbiz.de/10014110704
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A 'Vertical' Analysis of Monetary Policy in Emerging Markets
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003
During emerging market crises, domestic agents might have sufficient collateral to borrow from the other domestic agents, but they are unable to borrow from foreigners because the country, as a whole, lacks international collateral. In this setting, we show that an (ex-post) optimizing central...
Persistent link: https://www.econbiz.de/10014118568
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Dollarization of Liabilities : Underinsurance and Domestic Financial Underdevelopment
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003
observers have agreed upon is that contracting "dollar" (foreign currency) denominated external debt - as opposed to domestic … currency debt - created balance sheet mismatches that led to bankruptcies and dislocations that amplified downturns. Much of … debt. Yet there has been little systematic inquiry into why companies must or choose to take on dollar debt. In this paper …
Persistent link: https://www.econbiz.de/10014151417
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Fiscal Policy and Financial Depth
Caballero, Ricardo J.; Krishnamurthy, Arvind - 2004
Most economists and observers place the lack of fiscal discipline at the core of the recent Argentine crisis. This begs the question of how countries like Belgium or Italy (pre-Maastricht) could run large fiscal deficits and accumulate debts far beyond those of Argentina, without experiencing...
Persistent link: https://www.econbiz.de/10014071655
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Efficient Credit Policies in a Housing Debt Crisis
Eberly, Janice; Krishnamurthy, Arvind - In: Brookings Papers on Economic Activity 49 (2014) 2 (Fall), pp. 73-136
Persistent link: https://www.econbiz.de/10011227977
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Inflation Targets and Sudden Stops
Caballero, Ricardo J. - 2003
Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for quot;insurancequot; rather than for aggregate demand reasons. In this environment, a...
Persistent link: https://www.econbiz.de/10012740018