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Beware the Side Effects : Capital Controls, Trade, Misallocation and Welfare
Andreasen, Eugenia; Bauducco, Sofía; Dardati, Evangelina; … - National Bureau of Economic Research - 2023
-OLG model with heterogeneous firms, monopolistic competition, endogenous trade participation and collateral constraints. Static …
Persistent link: https://www.econbiz.de/10014226160
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The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework
Mendoza, Enrique G.; Uribe, Martin - National Bureau of Economic Research (NBER) - 1999
In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...
Persistent link: https://www.econbiz.de/10005829366
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Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations
Mendoza, Enrique G.; Uribe, Martin - National Bureau of Economic Research (NBER) - 1999
This paper shows that the risk of devaluation can be an important factor accounting for the stylized facts of exchange-rate-based stabilizations. This conclusion follows from studying the quantitative implications of a two-sector equilibrium business cycle model of a small open economy...
Persistent link: https://www.econbiz.de/10005588995
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The Syndrome of Exchange-Rate-Based Stabilizations and the Uncertain Duration of Currency Pegs
Mendoza, Enrique G.; Uribe, Martín - 2008
This paper shows that some key stylized facts of exchange-rate-based stabilization plans can be explained by the uncertain duration of the plans themselves. Uncertain duration is modeled to reflect evidence showing that devaluation probabilities are higher when the plans are introduced and...
Persistent link: https://www.econbiz.de/10014217247
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A General Equilibrium Model of Sovereign Default and Business Cycles
Yue, Vivian Z.; Mendoza, Enrique G. - International Monetary Fund (IMF) - 2011
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both...
Persistent link: https://www.econbiz.de/10009203544
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How Big (Small?) Are Fiscal Multipliers?
Ilzetzki, Ethan; Mendoza, Enrique G.; Gramont, Carlos … - International Monetary Fund (IMF) - 2011
, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we …
Persistent link: https://www.econbiz.de/10008876601
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Precautionary Demand for Foreign Assets in Sudden Stop Economies; An Assessment of the New Merchantilism
Mendoza, Enrique G.; Durdu, Ceyhun Bora; Terrones, Marco - International Monetary Fund (IMF) - 2007
assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial … globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined …
Persistent link: https://www.econbiz.de/10005263736
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Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, Enrique G. - International Monetary Fund (IMF) - 2006
This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70...
Persistent link: https://www.econbiz.de/10005264110
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The finnish great depression: from Russia with love
Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L. - 2009
1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union … of Soviet-Finnish trade can explain key features of Finland's Great Depression. We also show that Finland's Great … similar trade collapse. However, as a western democracy with developed capital markets and institutions, Finland faced none of …
Persistent link: https://www.econbiz.de/10010268947
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The Finnish Great Depression: From Russia with Love
Gorodnichenko, Yuriy; Mendoza, Enrique G.; Tesar, Linda L. - Institute for the Study of Labor (IZA) - 2009
1930s. We argue that the culprit behind this Great Depression was the collapse of Finnish trade with the Soviet Union … of Soviet-Finnish trade can explain key features of Finland's Great Depression. We also show that Finland's Great … similar trade collapse. However, as a western democracy with developed capital markets and institutions, Finland faced none of …
Persistent link: https://www.econbiz.de/10005566654