In this paper we present evidence that capital account reversals have become more severe foremerging markets. Because policy options are limited in the midst of a capital market crisisand because so many countries have already had crises recently, we focus on some of thepolicies that could...

In recent years, many countries have suffered severe financial crises, producing a staggering tollon their economies, particularly in emerging markets. One view blames fixed exchange rates--“soft pegs”--for these meltdowns. Adherents to that view advise countries to allow theircurrency to...

Organizado por: Banco de España

This thesis studies the role of banks in the transmission of nominal shocks into credit markets in emerging countries. It builds on the lending channel hypothesis, which states that, due to imperfections in capital markets, banks may not be able to completely offset a negative shock to deposits...

This dissertation consists of two essays and studies topics on sovereign debt. The first essay analyzes, using duration models, the factors that affect the length of time a country in default is excluded from the international credit markets. It shows that disclosure of information by the debtor...

This dissertation addresses the issues of capital controls and informal economy. Both subjects have evoked considerable interest in both academic environments and policy circles, especially given their importance for developing countries. The dissertation is structured as follows. Chapter 1...

This thesis studies how International Monetary Fund (IMF) loans interactwith private capital flows and how they affect the level of welfare of borrowercountries and private lenders.The first chapter presents a model highlighting the fact that the IMF hasboth de jure and de facto seniority rights...