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We present a simple model that can account for the main features of recent financial crises in emerging markets. The international illiquidity of the domestic financial system is at the center of the problem. Illiquid banks are a necessary and a sufficient condition for financial crises to...
Persistent link: https://www.econbiz.de/10010397417
A country's financial system is internationally illiquid if its potential short-term obligations in foreign currency exceed the amount of foreign currency it can have access to in short notice. This condition may be necessary and sufficient for financial crises and/or exchange rate collapses...
Persistent link: https://www.econbiz.de/10010397536
Most people are familiar with retail payments systems such as checks and credit cards. Less familiar are wholesale payments systems, which consist of electronic networks used for sending large sums among banks. A feature common to all wholesale networks is that settlement is carried out by...
Persistent link: https://www.econbiz.de/10005361019
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Testimony before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Committee on Oversight and Government Reform, U.S. House of Representatives.
Persistent link: https://www.econbiz.de/10009395288
Introductory Remarks for the Panel Discussion Sponsored by the Heller-Hurwicz Economics Institute and the Economic Club of Minnesota at the University of Minnesota, Minneapolis.
Persistent link: https://www.econbiz.de/10010724935
Remarks at the ACI 2010 World Congress, Sydney, Australia.
Persistent link: https://www.econbiz.de/10010724944
Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut.
Persistent link: https://www.econbiz.de/10010724969
Remarks at New York University's Stern School of Business, New York City.
Persistent link: https://www.econbiz.de/10010724983
Testimony before the Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, Committee on Oversight and Government Reform, U.S. House of Representatives.
Persistent link: https://www.econbiz.de/10010725013