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This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between...
Persistent link: https://www.econbiz.de/10014401521
Persistent link: https://www.econbiz.de/10003914429
This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between...
Persistent link: https://www.econbiz.de/10012771470
This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between...
Persistent link: https://www.econbiz.de/10012677603
This chapter outlines policies to help solve the debt overhang and bring about recovery in both groups of countries. The current financial turmoil is confronting emerging market economies with two shocks: a 'sudden stop' of capital inflows resulting from the global deleveraging process, and a...
Persistent link: https://www.econbiz.de/10014401090