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Leverage Constraints and the International Transmission of Shocks

Devereux, Michael B. - 2015

-movements. When leverage constraints bind however, the presence of these constraints in combination with diversified portfolios … international transmission of shocks due to interdependent portfolio holdings among leverage-constrained investors. In our model …, without leverage constraints on investment, financial integration itself has no implication for international macro co …

Persistent link: https://www.econbiz.de/10013038754

Asian and European Financial Crises Compared

Truman, Edwin M. - 2013

The European and Asian financial crises are the two most recent major regional crises. This paper compares their origins and evolution. The origins of the two sets of crises were different in some respects, but broadly similar. The two sets of crises also shared similarities in their evolution,...

Persistent link: https://www.econbiz.de/10013074003

Asian Crises : Theory, Evidence, Warning-Signals

Stein, Jerome L.; Lim, Guay C. - 2021

In July 1997, the economies of East Asia became embroiled in one of the worst financial crises of the postwar period. Yet, prior to the crisis, these economies were seen as models of economic growth experiencing sustained growth rates that exceeded those earlier thought unattainable. Why did the...

Persistent link: https://www.econbiz.de/10013319366

Sovereigns versus Banks: Credit, Crises, and Consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2013

Two separate narratives have emerged in the wake of the Global Financial Crisis. One speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the...

Persistent link: https://www.econbiz.de/10010328746

Sovereigns versus banks : credit, crises, and consequences

Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2013

Persistent link: https://www.econbiz.de/10010199757

Determinants of portfolio flows into CIS countries

Lozovyi, Oleksandr; Kudina, Alina - 2007

This paper employs a standard Tobin-Markowitz framework to analyse the determinants of capital flows into the CIS countries. Using data from 1996-2006, we find that the Russian financial crisis of 1998 has had a profound impact on capital flows into the CIS (both directly and indirectly)....

Persistent link: https://www.econbiz.de/10011430796

Can reforms promoting growth increase financial fragility? : an empirical assessment

Caldera Sánchez, Aida; Gori, Filippo - 2016

Certain growth-promoting policies can have negative side-effects by increasing the vulnerability of economies to financial crises. Typical examples are greater openness to financial flows or more liberalised financial markets. This paper investigates whether the growth benefits of policy reforms...

Persistent link: https://www.econbiz.de/10011578174

China's capital flight : pre- and post-crisis experiences

Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2015

We study China's illicit capital flow and document a change in its pattern. Specifically, we observe that China's capital flight, especially the one measured by trade misinvoicing, exhibits a weakened response in the post-2007 period to the covered interest disparity, which is a theoretical...

Persistent link: https://www.econbiz.de/10011490935

In Search of Lost Time : Examining the Duration of Sudden Stops in Capital Flows

David, Antonio C. - 2019

This paper investigates what factors affect the duration of sudden stops in capital flows using quarterly data for a large panel of countries. We find that countries with floating exchange rate regimes tend to experience shorter sudden stop episodes and that fixed exchange rate regimes are...

Persistent link: https://www.econbiz.de/10012858389

The East Asian Dollar Standard, Fear of Floating, and Original Sin

McKinnon, Ronald - 2007

Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's...

Persistent link: https://www.econbiz.de/10012729302

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