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Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are presented within a unified econometric framework. We allow for unobserved heterogeneity...
Persistent link: https://www.econbiz.de/10012864111
four barriers (geographic distance, cultural distance, foreign investment taxation, and political risk) accounts for a …
Persistent link: https://www.econbiz.de/10013242281
further integration, and further policy coordination, is a better allocation of the world's savings and more effective risk …
Persistent link: https://www.econbiz.de/10013149524
. Our model features cross-country heterogeneity in fundamental risk, a demand system for international assets, and …
Persistent link: https://www.econbiz.de/10015070015
against liquidity shocks, which temporarily shut out the economy of short-term credit markets. Due to the presence of a …
Persistent link: https://www.econbiz.de/10012425195
Emerging market economies, which have much of their growth ahead of them, either run or should run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. We make two...
Persistent link: https://www.econbiz.de/10014219484
index. If added to these countries portfolios, it would significantly enhance their sudden stop risk-management strategies … liquidity and liability management more generally …
Persistent link: https://www.econbiz.de/10014065667
Countries with intermediate levels of institutional quality suffer larger output contractions following sudden stops of capital inflows than less developed nations. However, countries with strong institutions seldom experience significant falls in output after capital flow reversals. We...
Persistent link: https://www.econbiz.de/10013138449
Current data provide macroeconomic information for a large number of countries and for a long period of time (macro panels). This causes that in these panels slope heterogeneity and crosssection dependence (CSD) are a rule rather than the exception, leading to fixed effects slope estimators to...
Persistent link: https://www.econbiz.de/10010486876
. Alternative reforms to eliminate liquidity crises are analyzed. An international lender of last resort can eliminate liquidity …
Persistent link: https://www.econbiz.de/10013157084