Narrow search
Showing 1 - 10 of 4,037
Cover Image
Financial Fragility and the Exchange Rate Regime
Chang, Roberto; Velasco, Andrés - 2014
We study financial fragility, exchange rate crises, and monetary policy in an open economy version of a Diamond-Dybvig model. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism intended to maximize social welfare; if the mechanism fails,...
Persistent link: https://www.econbiz.de/10014048566
Cover Image
The Social Costs of Financial Crises
Van Dijk, Mathijs A. - 2013
the period 1970-2009, I examine the impact of a crisis not only on the economy and the financial sector, but also on …, in the six years following a crisis, average life expectancy declines by nine months, primary school enrolment drops by 3 …
Persistent link: https://www.econbiz.de/10013080655
Cover Image
On the Futility and Hazards of Monetary Heroics
Bhide, Amar - 2017
The decentralized enterprise that sustains the dynamism of economies makes top-down monetary interventions, such as quantitative easing, that target aggregates such as overall inflation, futile. Moreover, economic stability and dynamism also require prudent, decentralized lending to...
Persistent link: https://www.econbiz.de/10012962105
Cover Image
Coordination and policy traps
Angeletos, Marios (contributor);  … - 2005
This paper examines the ability of a policy maker to control equilibrium outcomes in a global coordination game; applications include currency attacks, bank runs, and debt crises. A unique equilibrium is known to survive when the policy is exogenously fixed. We show that, by conveying...
Persistent link: https://www.econbiz.de/10003779286
Cover Image
The new international architecture
Dornbusch, Rudiger - 2002
In 1998 Rüdiger Dornbusch gave the Munich Lectures in Economics entitled International Financial Crises . The CES Academic Council awarded him the prize and title Distinguished CES Fellow for his outstanding work on the monetary theory of foreign trade.Rüdiger Dornbusch passed away on July 25,...
Persistent link: https://www.econbiz.de/10011541194
Cover Image
Interest premium, sudden stop, and adjustment in a small open economy
Benczúr, Péter; Kónya, István - 2015
its crisis experience in 2008-11 in particular. We also calculate four counterfactuals: two with different exchange rate …. Overall, our model is able to fit movements of key aggregate and sectoral macroeconomic variables after the crisis by …
Persistent link: https://www.econbiz.de/10010468313
Cover Image
Currency Crisis Transmission through International Trade
Haidar, Jamal Ibrahim - 2012
The Eurozone recent crisis has shown how balance of payments problems in less developed European Monetary Union (EMU …) member countries can affect EMU trading partners, spreading the crisis to a larger group of countries. This paper introduces … spillover effect or a currency crisis transmission between countries. Specifically, using a two period model, it incorporates …
Persistent link: https://www.econbiz.de/10013113935
Cover Image
Central Bank and Government in a Speculative Attack Model
Cappelletti, Giuseppe - 2013
This paper studies the interaction between monetary and fiscal authorities while investors are coordinating on a speculative attack. The authorities want to achieve specific targets for output and inflation but also to avoid a regime change (i.e. sovereign default). They use the traditional...
Persistent link: https://www.econbiz.de/10013072609
Cover Image
Optimal Pass-Through of Oil Prices in an Economy with Nominal Rigidities
Bouakez, Hafedh - 2008
In many developing and emerging market economies, governments intervene to limit the degree to which oil-price increases are passed through to domestic fuel prices. This paper investigates whether, and to what extent, this intervention is warranted in an oil-importing economy characterized by...
Persistent link: https://www.econbiz.de/10012722888
Cover Image
International Finance and Central Bank Independence : Institutional Diffusion and the Flow and Cost of Capital
Bodea, Cristina - 2017
in relation to global finance. A first step links government decisions to reform central bank legislation to a perceived … the determinants of central bank reform. Results show the effect of international capital through a direct competition … organizations is also a determinant of CBI reform. In addition, we show that CBI affects the flow and cost of capital in non …
Persistent link: https://www.econbiz.de/10012958745