In third generation currency crises models, balance sheet losses from currency depreciations propagate the crises into the real sector of the economy. To test these models, we built a firm-level database that allowed us to measure currency mismatches around the 2002 Brazilian currency crisis. We...

In third generation currency crises models, balance sheet losses from currency depreciations propagate the crises into the real sector of the economy. To test these models, we built a firm-level database that allowed us to measure currency mismatches around the 2002 Brazilian currency crisis. We...

The global financial crisis has led to a revival of the empirical literature on current account imbalances. This paper contributes to that literature by investigating the importance of evaluating model and parameter uncertainty prior to reaching any firm conclusion. We explore three alternative...

En este trabajo se desarrolla un indicador de sostenibilidad de la deuda externa y se aplica a un conjunto amplio de países emergentes. Los resultados del modelo teórico indican que el tipo de cambio real juega un papel fundamental para garantizar la sostenibilidad de la deuda. Cuando se...

Prevailing views suggest that short-term, unhedged foreign borrowing and crony capitalism, in combination with a weak financial system and lack of transparency may lie at the heart of the Asian financial crisis of 1997. Although the crisis first began in Thailand, it quickly spread to the rest...

Using Benford's law, we find evidence supporting the hypothesis that countries at times misreport their economic data strategically. We group countries with similar economic conditions and find that for countries with fixed exchange rate regimes, high negative net foreign asset positions,...

RESUME :Au cours des 15 dernières années, l'intégration financière au sein de la zone euro s'est effectuée enpartie à travers le développement de flux bancaires transfrontaliers. Cet article étudie lesconséquences macroéconomiques des prêts transfrontaliers à l'aide d'un modèle DSGE...

This paper introduces the concept of “debt intolerance”, which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. We argue that “safe” external debt-to-GNP thresholds for debt intolerant...

En este artículo, un algoritmo cataloga las bonanzas de entradas de capital tanto a economías emergentes como a economías avanzadas desde 1980 a 2007 para 181 países y desde 1960 a 2007 para un subconjunto de 66 economías de todas las regiones. Factores globales como los precios de los...

This paper analyzes the initial economic conditions before IMF financial arrangements are adopted. Evidence from 104 IMF arrangements in 74 developing countries during 1973-91 indicates that there are important differences between the characteristics of countries about to undergo a program and...