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critical in the cases of loan-dominant banks in emerging economies. Contrary to theory or studies, we find leverage is not …
Persistent link: https://www.econbiz.de/10009441719
Several studies have commented on the emergence of a new inter- national monetary system in the post-Asian crisis years. The current international financial crisis has, however, put Bretton Woods II under considerable strain. This paper analyzes the sustainability of the pre- crisis order from...
Persistent link: https://www.econbiz.de/10009468017
The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004,...
Persistent link: https://www.econbiz.de/10009477185
This paper presents a tool to detect the accumulation of risks in emerging market economies based on a synthetic index of 'vulnerability' for three different types of crisis (sovereign, currency and banking crises). To build the index we fi rst use a signalling approach (Auroc) to preselect the...
Persistent link: https://www.econbiz.de/10012523724
Este documento ocasional presenta un marco sencillo, transparente e independiente de modelos para supervisar la acumulación de vulnerabilidades en las economías emergentes que puedan llegar a afectar a la estabilidad financiera de España, a través de vínculos —bien financieros, bien de...
Persistent link: https://www.econbiz.de/10012525982
Las economías emergentes con metas de inflación (MI) se enfrentan a un dilema entre cumplir las condiciones teóricas de una «MI estricta», lo que implica un tipo de cambio totalmente flexible, o seguir una gestión más activa de su moneda («MI flexible»), lo que supone implementar...
Persistent link: https://www.econbiz.de/10012530329
Este trabajo ofrece un análisis empírico de la forma en que la política monetaria no convencional de Estados Unidos ha afectado a los países de América Latina. En primer lugar, se estiman los efectos de los anuncios de política monetaria de Estados Unidos sobre los tipos de interés de los...
Persistent link: https://www.econbiz.de/10012530506
, Beijing, China, August 16-22, 2009 …, middle and high-income countries with a special emphasis on Brazil, Russia, India and China – the BRIC economies. The study … agrifood products for the years 1990 to 2006. The results suggest that China, Russia and Brazil have more income elastic import …
Persistent link: https://www.econbiz.de/10009444816
and quality of products, damaging the processes of learning, cooperation and innovation, and consequently the development …
Persistent link: https://www.econbiz.de/10009442287
proximity enhances innovation, especially the number of product innovations. …
Persistent link: https://www.econbiz.de/10009452496