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We analyse how reversals of several types of capital flows impact currency crises in emerging market and developing economies. Estimates of logit models show that reversals of (equity and debt) portfolio flows significantly increase the likelihood of currency crises in emerging market economies....
Persistent link: https://www.econbiz.de/10014502445
Much has been recently written about the Multilateral Agreement on Investment (MAI) that has been negotiated by OECD countries. Perhaps even more has been said by the critics of those who would like to see an agreement of this kind extended among other countries. There has indeed been a great...
Persistent link: https://www.econbiz.de/10010330164
Following an analysis of the forces behind the global capital flows paradox" observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...
Persistent link: https://www.econbiz.de/10010266434
This paper sets out to investigate the forces behind the so-called "global capital flows paradox" and related "dollar glut" observed in the era of advancing financial globalization. The supposed paradox is that the developing world has increasingly come to pursue policies that result in current...
Persistent link: https://www.econbiz.de/10010266438
This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through the early stages of the financial turmoil that began in the summer of 2007, they have been hit hard...
Persistent link: https://www.econbiz.de/10014363101
Currency market intervention cum reserve accumulation has emerged as the favored »self-insurance« strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed...
Persistent link: https://www.econbiz.de/10014363140
This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through the early stages of the financial turmoil that began in the summer of 2007, they have been hit hard...
Persistent link: https://www.econbiz.de/10010281707
Currency market intervention-cum-reserve accumulation has emerged as the favored selfinsurance strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed...
Persistent link: https://www.econbiz.de/10010286519
This paper sets out to investigate the forces behind the so-called global capital flows paradoxʺ and related dollar glutʺ observed in the era of advancing financial globalization. The supposed paradox is that the developing world has increasingly come to pursue policies that result in current...
Persistent link: https://www.econbiz.de/10003727283
Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...
Persistent link: https://www.econbiz.de/10003807715