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On the Role and Effects of IMF Seniority
Saravia, Diego - Instituto de Economía, Facultad de Ciencia Económicas … - 2007
We analyze the IMF as a lender to countries in financial distress highlighting the fact that it is a senior creditor … able to reach the socially optimal solution. This would require the IMF not to intervene when the crisis is severe enough …. However, a commitment device might be needed to achieve the socially optimal solution. If IMF lending were done for all shocks …
Persistent link: https://www.econbiz.de/10005812203
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The Role of the IMF in Well-Performing Low-Income Countries
Radelet, Steve - 2006
The IMF began to play a prominent role in low-income countries in the late 1970s and 1980s when many countries faced …-income countries no longer face these problems and do not need classic IMF programs. This paper explores options for the role of the … IMF in well-performing low-income countries that no longer require IMF financing. It argues that in these countries the …
Persistent link: https://www.econbiz.de/10005162618
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Orthodox versus heterodox (Minskyan) perspectivesof financial crises: Explosion in the 1990s versus implosion in the 2000s
Muñoz, Jesús - 2011
Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourthgeneration models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter...
Persistent link: https://www.econbiz.de/10010286521
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Orthodox versus heterodox (Minskyan) perspectivesof financial crises : explosion in the 1990s versus implosion in the 2000s
Muñoz, Jesús - 2011
Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourthgeneration models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter...
Persistent link: https://www.econbiz.de/10009380295
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Orthodox Versus Heterodox (Minskyan) Perspectives of Financial Crises : Explosion in the 1990s Versus Implosion in the 2000s
2011
Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth generation models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter...
Persistent link: https://www.econbiz.de/10013118672
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Inflation Targets and Sudden Stops
Caballero, Ricardo J. - 2003
Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for quot;insurancequot; rather than for aggregate demand reasons. In this environment, a...
Persistent link: https://www.econbiz.de/10012740018
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Smoothing Sudden Stops
Caballero, Ricardo J. - 2003
Emerging economies are exposed to severe and sudden shortages of international financial resources. Yet domestic agents seem not to undertake enough precautions against these sudden stops. Following our previous work, we highlight in this paper the central role played by limited domestic...
Persistent link: https://www.econbiz.de/10012740556
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A 'Vertical' Analysis of Crises and Intervention : Fear of Floating and Ex-Ante Problems
Caballero, Ricardo J. - 2003
Emerging economies are prone to crises triggered by external shocks. During these crises, should the central bank stabilize the currency or domestic interest rates? If the choice is outside the central bank's control, as in a currency board, are there good policy substitutes? We argue that these...
Persistent link: https://www.econbiz.de/10012740557
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Corporate governance, competition, the new international financial architecture and large corporations in emerging markets
Singh, Ajit; Singh, Alaka; Weisse, Bruce - Volkswirtschaftliche Fakultät, … - 2002
Abstract This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive...
Persistent link: https://www.econbiz.de/10011259047
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Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
Caballero, Ricardo; Krishnamurthy, Arvind - In: International Journal of Central Banking 1 (2005) 1
Firms in emerging markets are exposed to severe financial frictions and credit constraints that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...
Persistent link: https://www.econbiz.de/10005258512