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Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization
Kaminsky, Graciela; Schmukler, Sergio L. - 2021
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...
Persistent link: https://www.econbiz.de/10013318025
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Never Say Never: Commentary on a Policymaker’s Reflections
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2014
Stanley Fischer is a rarity among economic policymakers. He came to the policy world as an internationally recognized intellectual leader on macroeconomic theory and policy. He confronted numerous emerging market crises, including the globally systemic Asian crisis, as the IMF’s First Deputy...
Persistent link: https://www.econbiz.de/10011083383
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Relative risk aversion and the transmission of financial crises
Boschi, Melisso; Goenka, Aditya - In: Journal of Economic Dynamics and Control 36 (2012) 1, pp. 85-99
We study how investor behavior affects the transmission of financial crises. If investors exhibit decreasing relative risk aversion, then negative wealth shocks increase the risk premium required to hold risky assets. We integrate this into a second generation model of currency crises which...
Persistent link: https://www.econbiz.de/10010582621
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Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis
Auguste, Sebastian; Dominguez, Kathryn M. E.; Kamil, Herman - 2002
controls, they were able to purchase stocks with associated ADRs for pesos in Argentina, convert them into ADRs, re-sell them … financial crisis and the role played by ADRs in Argentine capital flight. Although Argentine investors were subject to capital … move their funds abroad), (2) the market anticipated (correctly) a 40% devaluation, (3) local market factors in Argentina …
Persistent link: https://www.econbiz.de/10009477174
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How effective are capital controls in Asia?
Socorro Gochoco-Bautista, Maria; Juthathip Jongwanich; … - 2011 - Rev.
This study examines the effects of capital account restrictions on capital flows in nine Asian economies over the period 1995-2005 using panel regressions with fixed effects. The results show that capital controls significantly affect capital flows when such flows are disaggregated by asset type...
Persistent link: https://www.econbiz.de/10010528529
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Doing more with less: The catalytic function of IMF lending and the role of program size
Krahnke, Tobias - 2020
Financial assistance provided by the International Monetary Fund (IMF) is supposed to unlock other financing, acting as a catalyst for private capital flows. The empirical evidence of the presence of such a catalytic effect has, however, been mixed. This paper shows that a possible explanation...
Persistent link: https://www.econbiz.de/10012201818
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Contagion and Spillovers: New Insights from the Crisis
Backé, Peter; Feldkircher, Martin; Gnan, Ernest; … - 2010
On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...
Persistent link: https://www.econbiz.de/10011689946
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International gross capital flows: A new measure and application to a global panel
Janus, Thorsten; Riera-Crichton, Daniel - 2009
This paper presents a new measure of international gross capital flows and applies it to a global panel from 1970 to 2004. We explain why paying attention to the gross flows underlying net capital flows may be important and how our gross flow measure differs from the standard measure in the...
Persistent link: https://www.econbiz.de/10010287756
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Doing more with less : the catalytic function of IMF lending and the role of program size
Krahnke, Tobias - 2020
Financial assistance provided by the International Monetary Fund (IMF) is supposed to unlock other financing, acting as a catalyst for private capital flows. The empirical evidence of the presence of such a catalytic effect has, however, been mixed. This paper shows that a possible explanation...
Persistent link: https://www.econbiz.de/10012197872
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Contagion and spillovers : new insights from the crisis : a joint publication with the Austrian Society for Bank Research
Backé, Peter (ed.); Gnan, Ernest (ed.);  … - Contagion and Spillovers – New Insights from the …; … - 2010
On February 12, 2010, SUERF, the Oesterreichische Nationalbank and the Bankwissenschaftliche Gesellschaft continued their established tradition of jointly organised conferences. As evidenced also by the 115 conference participants, this year's subject of "Contagion and Spillovers – New...
Persistent link: https://www.econbiz.de/10011706561