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Why Are Latin American Crises Deeper Than Those in Emerging Asia, Including That of COVID-19?

García-Herrero, Alicia - 2021

The COVID-19 pandemic has challenged global economies with unparalleled negative shock. Asia and Latin America have gone through a number of financial crises in the last few decades but they have addressed those crises rather differently, leading to different growth trajectories after the...

Persistent link: https://www.econbiz.de/10013238829

The Formation of Sovereign Debt. Diagnosis and Remedy

Schmitt, Bernard - 2015

Although the sovereign debt crisis is worldwide considered as a main disorder affecting indebted countries' economic recovery, its analysis is still incomplete and has so far failed to provide a satisfactory explanation of its origin and of the way it can be successfully addressed. The aim of...

Persistent link: https://www.econbiz.de/10013032105

The Federal Reserve Engages the World (1970-2000) : An Insider's Narrative of the Transition to Managed Floating and Financial Turbulence

Truman, Edwin M. - 2015

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve's role in international economic and financial policy and analysis covering four areas: the...

Persistent link: https://www.econbiz.de/10013032804

The Future of Financial Globalisation

Settlements, Bank for International - 2015

The BIS 11th Annual Conference took place in Lucerne, Switzerland on 21-22 June 2012. The event brought together senior representatives of central banks and academic institutions, who exchanged views on the conference theme of "The future of financial globalisation". This volume contains the...

Persistent link: https://www.econbiz.de/10013035733

Determinants of Pre-Pandemic Demand for the IMF's Concessional Financing

Hills, Timothy; Nguyen, Huy Le; Sab, Randa - 2021

This study focuses on identifying the main factors that influenced country-specific and aggregate demand for IMF …

Persistent link: https://www.econbiz.de/10013243069

Imf-Supported Programs and Crisis Prevention : An Analytical Framework

Kim, Jun Il - 2014

This paper presents an analytical framework for considering the role of IMF-supported programs in preventing crises … the crisis probability and the parameters of the program, which is assumed to be negotiated between the IMF and the member … country, taking explicit account of each party's interests. In the model, from the perspective of the borrowing country, IMF …

Persistent link: https://www.econbiz.de/10012752144

Early Exercise of Foreign Currency Options : Determinants of American Premium and the Critical Exchange Rate

Fabozzi, Frank J. - 2013

Roll [JFE 1977] demonstrates that the probability of early exercise of equity call options is low for small dividend payouts. Geske and Shastri [JBF 1985] show that unless dividends are small, put equity options would not be exercised early. Subsequently, Shastri and Tandon [JFM 1986] argue that...

Persistent link: https://www.econbiz.de/10012753660

Optimal Reserve Management and Sovereign Debt

Alfaro, Laura - 2009

Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does...

Persistent link: https://www.econbiz.de/10012721300

Current account adjustment in EU countries : does euro-area membership make a difference?

Herrmann, Sabine; Jochem, Axel - 2013

The paper evaluates current account dynamics in countries with different exchange rate regimes within the EU. In this, the empirical analysis explicitly differentiates between countries with a flexible and a fixed exchange rate regime and members of a monetary union. In addition, we model the...

Persistent link: https://www.econbiz.de/10010211960

Stigma? What Stigma? A Contribution to the Debate on Financial Market Effects of IMF Lending

Scheubel, Beatrice; Tafuro, Andrea; Vonessen, Benjamin - 2021

expectations of adverse effects of IMF programmes may deter countries from asking for an IMF programme when they need one, a form … of ̒IMF stigma̓. We explore the existence of IMF financial market stigma using monthly data by estimating how and to … affects subsequent IMF programme participation. Our results, derived with event history techniques and propensity score …

Persistent link: https://www.econbiz.de/10013315384