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Leverage Constraints and the International Transmission of Shocks

Devereux, Michael B; Yetman, James - Reserve Bank of Australia - 2009

-movements. When leverage constraints bind, however, the presence of diversified portfolios in combination with these constraints … international transmission of shocks due to interdependent portfolio holdings among leverage-constrained financial institutions. In … the absence of leverage constraints, international portfolio diversification has no implications for macroeconomic co …

Persistent link: https://www.econbiz.de/10008565768

Stories of the Twentieth Century for the Twenty-First

Gourinchas, Pierre-Olivier; Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst …

Persistent link: https://www.econbiz.de/10009201122

Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?

Kaminsky, Graciela Laura; Mati, Amine; Choueiri, Nada - National Bureau of Economic Research (NBER) - 2009

This paper examines Argentina's currency crises from 1970 to 2001, with particular attention to the role of domestic and external factors. Using VAR estimations, we find that deteriorating domestic fundamentals matter. For example, at the core of the late 1980s crises was excessively loose...

Persistent link: https://www.econbiz.de/10008610980

Bonanzas de flujos de capital: una mirada que abarca el pasado y el presente

Reinhart, Carmen M.; Reinhart, Vincent R. - In: ENSAYOS SOBRE POLÍTICA ECONÓMICA (2009)

En este artículo, un algoritmo cataloga las bonanzas de entradas de capital tanto a economías emergentes como a economías avanzadas desde 1980 a 2007 para 181 países y desde 1960 a 2007 para un subconjunto de 66 economías de todas las regiones. Factores globales como los precios de los...

Persistent link: https://www.econbiz.de/10008621811

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach

Jeanne, Olivier; Korinek, Anton - National Bureau of Economic Research (NBER) - 2010

This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. It presents a model in which restricting capital inflows during boom times reduces the potential outflows...

Persistent link: https://www.econbiz.de/10008625925

The Myth of Financial Protectionism: The New (and old) Economics of Capital Controls

Gallagher, Kevin - Political Economy Research Institute (PERI), University … - 2012

Unstable global capital flows to developing countries have been characteristic of the world economy in the wake of the global financial crisis. The nations that have deployed capital controls to mitigate the negative effects of such flows have been branded as “protectionist” by some. This...

Persistent link: https://www.econbiz.de/10010691887

Asian and European Financial Crises Compared

Truman, Edwin Malcolm - Peter G. Peterson Institute for International Economics … - 2013

The European and Asian financial crises are the two most recent major regional crises. This paper compares their origins and evolution. The origins of the two sets of crises were different in some respects, but broadly similar. The two sets of crises also shared similarities in their evolution,...

Persistent link: https://www.econbiz.de/10010700896

External Balances, Trade Flows and Financial Conditions

Evans, Martin - Volkswirtschaftliche Fakultät, … - 2014

This paper studies how changing expectations concerning future trade and financial con- ditions are reflected in international external positions. In the absence of Ponzi schemes and arbitrage opportunities, the net foreign asset position of any country must, as a matter of theory, equal the...

Persistent link: https://www.econbiz.de/10011108990

The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence

Truman, Edwin Malcolm - Federal Reserve Bank of Dallas - 2014

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/10011114882

Dealing with the Challenges of Capital Inflows in the Context of Macrofinancial Links

Ghosh, Swati - In: World Bank - Economic Premise (2010) 19, pp. 1-6

In the wake of the recent global financial crisis, emerging markets have seen a significantly higher degree of volatility in their capital flows. At the onset, all countries experienced sudden stops and increases in risk premia. Following this initial period of uncertainty, financial markets...

Persistent link: https://www.econbiz.de/10008837684

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