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This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for over...
Persistent link: https://www.econbiz.de/10011565481
This paper applies the Diebold-Yilmaz connectedness methodology on sovereign credit default swaps (SCDSs) to estimate the global network structure of sovereign credit risk. The level of credit risk connectedness among sovereigns, which is quite high, is comparable to the connected- ness among...
Persistent link: https://www.econbiz.de/10012856058
the world is going from one crisis to another. Thus one must consider not only the economics of crisis but as well a kind …
Persistent link: https://www.econbiz.de/10012985518
My thesis, in a nutshell, is this: the Asian financial crisis has revealed some deep fault lines in our international economy, and for years to come we shall look back on it as a turning point in economic history. The crisis will have repercussions far into the new century, especially in three areas
Persistent link: https://www.econbiz.de/10013124956
This paper will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a … effective, regaining traction and preventing contagion. A central instrument to this end is the creation of the World Financial … surrendered to the WFA by member countries. The WFA is being thought as a device to support the financial globalization, as well …
Persistent link: https://www.econbiz.de/10013095450
, both in the global North and the global South. Financial globalization has not made geography immaterial: instead, spatial …
Persistent link: https://www.econbiz.de/10013152334
The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments.The...
Persistent link: https://www.econbiz.de/10013137419
facility during Article IV consultations; and iii) liquidity funded by the world's “issuers of last resort.” These principles …
Persistent link: https://www.econbiz.de/10013130470
Notwithstanding announcements of progress, "international original sin" (the denomination of external debt in foreign currency) remains a persistent phenomenon in emerging markets. Although some middle-income countries have succeeded in developing markets in local-currency sovereign debt and...
Persistent link: https://www.econbiz.de/10013536295
Persistent link: https://www.econbiz.de/10011609752