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Horn, Sebastian - 2019

Compared with China's dominance in world trade, its expanding role in global finance is poorly documented and … understood. Over the past decades, China has exported record amounts of capital to the rest of the world. Many of these financial … flows are not reported to the IMF, the BIS or the World Bank. "Hidden debts" to China are especially significant for about …

Persistent link: https://www.econbiz.de/10012479998

What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility

Reinhart, Carmen M. - 2001

With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries have the potential to influence the competitive position of many developing countries. According to some analysts, establishing...

Persistent link: https://www.econbiz.de/10012470183

Fixing for Your Life

Calvo, Guillermo A. - 2000

The Asian crisis took place against a background of exchange rate regimes that were characterized as soft pegs. This has led many analysts to conclude that the peg did it' and that emerging markets (EMs) should just say no' to pegged exchange rates. We present evidence that EMs are very...

Persistent link: https://www.econbiz.de/10012470725

The Aftermath of Debt Surges

Kose, M. Ayhan; Ohnsorge, Franziska; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2021

Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of the EMDEs, debt is more than 30 percentage points of gross domestic product higher. Historically, elevated...

Persistent link: https://www.econbiz.de/10012629486

Capital Inflows and Reserve Accumulation : The Recent Evidence

Reinhart, Carmen M. - 2008

Over the past decade, policymakers in many emerging market economies have opted to limit fluctuations of the value of their domestic currencies relative to the U.S. dollar. A simple interest-parity relationship is used to identify the potential sources of upward pressure on the value of a...

Persistent link: https://www.econbiz.de/10012464804

Debt Intolerance

Reinhart, Carmen M. - 2003

This paper introduces the concept of debt intolerance,' which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. We argue that safe' external debt-to-GNP thresholds for debt intolerant countries are...

Persistent link: https://www.econbiz.de/10012468789

Twin Fallacies About Exchange Rate Policy in Emerging Markets

Reinhart, Carmen M. - 2003

Two assertions about exchange rate regimes circulate with some frequency in policy circles. The first, the hypothesis of the excluded middle, holds that authorities must either choose perfectly floating exchange rates (preferably anchored by an inflation target for the central bank) or a hard...

Persistent link: https://www.econbiz.de/10012469028

A Distant Mirror of Debt, Default, and Relief

Reinhart, Carmen M. - 2014

We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

Persistent link: https://www.econbiz.de/10012458088

Capital Inflows, Exchange Rate Flexibility, and Credit Booms

Magud, Nicolas E. - 2011

The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow...

Persistent link: https://www.econbiz.de/10012460987

A Series of Unfortunate Events : Common Sequencing Patterns in Financial Crises

Reinhart, Carmen M. - 2012

We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark is the Great Depression (or the Great Contraction, as...

Persistent link: https://www.econbiz.de/10012460718