The aim of this paper is to highlight the origins of the currency and maturity mismatches in the balance sheets of emerging countries. We show that short-term debt in the form of demandable debt works as a commitment device of the financial intermediary and as a form of protection of foreign...

Combining panel data on bank liquidity at the individual level and data on their macroeconomic environment, for a sample of commercial banks in emerging countries between 1995 and 2000, we show that their exists a “bank liquidity smile across exchange rate regimes”. In extreme regimes at...

Dans cet article, nous proposons un modèle synthétique qui relie crise bancaire et crise de balance de paiements. Nous identifions une configuration d'équilibres multiples tant sur le marché des changes que sur le marché financier international et mettons en lumière les liens entre le...

This paper proposes a conceptual framework to identify the potential sources of contagion in emerging bond markets and the mechanisms through which shocks originating in a particular emerging or mature market are likely to be transmitted across countries and markets. We then apply this framework...

The objective of the paper is to empirically assess the comovement of emerging bond returns of the key constituent countries of the EMBI Global benchmark Index since their introduction (broadly in 1997) up to the present. We aim at disentangling the respective roles of common external factors...

In this paper, we propose a twin crises synthetic model. We show that there may be multiple equilibria on the exchange market as well as on the international financial one and emphasize the possible connections between currency and financial crises. On the exchange market, the currency...