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Monetary and Fiscal Rules in an Emerging Small Open Economy

Levine, Paul - 2009

We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such...

Persistent link: https://www.econbiz.de/10012677709

Hybrid Inflation Targeting Regimes

García, Carlos José - 2009

This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank's policy reaction function can improve macroeconomic performance. It is found that including an element of exchange rate smoothing in the policy reaction function is helpful both for...

Persistent link: https://www.econbiz.de/10012677869

Sudden Stops and Optimal Policy in a Two-agent Economy

Biljanovska, Nina - 2022

We introduce heterogeneity in terms of workers and entrepreneurs in an otherwise standard Fisherian model to study Sudden Stop dynamics and optimal policy. We show that the distinction between workers and entrepreneurs introduces a distributive externality that is absent from the...

Persistent link: https://www.econbiz.de/10015060238

An Anatomy of Credit Booms

Terrones, Marco E. - 2008

We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic … relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits …. Micro data show a strong association between credit booms and leverage ratios, firm values, and banking fragility. We also …

Persistent link: https://www.econbiz.de/10012677365

Riding global financial waves : the economic impact of global financial shocks on emerging market economies

Adler, Gustavo; Tovar, Camilo Ernesto - 2012

Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping...

Persistent link: https://www.econbiz.de/10009620968

Emerging Economy Responses to the Global Financial Crisis of 2007-09

Yehoue, Etienne B. - 2009

these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit …

Persistent link: https://www.econbiz.de/10012677511

External Financing of Emerging Market Countries : Evidence from Two Waves of Financial Globalization

Faria, André - 2006

Persistent link: https://www.econbiz.de/10012690986

Getting Shut Out of the International Capital Markets : It Doesn't Take Much

Flood, Robert P. - 2006

Persistent link: https://www.econbiz.de/10012691010

Global Financial Crisis, Financial Contagion, and Emerging Markets.

Ozkan, F. Gulcin - 2012

The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic...

Persistent link: https://www.econbiz.de/10012690152

Global Contagion of Financial Reforms

Li, Nan - 2024

We construct an extensive database of domestic financial reforms spanning 90 countries from 1973 to 2014. Utilizing this dataset, we estimate a structural model that incorporates various factors identified in the existing literature to explain the global contagion of financial reforms. Our...

Persistent link: https://www.econbiz.de/10015328259