Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less...

University of Minnesota Ph.D. dissertation. December 2009. Major: Economics. Advisor: Fabrizio Perri. 1 computer file (PDF); v, 114 pages, appendices A-C.

In this dissertation, I study international financial crises. For this purpose, I build two models. In the first model, I focus on financial crises in developing, large open economies where foreign debt with various maturities and issue dates is available. The objective is to measure the...

This dissertation attempts in three essays to contribute to the growing body of research on the problems associated with sudden stops of capital inflows, known to have been at the heart of many recent emerging market crises. It does this by developing basic models that can incorporate sudden...

A two sector small open economy model developed by Corden (1991, 2002) is used to analyse the impact of sudden stops in capital inflows on an internal and external equilibrium and to explore the merits of disposing of the nominal exchange rate as policy tool in rectifying real exchange rate...

Reversiones en los flujos de capital pueden comportar graves consecuencias económicas. Este artículo desarrolla un modelo dinámico de equilibrio general para analizar el efecto sobre tasas de interés, precios de los activos, inversión, consumo, producción, tipo de cambio y cuenta corriente...

We consider a linear growth model with idiosyncratic productivity shocks in which producers cannot commit to repay their loans. Borrowing constraints are determined endogenously by the borrowers’ incentives to repay, assuming that defaulters lose a share of output and are excluded from future...

La regulación macroprudencial en moneda extranjera puede reducir el riesgo sistémico; sin embargo, se sabe poco acerca de sus consecuencias no deseadas. Propongo un mecanismo teórico en el que el descalce de monedas actúa como un medio para relajar las restricciones crediticias de las...

Summary of Banco de España Working Paper no. 2326

This dissertation deals with the role of wage and price inflation dynamics and of monetary policy for the stability of monetary economies from the theoretical and empirical perspective. On the one hand, it analyzes the case of small open economies within a monetary union where, by definition,...