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Exchange Rate Volatility and the Credit Channel in the Emerging Markets : A Vertical Perspective

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2004

Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...

Persistent link: https://www.econbiz.de/10014071372

Restrictive policy to curb capital flows volatility

Zehri, Chokri - In: Journal of international commerce, economics and policy 12 (2021) 2, pp. 1-30

Persistent link: https://www.econbiz.de/10012650961

Exchange market pressure and absorption by international reserves : emerging markets and fear of reserve loss during the 2008-09 crisis

Aizenman, Joshua; Hutchison, Michael M. - 2010

focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was … - absorbed the global shock by allowing greater exchange rate depreciation and comparatively less reserve loss. Despite the … relied primarily on exchange rate depreciation rather than reserve loss to absorb most of the exchange market pressure shock …

Persistent link: https://www.econbiz.de/10008689043

Exchange market pressure and absorption by international reserves : emerging markets and fear of reserve loss during the 2008-09 crises

Aizenman, Joshua; Hutchison, Michael M. - 2010

Persistent link: https://www.econbiz.de/10008699190

Prospects for monetary cooperation in East Asia

Pak, Yŏng-chŏl; Song, Chi-young - 2011

The purpose of this paper is to reexamine the exchange rate policy of the Republic of Korea, and its role in promoting financial and monetary cooperation in East Asia in the wake of the 2008 global financial crisis. The Republic of Korea would not actively participate in any discussion of...

Persistent link: https://www.econbiz.de/10009315802

The East Asian Dollar Standard, Fear of Floating, and Original Sin

McKinnon, Ronald - 2007

Before the crisis of 1997-98, the East Asian economies except for Japan but including China pegged their currencies to the U.S. dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the dollar's...

Persistent link: https://www.econbiz.de/10012729302