Controlling Currency Mismatches In Emerging Markets
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Controlling Currency Mismatches In Emerging Markets
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Author : Morris Goldstein
language : en
Publisher: Columbia University Press
Release Date : 2004-04-25
Controlling Currency Mismatches In Emerging Markets written by Morris Goldstein and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-25 with Business & Economics categories.
In most of the currency crises of the 1990s, the largest output falls have occurred in those emerging economies with large currency mismatches, a phenomenon that occurs when assets and liabilities are denominated in different currencies such that net worth is sensitive to changes in the exchange rate. Currency mismatching makes crisis management much more difficult since it constrains the willingness of the monetary authority to reduce interest rates in a recession (for fear of initiating a large fall in the currency that would bring with it large-scale insolvencies). The mismatching also produces a "fear of floating" on the part of emerging economies, sometimes inducing them to make currency-regime choices that are not in their own long-term interest. Authors Morris Goldstein and Philip Turner summarize what is known about the origins of currency mismatching in emerging economies, discuss how best to define and measure currency mismatching, and review policy options for reducing the size of the problem.
Controlling Currency Mismatches In Emerging Market
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Author : Morris Goldstein
language : en
Publisher:
Release Date : 2006-01-01
Controlling Currency Mismatches In Emerging Market written by Morris Goldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with categories.
Banking Crises In Emerging Economies
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Author : Morris Goldstein
language : en
Publisher:
Release Date : 1996
Banking Crises In Emerging Economies written by Morris Goldstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Banks and banking categories.
Trade Currencies And Finance
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Author : Morris Goldstein
language : en
Publisher: World Scientific Publishing Company
Release Date : 2017
Trade Currencies And Finance written by Morris Goldstein and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
Foreign trade -- Income and price effects in foreign trade / by Morris Goldstein and Mohsin S. Khan -- The supply and demand for exports : a simultaneous approach / by Morris Goldstein and Mohsin S. Khan -- Prices of tradable and nontradable goods in the demand for imports / by Morris Goldstein, Mohsin S. Khan, and Lawrence H. Officer -- Currency regimes, exchange rate policy, and international policy coordination -- Market-based fiscal discipline in monetary unions : evidence from the US municipal bond market / by Morris Goldstein and Geoffrey Woglom -- A guide to target zones / by Jacob A. Frenkel and Morris Goldstein -- Managed floating plus / by Morris Goldstein -- The rationale for, and effects of, international policy coordination / by Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson -- Banking, financial crises, and financial regulation -- Banking crises in emerging economies : origins and policy options / by Morris Goldstein and Philip Turner -- An international banking standard : the time is ripe / by Morris Goldstein -- Origins of the crisis / by Morris Goldstein -- Methodology and empirical results / by Morris Goldstein, Graciela Kaminsky and Carmen Reinhart -- Measuring currency mismatch and aggregate effective currency mismatch / by Morris Goldstein and Philip Turner -- The case for an orderly resolution regime for systemically-important financial institutions / by Rodgin Cohen and Morris Goldstein -- The 2014 eu-wide bank stress test lacks credibility / by Morris Goldstein -- Imf policies -- Evaluating fund stabilization programs with multi country data : some methodological pitfalls / by Morris Goldstein and Peter Montiel -- Imf structural programs / by Morris Goldstein -- The fund appears to be sleeping at the wheel / by Morris Goldstein and Michael Mussa -- Currency manipulation and enforcing the rules of the international monetary system / by Morris Goldstein -- China's exchange rate policies -- Two-stage currency reform for China / by Morris Goldstein and Nicolas Lardy -- China's exchange rate policy dilemma / by Morris Goldstein and Nicholas Lardy -- Challenges facing the chinese authorities under the existing currency regime / by Morris Goldstein and Nicholas Lardy
Curbing The Boom Bust Cycle Stabilizing Capital Flows To Emerging Markets
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Author : Williamson, John
language : en
Publisher: Peterson Institute
Release Date : 2005
Curbing The Boom Bust Cycle Stabilizing Capital Flows To Emerging Markets written by Williamson, John and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
How Do Exchange Rate Regimes Affect Firms Incentives To Hedge Currency Risk Micro Evidence For Latin America
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Author : Herman Kamil
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-01
How Do Exchange Rate Regimes Affect Firms Incentives To Hedge Currency Risk Micro Evidence For Latin America written by Herman Kamil and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-01 with Business & Economics categories.
Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign currency borrowing decisions and the associated currency mismatches in their balance sheets. I find that after countries switch from pegged to floating exchange rate regimes, firms reduce their levels of foreign currency exposures, in two ways. First, they reduce the share of debt contracted in foreign currency. Second, firms match more systematically their foreign currency liabilities with assets denominated in foreign currency and export revenues--effectively reducing their vulnerability to exchange rate shocks. More broadly, the study provides novel evidence on the impact of exchange rate regimes on the level of un-hedged foreign currency debt in the corporate sector and thus on aggregate financial stability.
Capital Controls And Capital Flows In Emerging Economies
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Capital Controls And Capital Flows In Emerging Economies written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Some scholars argue that the free movement of capital across borders enhances welfare; others claim it represents a clear peril, especially for emerging nations. In Capital Controls and Capital Flows in Emerging Economies, an esteemed group of contributors examines both the advantages and the pitfalls of restricting capital mobility in these emerging nations. In the aftermath of the East Asian currency crises of 1997, the authors consider mechanisms that eight countries have used to control capital inflows and evaluate their effectiveness in altering the maturity of the resulting external debt and reducing macroeconomic vulnerability. This volume is essential reading for all those interested in emerging nations and the costs and benefits of restricting international capital flows.
International Financial System
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Author : Ross P. Buckley
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2009-01-01
International Financial System written by Ross P. Buckley and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Law categories.
Provides deep analyses of some of the devastating financial crises of the last quarter-centures by showing how such factors as the origins and destinations of loans, bank behaviour, bad timing, ignorance of history, trade regimes, capital flight, and corruption coalesce under certain circumstances to trigger a financial crash.
Financial Market Regulation And Reforms In Emerging Markets
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Author : Masahiro Kawai
language : en
Publisher: Brookings Institution Press
Release Date : 2011
Financial Market Regulation And Reforms In Emerging Markets written by Masahiro Kawai and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
A New Index Of Currency Mismatch And Systemic Risk
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Author : Mr.Romain Ranciere
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01
A New Index Of Currency Mismatch And Systemic Risk written by Mr.Romain Ranciere and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-01 with Business & Economics categories.
This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the event of a sharp depreciation. Such systemic risk taking is not captured by indicators that are based only on banks’ balance sheet data. The new measure is constructed for 10 emerging European economies and for a broader sample that includes 19 additional emerging economies, for the period 1998 - 2008. Comparisons with previous currency mismatch measures that do not adjust for unhedged foreign currency borrowing illustrate the advantages of the new approach. In particular, the new measure flagged the indirect currency mismatch vulnerabilities that were building up in a number of emerging economies before the recent global crisis. Measuring currency mismatch more accurately can help country authorities in their efforts to address vulnerabilities at the right time, avoiding hurting growth prospects.