Financial Crisis And Economic Volatility
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Managing Economic Volatility And Crises
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Author : Joshua Aizenman
language : en
Publisher: Cambridge University Press
Release Date : 2005-10-03
Managing Economic Volatility And Crises written by Joshua Aizenman and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-10-03 with Business & Economics categories.
Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.
The Volatility Machine
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Author : Michael Pettis
language : en
Publisher: Oxford University Press, USA
Release Date : 2001
The Volatility Machine written by Michael Pettis and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Capital categories.
This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
Financial Crisis And Economic Volatility
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Author :
language : en
Publisher:
Release Date : 2010
Financial Crisis And Economic Volatility written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Managing Economic Volatility In Latin America
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Author : Mr.R. Gelos
language : en
Publisher: International Monetary Fund
Release Date : 2014-03-27
Managing Economic Volatility In Latin America written by Mr.R. Gelos 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 2014-03-27 with Business & Economics categories.
How has Latin America coped with external shocks and economic vulnerabilities in the aftermath of the global financial crisis? Managing Economic Volatility in Latin America looks at how the region has fared in recent years in an environment of uncertainty. It presents a collection of novel contributions on capital flows, terms of trade, and macroeconomic policy in Latin America. The rigorous expert analysis offers an up-to-date guide to many of the key economic policy questions in the region. Chapters focus on important analytical issues, including assessing reserves adequacy and current account levels. The roles of macroeconomic policies and exchange rates regimes in coping with large capital inflows are examined, as well as the effectiveness of both monetary policy and fiscal policy in dealing with economic challenges in the region.
Volatility Patterns Of Cds Bond And Stock Markets Before And During The Financial Crisis
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Author : Ansgar Belke
language : en
Publisher:
Release Date : 2011
Volatility Patterns Of Cds Bond And Stock Markets Before And During The Financial Crisis written by Ansgar Belke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Global Financial Crisis And Its Ramifications On Capital Markets
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Author : Ümit Hacioğlu
language : en
Publisher: Springer
Release Date : 2017-01-20
Global Financial Crisis And Its Ramifications On Capital Markets written by Ümit Hacioğlu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-20 with Business & Economics categories.
This book assesses the 2008-2009 financial crisis and its ramifications for the global economy from a multidisciplinary perspective. Current market conditions and systemic issues pose a risk to financial stability and sustained market access for emerging market borrowers. The volatile environment in the financial system became the source of major threats and some opportunities such as takeovers, mergers and acquisitions for international business operations. This volume is divided into six sections. The first evaluates the 2008-2009 Global Financial Crisis and its impacts on Global Economic Activity, examining the financial crisis in historical context, the economic slowdown, transmission of the crisis from advanced economies to emerging markets, and spillovers. The second section evaluates global imbalances, especially financial instability and the economic outlook for selected regional economies, while the third focuses on international financial institutions and fiscal policy applications. The fourth section analyzes the capital market mechanism, price fluctuations and global trade activity, while the fifth builds on new trends and business cycles to derive effective strategies and solutions for international entrepreneurship and business. In closing, the final section explores the road to economic recovery and stability by assessing the current outlook and fiscal strategies.
The Rise Of Carry The Dangerous Consequences Of Volatility Suppression And The New Financial Order Of Decaying Growth And Recurring Crisis
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Author : Tim Lee
language : en
Publisher: McGraw Hill Professional
Release Date : 2019-12-13
The Rise Of Carry The Dangerous Consequences Of Volatility Suppression And The New Financial Order Of Decaying Growth And Recurring Crisis written by Tim Lee and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-13 with Business & Economics categories.
Protect yourself from the next financial meltdown with this game-changing primer on financial markets, the economy—and the meteoric rise of carry. The financial shelves are filled with books that explain how popular carry trading has become in recent years. But none has revealed just how significant a role it plays in the global economy—until now. A groundbreaking book sure to leave its mark in the canon of investing literature, The Rise of Carry explains how carry trading has virtually shaped the global economic picture—one of decaying economic growth, recurring crises, wealth disparity, and, in too many places, social and political upheaval. The authors explain how carry trades work—particularly in the currency and stock markets—and provide a compelling case for how carry trades have come to dominate the entire global business cycle. They provide thorough analyses of critical but often overlooked topics and issues, including: •The active role stock prices play in causing recessions—as opposed to the common belief that recessions cause price crashes •The real driving force behind financial asset prices •The ways that carry, volatility selling, leverage, liquidity, and profitability affect the business cycle •How positive returns to carry over time are related to market volatility—and how central bank policies have supercharged these returns Simply put, carry trading is now the primary determinant of the global business cycle—a pattern of long, steady but unspectacular expansions punctuated by catastrophic crises. The Rise of Carry provides foundational knowledge and expert insights you need to protect yourself from what have come to be common market upheavals—as well as the next major crisis.
Stock Volatility During The Recent Financial Crisis
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Author : G. William Schwert
language : en
Publisher:
Release Date : 2011
Stock Volatility During The Recent Financial Crisis written by G. William Schwert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Economics categories.
This paper uses monthly returns from 1802-2010, daily returns from 1885-2010, and intraday returns from 1982-2010 in the United States to show how stock volatility has changed over time. It also uses various measures of volatility implied by option prices to infer what the market was expecting to happen in the months following the financial crisis in late 2008. This episode was associated with historically high levels of stock market volatility, particularly among financial sector stocks, but the market did not expect volatility to remain high for long and it did not. This is in sharp contrast to the prolonged periods of high volatility during the Great Depression. Similar analysis of stock volatility in the United Kingdom and Japan reinforces the notion that the volatility seen in the 2008 crisis was relatively short-lived. While there is a link between stock volatility and real economic activity, such as unemployment rates, it can be misleading.
Emerging Market Volatility
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 2014-10-02
Emerging Market Volatility written by Ms.Ratna Sahay 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 2014-10-02 with Business & Economics categories.
Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discussed its plans for tapering unconventional monetary policies, these emerging markets have experienced financial turbulence at the same that their domestic economic activity has slowed. This paper examines their experiences and policy responses and draws broad policy lessons. For emerging markets, good macroeconomic fundamentals matter, and early and decisive measures to strengthen macroeconomic policies and reduce vulnerabilities help dampen market reactions to external shocks. For advanced economies, clear and effective communication about the exit from unconventional monetary policy can and did help later to reduce the risk of excessive market volatility. And for the global community, enhanced global cooperation, including a strong global financial safety net, offers emerging markets effective protection against excessive volatility.
Volatility And Contagion In A Financially Integrated World
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Author :
language : en
Publisher: World Bank Publications
Release Date : 1998
Volatility And Contagion In A Financially Integrated World written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Asset-liability management categories.
November 1998 Recent events in East Asia highlighted the risks of weak financial institutions and distorted incentives in a financially integrated world. These weaknesses led to two sources of vulnerability: East Asia's rapid buildup of contingent liabilities, and overreliance on short-term foreign borrowing. The buildup of vulnerabilities in East Asia is shown here to be mainly the result of weaknesses in financial intermediation, poor corporate governance, and deficient government policies, including pro-cyclical macroeconomic policy responses to large capital inflows. Weak due diligence by external creditors, fueled partly by ample global liquidity, also played a role but global factors were more important in triggering the crises than in causing them. The crisis occurred partly because the economies lacked the institutional and regulatory structure to cope with increasingly integrated capital markets. Trouble arose from private sector decisions (by both borrowers and lenders) but governments created incentives for risky behavior and exerted little regulatory authority. Governments failed to encourage the transparency needed for the market to recognize and correct such problems as unreported mutual guarantees, insider relations, and nondisclosure of banks' and companies' true net positions. Domestic weaknesses were aggravated by poorly disciplined foreign lending. The problem was not so much overall indebtedness as the composition of debt: a buildup of short-term unhedged debt left the economies vulnerable to a sudden loss of confidence. The same factors made the crisis's economic and social impact more severe than some anticipated. The loss of confidence directly affected private demand-both investment and consumption-which could not be offset in the short run by net external demand. The effect on corporations and financial institutions has been severe because of the high degree of leveraging and the unhedged, short-term nature of foreign liabilities, which has led to a severe liquidity crunch. Domestic recession, financial and corporate distress, liquidity constraints, and political uncertainty were self-reinforcing, leading to a severe downturn. This paper-a joint product of the Economic Policy Unit, Poverty Reduction and Economic Management Network and the Central Bank of Chile-was presented at the CEPR/World Bank conference Financial Crises: Contagion and Market Volatility, May 8-9, 1998, London, and at the PAFTAD 24 conference, Asia Pacific Financial Liberation and Reform, May 20-22, 1998, in Chiangmai, Thailand. Pedro Alba may be contacted at [email protected].