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Financial Crises, 1880-1913 : The Role of Foreign Currency Debt

Bordo, Michael - 2005

What is the role of foreign currency debt in precipitating financial crises? In this paper we assemble data for nearly 30 countries between 1880 and 1913 and examine debt crises, currency crises, banking crises and twin crises. We pay special attention to the role of foreign currency and gold...

Persistent link: https://www.econbiz.de/10012467512

Dollar Shortages and Crises

Rajan, Raghuram G. - 2004

Emerging markets do not handle adverse shocks well. In this paper, I will outline an explanation of why emerging markets are so fragile, and why they may adopt contractual mechanisms -- such as a dollarized banking system -- that increase their fragility. I draw on this analysis to explain why...

Persistent link: https://www.econbiz.de/10012467844

The Effects of Financial Crises on International Trade

Ma, Zihui - 2003

This paper studies empirically the effects of financial crises on international trade. The major findings are that banking crises had a negative impact on imports but a positive impact on exports in the short term, whereas currency crises decreased imports in the short term and stimulated...

Persistent link: https://www.econbiz.de/10012468522

The Unholy Trinity of Financial Contagion

Kaminsky, Graciela L. - 2003

Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction....

Persistent link: https://www.econbiz.de/10012468633

Boom-Bust Cycles in Middle Income Countries : Facts and Explanation

Tornell, Aaron - 2002

In this paper we characterize empirically the comovements of macro variables typically observed in middle income countries, as well as the boom-bust cycle' that has been observed during the last two decades. We find that many countries that have liberalized their financial markets, have...

Persistent link: https://www.econbiz.de/10012469490

Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets

Bordo, Michael D. - 2002

In this paper we compare various characteristics of the cross-country transmission of shocks in the financial markets of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold standard era, 1880-1914, and the post-Bretton Woods era,...

Persistent link: https://www.econbiz.de/10012469694

Contagion in the European Sovereign Debt Crisis

Glover, Brent - 2014

We use a network model of credit risk to measure market expectations of the potential spillovers from a sovereign default. Specifically, we develop an empirical model, based on the recent theoretical literature on contagion in financial networks, and estimate it with data on sovereign credit...

Persistent link: https://www.econbiz.de/10012458098

A Luna-tic Stablecoin Crash

Uhlig, Harald - National Bureau of Economic Research - 2022

I provide a novel theory to account for these phenomena and use it to shed light on the data. I break new ground … suspension of convertibility exceeds some agent-specific threshold. The implications of the theory are highlighted in an … analytically tractable example. The theory is then used as a guide to examine and interpret the data, using bi-hourly observations …

Persistent link: https://www.econbiz.de/10013334473

Liberty for More : Finance and Educational Opportunities

Levine, Ross - 2013

Banking reforms--that reduced interest rates--boosted college enrollment rates among able students from middle class families. We define "able" students as those with learning aptitude scores in the top two-thirds of the U.S. population. We define "middle class" as families in which both parents...

Persistent link: https://www.econbiz.de/10012459281

Healing the Wounds : Learning from Sierra Leone's Post-war Institutional Reforms

Casey, Katherine - 2012

While its recent history of civil war, chronic poverty and corrupt governance would cause many to dismiss Sierra Leone as a hopeless case, the country's economic and political performance over the last decade has defied expectations. We examine how several factors--including the legacy of war,...

Persistent link: https://www.econbiz.de/10012460292