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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

On the Joint Evolution of Culture and Institutions

Bisin, Alberto - 2017

Explanations of economic growth and prosperity commonly identify a unique causal effect, e.g., institutions, culture, human capital, geography. In this paper we provide instead a theoretical modeling of the interaction between culture and institutions and their effects on economic activity. We...

Persistent link: https://www.econbiz.de/10012455306

A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs

Hutchison, Michael M. - 2001

collapse of output in East Asia following the 1997 crisis, we find that the unexpected (forecast error) collapse of output in …

Persistent link: https://www.econbiz.de/10012470419

Large Hoarding of International Reserves and the Emerging Global Economic Architecture

Aizenman, Joshua - 2007

in Asia in the 2000s. These developments may be a symptom of an emerging new global financial architecture, which is …

Persistent link: https://www.econbiz.de/10012465374

Contractionary Currency Crashes in Developing Countries

Frankel, Jeffrey A. - 2005

To update a famous old statistic: a political leader in a developing country is almost twice as likely to lose office in the 6 months following a currency crash as otherwise. This difference, which is highly significant statistically, holds regardless whether the devaluation takes place in the...

Persistent link: https://www.econbiz.de/10012467146