Controlling Currency Mismatches In Emerging Markets

Author : Morris Goldstein
Publisher : Columbia University Press
ISBN 13 : 0881324574
Total Pages : 192 pages
Book Rating : 4.70/5 ( download)

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Download or read book Controlling Currency Mismatches in Emerging Markets written by Morris Goldstein and published by Columbia University Press. This book was released on 2004-04-25 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Morris Goldstein
Publisher :
ISBN 13 : 9788130900933
Total Pages : pages
Book Rating : 4.39/5 ( download)

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Download or read book Controlling Currency Mismatches In Emerging Market written by Morris Goldstein and published by . This book was released on 2006-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Morris Goldstein
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.41/5 ( download)

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Download or read book Banking Crises in Emerging Economies written by Morris Goldstein and published by . This book was released on 1996 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Morris Goldstein
Publisher : World Scientific Publishing Company
ISBN 13 : 9789814749572
Total Pages : 772 pages
Book Rating : 4.75/5 ( download)

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Download or read book Trade, Currencies, and Finance written by Morris Goldstein and published by World Scientific Publishing Company. This book was released on 2017 with total page 772 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Sebastian Edwards
Publisher : University of Chicago Press
ISBN 13 : 0226184994
Total Pages : 699 pages
Book Rating : 4.99/5 ( download)

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Download or read book Capital Controls and Capital Flows in Emerging Economies written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2009-02-15 with total page 699 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Ross P. Buckley
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041128689
Total Pages : 218 pages
Book Rating : 4.83/5 ( download)

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Download or read book International Financial System written by Ross P. Buckley and published by Kluwer Law International B.V.. This book was released on 2009-01-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Mr.Romain Ranciere
Publisher : International Monetary Fund
ISBN 13 : 1455210706
Total Pages : 27 pages
Book Rating : 4.01/5 ( download)

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Download or read book A New Index of Currency Mismatch and Systemic Risk written by Mr.Romain Ranciere and published by International Monetary Fund. This book was released on 2010-11-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : John Williamson
Publisher : Peterson Institute for International Economics
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.23/5 ( download)

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Download or read book Curbing the Boom-bust Cycle written by John Williamson and published by Peterson Institute for International Economics. This book was released on 2005 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation. Recent years have not only witnessed a big expansion in the size of capital flows to emerging markets but also a great deal of volatility in those flows. This boom-bust pattern has been a disadvantage to both lenders and borrowers. The attempts to redesign the international financial architecture have already paid a great deal of attention to reforms that the borrowers need to make in order to curb the boom-bust cycle, but far less attention has been paid to reforms that could and should be made by the lenders. This study seeks to redress the balance. It examines the different forms of capital flows and then suggests reforms that could be made, both by the lenders themselves and by the authorities that regulate them, to reduce the volatility in the flow of capital.

Author : Masahiro Kawai
Publisher : Brookings Institution Press
ISBN 13 : 0815704895
Total Pages : 441 pages
Book Rating : 4.98/5 ( download)

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Download or read book Financial Market Regulation and Reforms in Emerging Markets written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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.

Author : Ms. Mitali Das
Publisher : International Monetary Fund
ISBN 13 : 1616358343
Total Pages : 54 pages
Book Rating : 4.41/5 ( download)

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Download or read book Preemptive Policies and Risk-Off Shocks in Emerging Markets written by Ms. Mitali Das and published by International Monetary Fund. This book was released on 2022-01-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries’ (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996–2020 at monthly frequency, we document that countries with preemptive policies in place during the five year window before risk-off shocks experienced relatively lower external finance premia and exchange rate volatility during the shock compared to countries which did not have such preemptive policies in place. We use the episodes of Taper Tantrum and COVID-19 as risk-off shocks. Our identification relies on a difference-in-differences methodology with country fixed effects where preemptive policies are ex-ante by construction and cannot be put in place as a response to the shock ex-post. We control the effects of other policies, such as monetary policy, foreign exchange interventions (FXI), easing of inflow CFMs and tightening of outflow CFMs that are used in response to the risk-off shocks. By reducing the impact of risk-off shocks on countries’ funding costs and exchange rate volatility, preemptive policies enable countries’ continued access to international capital markets during troubled times.