Всего публикаций в данном разделе: 6
Razin A. A Brazilian debt-crisis model / A. Razin, E. Sadka. Tel Aviv: Tel Aviv University, 2002. (NBER Working Paper; No. 9211). [книга]
Опубликовано на портале: 21-01-2004
Authors develop a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil lies in the fact that (1) in Brazil the macro fundamentals were sound (e.g., a primary surplus, a relatively low debt/GDP ratio, etc.); and (2) in the Brazilian case the trigger appears to be the forthcoming elections, with an expected regime change.
A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs [книги]
Опубликовано на портале: 11-01-2003Michael M. Hutchison
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF stabilization programs and 160 currency crises), authors find that currency crises even after controlling for macroeconomic developments, political and regional factors significantly reduce output growth for 1-2 years. Output growth is also lower (0.7 percentage points annually) during IMF-stabilization programs, but it appears that growth generally slows prior to implementation of the program. Moreover, programs coinciding with recent balance of payments or currency crises do not appear to further damage short-run growth prospects. Countries participating in IMF programs significantly reduce domestic credit growth, but no effect is found on budget policy. Applying this model to the collapse of output in East Asia following the 1997 crisis, we find that the unexpected (forecast error) collapse of output in Malaysia where an IMF-program was not followed-- was similar in magnitude to those countries adopting IMF programs (Indonesia, Korea, Philippines and Thailand).
Опубликовано на портале: 20-12-2006Todd Moss
New-York: Palgrave Macmillan, 2003, 224 с.
Sub-Saharan Africa, the poorest and least integrated region of the world, now has fifteen stock markets. Adventure Capitalism examines the economic and political forces behind this trend and discusses the potential consequences of financial market integration for developing countries. Using a political economy approach, it finds that financial globalization presents a formidable challenge for African policymakers, but is also an opportunity with a range of benefits.
An open economy macroeconomics reader / Ed. by M. Ugur. London; New York : Routledge, 2001. 544 p. [книга]
Опубликовано на портале: 25-10-2003
This book draws together seminal contributions on the nature of macroeconomics in open economies and illuminates the material by using: explanatory introductions to each piece discussion questions suggestions for further reading reference to the key journal articles boxed key terms. This is an essential guide to the subject for students, as commented upon by the most influential commentators.
Опубликовано на портале: 30-12-2003Harry B. Bowen, Abraham Hollander, Jean-Marie Viaene
Hampshire: Palgrave Macmillan, 1998, 680 с.
This text is about positive and normative issues in international trade and focuses on methods of applied analysis. It includes essential theory sections and chapters dealing with imperfect competition and other new trade theory topics. It also identifies the implications and weaknesses of the various theories and models in terms of empirical implementation. In summary, the text provides a complete and up-to-date approach to applied international trade analysis.
Опубликовано на портале: 27-04-2004G. Andrew Karolyi, Rene M. Stulz
Authors review the international finance literature to assess the extent to which international factors affect financial asset demands and prices. International asset pricing models with mean-variance investors predict that an asset's risk premium depends on its covariance with the world market portfolio and, possibly, with exchange rate changes. The existing empirical evidence shows that a country's risk premium depends on its covariance with the world market portfolio and that there is some evidence that exchange rate risk affects expected returns. However, the theoretical asset pricing literature relying on mean-variance optimizing investors fails in explaining the portfolio holdings of investors, equity flows, and the time-varying properties of correlations across countries. The home bias has the effect of increasing local influences on asset prices, while equity flows and cross-country correlations increase global influences on asset prices.