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Multiple Equilibria, Contagion, and the Emerging Market Crises

Multiple Equilibria, Contagion, and the Emerging Market Crises »

Source: Multiple Equilibria, Contagion, and the Emerging Market Crises

Volume/Issue: 1999/164

Series: IMF Working Papers

Author(s): Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

ISBN: 9781451857979

Keywords: contagion, multiple equilibria, currency crisis, capital flows, speculative attack, capital account liberalization, bank runs

The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices...

Bank Risk Within and Across Equilibria1

Bank Risk Within and Across Equilibria1 »

Source: Bank Risk Within and Across Equilibria

Volume/Issue: 2014/116

Series: IMF Working Papers

Author(s): Itai Agur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2014

ISBN: 9781498306515

Keywords: Bank risk, Wholesale funding, Adverse selection, Multiple equilibria, banking, systemic risk, bank exposures, bank funding,

The global financial crisis highlighted that the financial system can be most vulnerable when it seems most stable. This paper models non-linear dynamics in banking. Small shocks can lead from an equilibrium with f...

Learning, Monetary Policy and Asset Prices

Learning, Monetary Policy and Asset Prices »

Source: Learning, Monetary Policy and Asset Prices

Volume/Issue: 2015/16

Series: IMF Working Papers

Author(s): Marco Airaudo , Salvatore Nisticò , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

ISBN: 9781498343466

Keywords: Learning, Expectational Stability, Interest Rate Rules, Multiple Equilibria, Determinacy, stock, equilibrium, economy, markets, General,

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New-Keynesian DSGE model populated by Blanchard-Yaari non-Ricardian households. The constant turnover be...

Contagion

Contagion »

Source: Contagion : Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria

Volume/Issue: 1998/142

Series: IMF Working Papers

Author(s): Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

ISBN: 9781451856224

Keywords: Balance of payments, contagion, spillovers, multiple equilibria, currency crises, debt crisis, competitiveness

Several concepts of contagion are distinguished. It is argued that only models that admit of multiple equilibria are capable of producing true contagion. A simple balance of payments model is presented to illustrat...

The Persistence of Corruption and Slow Economic Growth

The Persistence of Corruption and Slow Economic Growth »

Source: The Persistence of Corruption and Slow Economic Growth

Volume/Issue: 2002/213

Series: IMF Working Papers

Author(s): Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451874952

Keywords: Corruption, multiple equilibria, strategic complementarities, persistence, bribe, expenditure, government expenditure, bribes, grand corruption, Illegal Behavior and the Enforcement of Law

There is increasing recognition that corruption has substantial, adverse effects on economic growth. But if the costs of corruption are so high, why don't countries strive to improve their institutions and root out...

Learning About Inflation Measures for Interest Rate Rules

Learning About Inflation Measures for Interest Rate Rules »

Source: Learning About Inflation Measures for Interest Rate Rules

Volume/Issue: 2010/296

Series: IMF Working Papers

Author(s): Luis-Felipe Zanna , and Marco Airaudo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455211777

Keywords: Learning, Expectational Stability, Interest Rate Rules, Multiple Equilibria, Determinacy, Multiple Sectors, price inflation, monetary economics, rational expectations, Existence and Stability Conditions of Equilibrium,

Empirical evidence suggests that goods are highly heterogeneous with respect to the degree of price rigidity. We develop a DSGE model featuring heterogeneous nominal rigidities across two sectors to study the equil...

The International Lender of Last Resort

The International Lender of Last Resort »

Source: The International Lender of Last Resort : How Large is Large Enought?

Volume/Issue: 2001/76

Series: IMF Working Papers

Author(s): Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

ISBN: 9781451849875

Keywords: bank runs, multiple equilibria, credit crunch, exchange rate regime, deposit insurance, Asian crisis, exchange rate, banking, foreign exchange, banking sector

This paper considers how an international lender of last resort (LOLR) can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the internat...

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies »

Source: Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Volume/Issue: 2012/121

Series: IMF Working Papers

Author(s): Luis-Felipe Zanna , and Marco Airaudo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503500

Keywords: Small Open Economy, Interest Rate Rules, Taylor Rules, Multiple Equilibria, Chaos, Cycles and Endogenous Fluctuations, inflation, nominal interest rate, open economy, trade openness

We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest r...

Multiple Equilibria, Contagion, and the Emerging Market Crises

Multiple Equilibria, Contagion, and the Emerging Market Crises »

Volume/Issue: 1999/164

Series: IMF Working Papers

Author(s): Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451857979.001

ISBN: 9781451857979

Keywords: contagion, multiple equilibria, currency crisis, capital flows, speculative attack, capital account liberalization, bank runs

The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices...

Bank Risk Within and Across Equilibria

Bank Risk Within and Across Equilibria »

Volume/Issue: 2014/116

Series: IMF Working Papers

Author(s): Itai Agur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2014

DOI: http://dx.doi.org/10.5089/9781498306515.001

ISBN: 9781498306515

Keywords: Bank risk, Wholesale funding, Adverse selection, Multiple equilibria, banking, systemic risk, bank exposures, bank funding,

The global financial crisis highlighted that the financial system can be most vulnerable when it seems most stable. This paper models non-linear dynamics in banking. Small shocks can lead from an equilibrium with f...