Back Matter
Author:
Mr. Brad Setser https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Ioannis Halikias
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Mr. Alexander Pitt
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Mr. Christoph B. Rosenberg
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Mr. Brett E. House
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Mr. Jens Nystedt https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Christian Keller
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Abstract

The analysis of currency and maturity mismatches in sectoral balance sheets has increasingly become a regular element in the IMF’s tool kit for surveillance in emerging market countries. This paper describes this so-called balance sheet approach and shows how it can be applied to detect vulnerabilities and shape policy advice. It also provides a broad-brushed overview of how balance sheet vulnerabilities have evolved over the past decade and cites a number of case studies.

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    • Search Google Scholar
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    • Search Google Scholar
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    • Search Google Scholar
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    • Search Google Scholar
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  • Aghion, Philippe, Philippe Bacchetta, and Abhijit Banerjee, 2000, “A Simple Model of Monetary Policy and Currency Crises,” European Economic Review, Vol. 44 (May), pp. 72838.

    • Search Google Scholar
    • Export Citation
  • Aghion, Philippe, Philippe Bacchetta, and Abhijit Banerjee, 2001a, “Currency Crises and Monetary Policy in an Economy with Credit Constraints,” European Economic Review, Vol. 45 (June), pp. 112150.

    • Search Google Scholar
    • Export Citation
  • Aghion, Philippe, Philippe Bacchetta, and Abhijit Banerjee, 2001b, “A Corporate Balance Sheet Approach to Currency Crises,” Discussion Paper No. 3092 (London: Centre for Economic Policy Research).

    • Search Google Scholar
    • Export Citation
  • Allen, Mark, Christoph B. Rosenberg, Christian Keller, Brad Setser, and Nouriel Roubini, 2002, “A Balance Sheet Approach to Financial Crisis,” IMF Working Paper No. 02/210 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Baliño, Tomás J.T., Adam Bennett, and Eduardo Borensztein, 1999, Monetary Policy in Dollarized Economies, IMF Occasional Paper No. 171 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Borensztein, Eduardo, and Paolo Mauro, 2002, “Reviving the Case for GDP-Indexed Bonds,” IMF Policy Discussion Paper No. 02/10 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Borensztein, Eduardo, Marcos Chamon, Olivier Jeanne, Paulo Mauro, and Jeromin Zettelmeyer, 2004, Sovereign Debt Structure for Crisis Prevention, IMF Occasional Paper No. 237 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Burnside, Craig, Martin Eichenbaum, and Sergio Rebelo, 1998, “Prospective Deficits and the Asian Currency Crisis,” NBER Working Paper No. 6758 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Bussière, Matthieu, and Christian Mulder, 1999, “External Vulnerability in Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion,” IMF Working Paper No. 99/88 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Caballero, Ricardo J., and Arvind Krishnamurthy, 2000, “Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment,” NBER Working Paper No. 7792 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo, 1998, “Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops,” Journal of Applied Economics, Vol. 1 (November), pp. 3554.

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo, and Carmen M. Reinhart, 2000, “When Capital Inflows Suddenly Stop: Consequences and Policy Options,” in Reforming the International Monetary and Financial System, ed. by Peter B. Kenen and Alexander K. Swoboda (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo, and Carmen M. Reinhart, 2002, “Fear of Floating,” Quarterly Journal of Economics, Vol. 117, No. 2 (May), pp. 379408.

    • Search Google Scholar
    • Export Citation
  • Calvo, Guillermo, Alejandro Izquierdo, and Luis-Fernando Mejía, 2004, “On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects,” NBER Working Paper No. 10520 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Cavallo, Michele, Kate Kisselev, Fabrizio Perri, and Nouriel Roubini, 2002, “Exchange Rate Overshooting and the Costs of Floating” (unpublished; New York: New York University).

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