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The Optimal Level of International Reserves for Emerging Market Countries

The Optimal Level of International Reserves for Emerging Market Countries »

Article

Source: The Optimal Level of International Reserves for Emerging Market Countries : Formulas and Applications

Volume/Issue: 2006/229

Series: IMF Working Papers

Author(s): Romain Ranciere , and Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

ISBN: 9781451864892

Keywords: Balance of Payments Crises, probability, domestic absorption, calibration, short-term debt, external debt,

We present a model of the optimal level of international reserves for a small open economy that is vulnerable to sudden stops in capital flows. Reserves allow the country to smooth domestic absorption in response t...

Emerging Markets Crisis

Emerging Markets Crisis »

Article

Source: Emerging Markets Crisis : An Asset Markets Perspective

Volume/Issue: 1999/129

Series: IMF Working Papers

Author(s): Arvind Krishnamurthy , and Ricardo Caballero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1999

ISBN: 9781451855098

Keywords: Capital flows, fire sales, financial constraints, contractual and corporate governance problems, balance sheets, wasted collateral, domestic and foreign spreads, excessive leverage, collateral underprovision, real depreciation

The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp fire sales of domestic assets and possibly foreign exchange and the ensuing collapse in the balance sheets of both t...

A Model of the Joint Distribution of Banking and Exchange-Rate Crises

A Model of the Joint Distribution of Banking and Exchange-Rate Crises »

Article

Source: A Model of the Joint Distribution of Banking and Exchange-Rate Crises

Volume/Issue: 2001/213

Series: IMF Working Papers

Author(s): Nancy Marion , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

ISBN: 9781451874945

Keywords: Currency crisis, bank crisis, exchange rate, shadow exchange rate, fixed exchange rate, hedging, domestic-currency, International Finance: General, International Lending and Debt Problems,

We develop a simple framework for studying the joint distribution of banking and currency crises triggered by real shocks. Our framework illustrates the fact that bank and currency collapses are related but they ar...

Short-Run Pain, Long-Run Gain

Short-Run Pain, Long-Run Gain »

Article

Source: Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization

Volume/Issue: 2003/34

Series: IMF Working Papers

Author(s): Sergio Schmukler , and Graciela Kaminsky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

ISBN: 9781451845280

Keywords: financial liberalization, stock market prices, booms, busts, stock market, financial sector, financial markets, domestic financial sector, International Finance: General, International Monetary Arrangements and Institutions

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economie...

The Optimal Level of International Reserves for Emerging Market Countries : Formulas and Applications

The Optimal Level of International Reserves for Emerging Market Countries : Formulas and Applications »

Journal Issue

Volume/Issue: 2006/229

Series: IMF Working Papers

Author(s): Romain Ranciere , and Olivier Jeanne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

DOI: http://dx.doi.org/10.5089/9781451864892.001

ISBN: 9781451864892

Keywords: Balance of Payments Crises, probability, domestic absorption, calibration, short-term debt, external debt,

We present a model of the optimal level of international reserves for a small open economy that is vulnerable to sudden stops in capital flows. Reserves allow the country to smooth domestic absorption in response t...

Emerging Markets Crisis : An Asset Markets Perspective

Emerging Markets Crisis : An Asset Markets Perspective »

Journal Issue

Volume/Issue: 1999/129

Series: IMF Working Papers

Author(s): Arvind Krishnamurthy , and Ricardo Caballero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1999

DOI: http://dx.doi.org/10.5089/9781451855098.001

ISBN: 9781451855098

Keywords: Capital flows, fire sales, financial constraints, contractual and corporate governance problems, balance sheets, wasted collateral, domestic and foreign spreads, excessive leverage, collateral underprovision, real depreciation

The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp fire sales of domestic assets and possibly foreign exchange and the ensuing collapse in the balance sheets of both t...

A Model of the Joint Distribution of Banking and Exchange-Rate Crises

A Model of the Joint Distribution of Banking and Exchange-Rate Crises »

Journal Issue

Volume/Issue: 2001/213

Series: IMF Working Papers

Author(s): Nancy Marion , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451874945.001

ISBN: 9781451874945

Keywords: Currency crisis, bank crisis, exchange rate, shadow exchange rate, fixed exchange rate, hedging, domestic-currency, International Finance: General, International Lending and Debt Problems,

We develop a simple framework for studying the joint distribution of banking and currency crises triggered by real shocks. Our framework illustrates the fact that bank and currency collapses are related but they ar...

Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization

Short-Run Pain, Long-Run Gain : The Effects of Financial Liberalization »

Journal Issue

Volume/Issue: 2003/34

Series: IMF Working Papers

Author(s): Sergio Schmukler , and Graciela Kaminsky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

DOI: http://dx.doi.org/10.5089/9781451845280.001

ISBN: 9781451845280

Keywords: financial liberalization, stock market prices, booms, busts, stock market, financial sector, financial markets, domestic financial sector, International Finance: General, International Monetary Arrangements and Institutions

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economie...