Browsing Refereed Publications by Issue Date
Now showing items 1-20 of 52
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Securitization, liquidity, and the Brady plan
(Elsevier, 1999)Securitization of bank loans is proposed as a solution to the ongoing debt difficulties for emerging market nations. This paper analyzes the effects of the Brady plan for four participating countries. In addition to resolving ... -
The end of the Asian myth: why were the experts fooled?
(Elsevier, 1999-10)This article examines the reasons behind the overoptimism of a large segment of the economics profession concerning the performance of East Asian economies, which was shattered by the financial crises of 1997-1998. It also ... -
The pricing of risk in emerging credit markets: bonds versus loans
(Kluwer Academic Publishers, 2000-05)Much of the volatility in emerging markets in the 1990s stems from the fact that the major form of foreign investment is the bond rather than the bank loans which predominated until the debt crisis of the 1980s. Bondholders ... -
Can money market mutual funds provide sufficient liquidity to replace deposit insurance?
(Springer, 2001-09)Narrow banking is an arrangement in which deposittaking and lending functions are separated and performed by different institutions. This separation is aimed at avoiding panics at uninsured banks, without moral hazard ... -
The Barings crisis in Argentina: the role of exogenous European money market factors
(Taylor & Francis, 2002-01)The Barings crisis of 1890 was a wrenching financial crash and recession for Argentina. The episode is similar in many respects to the balance of payments difficulties in emerging markets during the 1990s. In particular, ... -
The Role of non-bank financial intermediaries in propagating Korea's financial crisis
(World Scientific Publishing, 2003-03)The Korean crisis has been analyzed for the causal role banks played through the "credit view". Non-bank lenders have grown more important than banks in providing loans, but their role in creating financial instability has ... -
Fixed exchange rates and sticky Prices in emerging markets
(John Wiley & Sons, Ltd., 2003-06-23)In the wake of financial crises in emerging markets, firmly fixed exchange rates and even dollarization have been advocated as a means to decrease vulnerability. There are many important new issues related to fixing the ... -
Effectiveness of capital controls: the Case of Brazil
(John Wiley & Sons, Ltd., 2004-02)The emerging market crises of the past decade have led some observers to question the wisdom of a completely open capital account. But even if capital controls are desirable, empirical evidence is needed to demonstrate ... -
Trading externalities and new equity issues in emerging markets
(Elsevier, 2005-02)The volatility in emerging market finance over the last decade has highlighted the importance of developing equity exchanges to enhance risk sharing between international investors. Debt markets do not allow for as much ... -
Covered interest arbitrage: Then versus now
(Wiley-Blackwell Publishing, 2006-05)We introduce a new weekly database of spot and forward US-UK exchange rates as well as interest rates to examine the integration of forward exchange markets during the classical gold standard period (1880-1914). Using ... -
One continent, one currency? Varieties of common currency experience in Europe and Latin America
(John Wiley & Sons, Inc., 2006-08)Currency unions have been promoted as a means to increase trade, investment and growth. A crucial issue in giving up the domestic currency is the loss of a mechanism to absorb real external shocks. High real exchange ... -
Do frontier equity markets exhibit common trends and still provide diversification opportunities?
(Taylor & Francis, 2006-08-19)Many small, frontier equity markets in regions such as Africa and Eastern Europe have opened in recent years. As in other larger emerging markets, important issues for investors are the extent of financial integration with ... -
Volatility clustering in US home prices
(American Real Estate Society, 2008)Generalized autoregressive conditional heteroscedasticity (GARCH) effects imply the probability of large losses is greater than standard mean-variance analysis suggests. Accurately capturing GARCH for housing markets is ... -
Boom-bust cycles and the forecasting performance of linear and non-linear models of house prices
(Springer, 2008-04)The tremendous rise in house prices over the last decade has been both a national and a global phenomenon. The growth of secondary mortgage holdings and the increased impact of house prices on consumption and other components ... -
Inflation targeting and monetary policy in Canada: What is the impact on inflation uncertainty?
(Elsevier, 2008-08)Inflation uncertainty has been demonstrated both theoretically and empirically to lower real output. This paper examines the impact of inflation targeting in Canada on inflation uncertainty, as well as persistence. Our ... -
Fixed exchange rates and disinflation in emerging markets: how large is the effect?
(Springer, 2008-10)We examine developing countries which have institutional quality ratings for the effects of exchange rate rigidity on inflation. The level of institutional development exerts no effect on the impact of currency regimes. ... -
Quantitative goals for monetary policy: a quantile regression approach
(Taylor & Francis, 2009)A recent paper by Fatas et al. (2006 Fatas, A, Mihov, I and Rose, A. 2006. Quantitative goals for monetary policy. Journal of Money, Credit and Banking, 39: 1163-76. [Google Scholar] ) indicates that formal monetary ... -
Housing investment and the U.S. economy: how have the relationships changed?
(American Real Estate Society, 2009)Previous research has found that housing investment has a disproportionate role in the U.S. business cycle. This paper demonstrates that the relationship between housing and the rest of the economy has changed since financial ... -
Central Bank Independence, Inflation and Uncertainty: The Case of Colombia
(Taylor & Francis, 2009)Colombia undertook reform of its central bank in 1991, pushing it in the direction of greater independence. We find that this reform led to a significant decrease in the level of inflation, as well as inflation uncertainty, ... -
Changing inflation dynamics and uncertainty in the United States
(Southern Economic Journal, 2009-01)Inflation uncertainty has been shown theoretically and empirically to lower real Output (Friedman 1977; Grier et al. 2004). Employing a Markov-switching model with regime-varying variance, as well as more traditional ...