Economics: Recent submissions
Now showing items 41-60 of 103
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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 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 ... -
Clustering in U.K. home price volatility
(American Real Estate Society, 2011)In the wake of the 2007-2009 global financial crisis, there has been heightened interest in correctly gauging the probability of large losses on assets, particularly house prices. If an asset exhibits GARCH effects in its ... -
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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
The East African Monetary Union: is the level of business cycle synchronization sufficient?
(Redfame Publishing, 2015)The East African Community (Burundi, Kenya, Rwanda, Tanzania and Uganda) has a goal of a currency union, as part of a movement toward eventual political union. A key factor in making a currency union desirable is a high ... -
How feasible is the West African eco currency union? A new approach
(Elsevier, 2015-06-25)A recent proposal to expand the CFA Franc zone in West Africa would create a currency union that, in terms of population, would rival the Euro. This new currency union would include Nigeria, which would have the largest ... -
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 ... -
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 ... -
The impact of the U.S. on Latin American business cycles: a new approach
(Elsevier, 2017)Business cycles in Latin America have tended to be more volatile than those in wealthier nations such as the US. Accordingly, much research has been conducted on Latin business cycles, as well as the impact of the US on ... -
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, ... -
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 ... -
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 ... -
Do inflation targeting handcuffs restrain leviathan? Hard pegs vs. inflation targets for fiscal discipline in emerging markets
(Taylor & Francis, 7/1/2007)Inflation targeting has been increasingly adopted in emerging markets as fixed exchange rates have fallen in popularity. An important question is whether inflation targeting provides the same level of fiscal discipline as ... -
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 ... -
Exchange rates, inflation and growth in small, open economies: a difference-in-differences approach
(Taylor & Francis, 4/11/2011)Financial crises in emerging markets have led many observers to recommend abandoning fixed exchange rates and adopting more flexible regimes. Moreover, some recent research suggests that the correct exchange rate regime ... -
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 ...