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Currency mismatches in chilean nonfinancial corporations
The potential financial vulnerability that can occur when private sector or government agents acquire high levels of foreign currency debt has been at the center of discussion since the financial crises that affected the countries of Southeast Asia in the late 1990s. To the extent that a mismatch is ...
A network model of super-systemic crises
Are financial systems shock absorbers or shock amplifiers? Policymakers and academics have long remained divided over this fundamental question. On the one hand some contend that financial innovation and integration make the financial world a safer place (Greenspan 1999) others argue the opposite by ...
Macroeconomic and financial stability: an overview
On September 2008 Lehman Brothers filed for bankruptcy and the world became aware that the financial crisis that had been unfolding for months was far more serious than expected. Months later it became clear that the financial crisis of 2008-2009 was the worst economic downturn since the Great Depression ...
Managing sudden stops
Sudden stops are when capital inflows dry up abruptly. The banker’s aphorism—'It’s not speed that kills but the sudden stop'— has been popularly invoked since at least the Mexican crisis in 1994. Awareness then rose with impetus from the Argentine crisis (1995) the Asian crisis (1997) the Russian ...
La crisis financiera global y contagio a mercados emergentes
Estudiamos el efecto de los vínculos entre bancos en el contagio de los ciclos productivos con un enfoque específico en la propagación de la crisis de 2007-2009 desde los países avanzados hacia los emergentes. En una muestra de pares de países compuesta de 17 economías avanzadas y 11 emergentes entre ...
Central banking after the crisis
By the mid-2000s both academics and central banks had come to a remarkable consensus on what central banks’ basic strategy should be. However with the collapse of Lehman Brothers in September 2008 the world of central banking changed forever. The worldwide financial crisis revealed that some of the ...
Trilemmas and tradeoffs: living with financial globalization
This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. I present the case that those EMEs able to exploit a flexible exchange rate are far better positioned than those that devote ...