2 edition of Smoothing sudden stops found in the catalog.
by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, MA
Written in English
Emerging economies are exposed to severe and sudden shortages of international financial resources. Yet domestic agents seem not to undertake enough precautions against these sudden stops. Following our previous work, we highlight in this paper the central role played by limited domestic development in ex-ante (insurance) and ex-post (spot) financial markets in generating this collective undervaluation of external resources and insurance. Within this structure, this paper studies several canonical policies to counteract the external underinsurance. We do this by first solving for the optimal mechanism given the constraints imposed by limited domestic financial development, and then considering the main - in terms of the model and practical relevance - implementations of this mechanism. Keywords: External Shocks, domestic and international collateral, underinsurance, credit lines, liquidity requirements, asset market intervention.
|Statement||Ricardo J. Caballero [and] Arvind Krishnamurthy|
|Series||Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 01-26, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 01-26.|
|Contributions||Krishnamurthy, Arvind, Massachusetts Institute of Technology. Dept. of Economics|
|The Physical Object|
|Pagination||24 p. :|
|Number of Pages||24|
Place the paper, and absorbent material around it, on a flat, hard surface. Smooth it out with your hands to make sure there are no major folds or crease. Cover the paper completely with a flat, heavy object. A stack of large, heavy books are often used for this purpose. 4. Wait until it dries, checking daily. Views: K. two years after the Sudden Stops hit. Q reaches a through at date t about 13 percentage points below the pre-Sudden-Stop peak, and it recovers about 2/3rds of its value by t+2. 1 Calvo et al. identified 33 Sudden Stop events with large and mild output collapses in a sample including the 31 countries that JP Morgan defines as emerging markets.
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Additional Physical Format: Online version: Caballero, Ricardo J. Smoothing sudden stops. Cambridge, MA.: National Bureau of Economic Research, © Smoothing Sudden Stops Ricardo Caballero, Arvind Krishnamurthy.
NBER Working Paper No. Issued in August NBER Program(s):Economic Smoothing sudden stops book and Growth, International Finance and Macroeconomics Emerging economies are exposed to severe and sudden shortages of international financial by: 8.
Smoothing Sudden Stops. [Ricardo Caballero; Arvind Krishnamurthy] -- Emerging economies are exposed to severe and sudden shortages of international financial resources. Yet domestic agents seem not to undertake enough precautions against these sudden stops.
Yet domestic agents seem not to undertake enough precautions against these sudden stops. Following our previous work, we highlight in this paper the central role played by limited domestic development in ex-ante (insurance) and ex-post (spot) financial markets in generating this collective undervaluation of external resources and insurance.
Emerging economies are often exposed to sudden shortages of international financial resources. Yet domestic agents do not seem to take preventive measures against these sudden stops.
We highlight the central role played by the limited development of ex ante (insurance) and ex post (spot) domestic financial markets in generating this collective Cited by: Smoothing Sudden Stops. NBER Working Paper No. w 26 Pages Posted: 14 Aug Last revised: 23 Oct See all articles by Ricardo J.
Caballero Yet domestic agents seem not to undertake enough precautions against these sudden stops. Following our previous work, we highlight in this paper the central role played by limited domestic.
Smoothing sudden stops book SmoothingSuddenStops ero ArvindKrishnamurthy* July5, Abstract Emergingeconomiesareexposedtosevereandsuddenshortagesofinternational.
THE AmERICAN ECONOmIC REVIEW DECEmBER trend, the trade balance below trend, and high asset prices. The median Sudden Stop displays a reversal in the cyclical component of NXY of about 3 percentage points at date and C are about 4 percentage points below trend, and I collapses almost 20 percentage points below trend.
A weak recovery follows, but GDP, C, and I. Following Jeanne and Rancière () and Bianchi et al. (), the endogenous probability of a sudden stop is modeled, in reduced form, as: (5) p s (A / B) = Φ (m − ω (A / B)), where Φ (⋅) is the cumulative density function of the standard normal distribution.
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