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Stochastic Optimal Control, International Finance, and Debt Crises

Jerome L. Stein

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.001.0001
Subject:
Economics and Finance, Financial Economics

This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical ... More


The Third Generation Approach to Currency Crises

Phillippe Aghion and Abhijit Banerjee

in Volatility and Growth

Published in print:
2005
Published Online:
January 2007
ISBN:
9780199248612
eISBN:
9780191714719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199248612.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents a highly stylized model, based on limited access to credit that can explain why an economy that is carrying a large amount of foreign currency debt might be vulnerable to ... More


Asian crises: Theory, evidence, warning Signals 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0008
Subject:
Economics and Finance, Financial Economics

The Asian financial crises were unexpected by the market and many countries in the region experienced it at about the same time. Drawing upon the theoretical analyses in chapters 2-4, an operational ... More


Private Sector Involvement and International Financial Crises: An Analytical Perspective

Michael Chui and Prasanna Gai

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199267750
eISBN:
9780191602504
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199267758.001.0001
Subject:
Economics and Finance, Financial Economics

This book offers an analytical perspective on the policy debate on the design and reform of the international financial architecture. It stresses the role played by coordination problems in the ... More


Optimal debt and equilibrium exchange rates in a stochastic environment: an overview

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0001
Subject:
Economics and Finance, Financial Economics

This overview chapter explains the relevance and the contributions of this book to economic theory and policy. The economic theory and mathematics developed in chapters 2 and 3 derive benchmarks for ... More


Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz (eds)

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.001.0001
Subject:
Economics and Finance, Economic Systems

Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly ... More


The Anatomy of a Multiple Crisis: Why was Argentina Special and What Can We Learn from It?

Guillermo Perry and Luis Servén

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0012
Subject:
Economics and Finance, Economic Systems

The Argentine crisis has been variously blamed on fiscal imbalances, real overvaluation, and self-fulfilling investor pessimism triggering a capital flow reversal. This chapter provides a full ... More


The Macroeconomic Theory of Exchange Rate Crises

Giovanni Piersanti

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This book deals with the genesis and dynamics of exchange rate crises in fixed or managed exchange rate systems. It provides a comprehensive treatment of the existing theories of exchange rate crises ... More


 The Long and Winding Road to Liberalization: The South Korean Experience

Jong‐Il You

in External Liberalization in Asia, Post-Socialist Europe, and Brazil

Published in print:
2006
Published Online:
May 2007
ISBN:
9780195189322
eISBN:
9780199783823
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189322.003.0007
Subject:
Economics and Finance, International

This chapter reviews Korea's experience with economic liberalization since the early 1980s. Section 1 provides a brief history of the economic liberalization policy in the broader context of the rise ... More


Hong Kong's Link to the US Dollar: Origins and Evolution

John Greenwood

Published in print:
2007
Published Online:
September 2011
ISBN:
9789622098909
eISBN:
9789882207004
Item type:
book
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789622098909.001.0001
Subject:
Economics and Finance, South and East Asia

This book describes how Hong Kong surmounted the great currency crisis of 1982–83. The book rationalizes why and how the Hong Kong Monetary Authority evolved from a pure currency board to a near ... More


The Southeast Asian Currency Crisis

Manuel F. Montes

in Short-Term Capital Flows and Economic Crises

Published in print:
2001
Published Online:
October 2011
ISBN:
9780198296867
eISBN:
9780191685286
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296867.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics

While the Thai baht had lost about 55% of its value in terms of the US dollar by the end of January 1998 because it sold the majority of its international reserves in 1997, other currencies across ... More


Trade Agreements, Exchange Rate Disagreements

Eduardo Fernández-Arias, Ugo Panizza, and Ernesto Stein

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0009
Subject:
Economics and Finance, Economic Systems

The negative effects on exports and FDI flows of an exchange rate misalignment are amplified when the misalignment is among countries that share a regional integration agreement. Such agreements ... More


Short-Term Capital Flows and Economic Crises

Stephany Griffith-Jones, Manuel F. Montes, and Anwar Nasution (eds)

Published in print:
2001
Published Online:
October 2011
ISBN:
9780198296867
eISBN:
9780191685286
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296867.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics

The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994 — and their high development costs — raise a serious concern about the net benefits for developing countries of large ... More


Lessons from the Asian Crisis

Norman Flynn

in Miracle to Meltdown in Asia: Business, Government and Society

Published in print:
1999
Published Online:
October 2011
ISBN:
9780198295525
eISBN:
9780191685125
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198295525.003.0002
Subject:
Business and Management, International Business, Political Economy

The 1997/8 Asian crisis was severe for most of the region and the financial crisis had a deep impact on many real economies. This chapter shows that explanations for the crisis are many and varied, ... More


The Buildup of the Crisis

Yung Chul Park

in Economic Liberalization and Integration in East Asia: A Post-Crisis Paradigm

Published in print:
2005
Published Online:
February 2006
ISBN:
9780199276776
eISBN:
9780191603051
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199276773.003.0007
Subject:
Economics and Finance, South and East Asia

The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of ... More


The Onset of the Great Depression

Charles H. Feinstein, Peter Temin, and Gianni Toniolo

in The World Economy between the World Wars

Published in print:
2008
Published Online:
May 2008
ISBN:
9780195307559
eISBN:
9780199867929
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195307559.003.0007
Subject:
Economics and Finance, Economic History

The descent into the depression left bankers, politicians, industrialists, and farmers seemingly helpless in the face of the successive currency and banking crises, growing stocks of unsold food, ... More


Aftermath, 1992 and 1993

David McKay

in Rush to Union: Understanding the European Federal Bargain

Published in print:
1996
Published Online:
October 2011
ISBN:
9780198280583
eISBN:
9780191684364
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198280583.003.0005
Subject:
Political Science, European Union

This chapter examines the potential anomalies in the European Monetary System (EMS) and the experiences of countries affected by the exchange rate crisis of 1992 and 1993. It argues that the economic ... More


The Republic of Korea's Economy in the Swirl of Global Crisis

Dongchul Cho

in The Global Financial Crisis and Asia: Implications and Challenges

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199660957
eISBN:
9780191748981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660957.003.0009
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter argues that the Republic of Korea is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general ... More


Analytics of Currency Crises

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0008
Subject:
Economics and Finance, International

To understand the origins of currency crises is best to think about the basic tri-lemma in international finance. In international finance, the tri-lemma stems from the fact that economic policy ... More


 Paiton I: Promises Fail

Louis T. Wells

in Making Foreign Investment Safe: Property Rights and National Sovereignty

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195310627
eISBN:
9780199783847
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195310627.003.0012
Subject:
Economics and Finance, International

Following several years of very strong economic growth, Southeast Asia's long boom came to an abrupt end. The first alarm sounded when Thailand's currency was devalued in July of 1997. As the ... More


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