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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


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


Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990s

Daniel Marx, Jose Echague, and Guido Sandleris

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter analyzes the main problems of the current global sovereign debt markets, particularly in relation to emerging countries, and presents some policy recommendations. It describes 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


Dealing Comprehensively, and Justly, with Sovereign Debt

Jack Boorman

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

Published in print:
2006
Published Online:
May 2006
ISBN:
9780195168006
eISBN:
9780199783458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195168003.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter discusses ideas for resolving debt crises. It argues that a narrow focus on debt relief in HIPCs is insufficient and that the activist community and lenders must look to finding broader ... More


Country default risk in emerging markets 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:
10.1093/0199280576.003.0007
Subject:
Economics and Finance, Financial Economics

Early Warning Signals of a default or debt crisis are derived by drawing upon the stochastic optimal control model of an optimal and excessive short-term debt developed in chapter 2. Operational ... More


International Borrowing

RUMU SARKAR

in International Development Law: Rule of Law, Human Rights, and Global Finance

Published in print:
2009
Published Online:
February 2010
ISBN:
9780195398281
eISBN:
9780199866366
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195398281.003.005
Subject:
Law, Human Rights and Immigration, Public International Law

This chapter explains the international financial architecture supporting the financing of international development. It examines the international borrowing practices of sovereign states, and ... More


The Argentinean Debt: History, Default, and Restructuring

Mario Damill, Roberto Frenkel, and Martín Rapetti

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter avers that the key to understanding the leadup to the Argentinean debt crisis was the particular anti‐inflation and growth strategy—followed first in 1979–81 and in a more radical way in ... More


Overcoming Developing Country Debt Crises

Barry Herman, José Antonio Ocampo, and Shari Spiegel (eds)

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

Developing country debt crises have been a recurrent phenomenon over the past two centuries. Despite the fact that several developing countries now have stronger economic fundamentals than they did ... More


Financial Instability 1966–1990

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0007
Subject:
Economics and Finance, Financial Economics

In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of ... More


The Sovereign Debt Puzzle

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0001
Subject:
Business and Management, Public Management

This introductory chapter first sets out the book's purpose, which is to contribute to debates on the power of finance and the consequences of contemporary patterns in international crisis management ... More


Why the Code of Conduct for Resolving Sovereign Debt Crises Falls Short

Barry Herman

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0014
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter turns our attention to a reform initiative driven by the private financial community in the form of a voluntary code of good conduct that would informally pressure the debtor countries ... More


Shaking Off the Burden

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0022
Subject:
Business and Management, Public Management

This concluding chapter summarizes key themes and presents some final thoughts. The three in-depth case studies of Mexico, Argentina, and Greece showed how the newfound insistence on full and ... More


Iron Triangles Go Global: The 1982 Debt Crisis and End of the Cold War

Kathryn C. Lavelle

in Legislating International Organization: The US Congress, the IMF, and the World Bank

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199765348
eISBN:
9780199918959
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199765348.003.0005
Subject:
Political Science, International Relations and Politics

This chapter investigates the debt stage in the relationship between Congress and the IMF and World Bank that was triggered by the external shocks of the 1982 Mexican default, subsequent Latin ... More


Is Domestic Debt the Answer to Debt Crises?

Ugo Panizza

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter emphasizes that it matters whether domestic debt means debt issued in local currency (at home or abroad) or to local investors (in domestic or foreign currency) or governed by local law ... More


“The Rich Got the Loans, the Poor Got the Debts”

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0012
Subject:
Business and Management, Public Management

This chapter takes a closer look at the outcomes of the Mexican debt crisis and the consequences of the reduced state autonomy at the heart of the crisis of the 1980s. The first section considers the ... More


The Socialization of Greece’s Debt

Jerome Roos

in Why Not Default?

Published in print:
2019
Published Online:
May 2019
ISBN:
9780691180106
eISBN:
9780691184937
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691180106.003.0020
Subject:
Business and Management, Public Management

In March 2012, Greece opened a tender for a voluntary bond exchange in which its private bondholders could swap their securities for a variety of redenominated debt instruments. This chapter ... More


Market and State

Yujiro Hayami and Yoshihisa Godo

in Development Economics: From the Poverty to the Wealth of Nations

Published in print:
2005
Published Online:
October 2005
ISBN:
9780199272709
eISBN:
9780191602870
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199272700.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on ... More


Partisan Loyalty and Union Competition: Macroeconomic Adjustment and Industrial Restructuring in Mexico

M. Victoria Murillo

in The Politics of Labor in a Global Age: Continuity and Change in Late-Industrializing and Post-Socialist Economies

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199241149
eISBN:
9780191598920
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199241147.003.0002
Subject:
Political Science, Comparative Politics

After the Debt Crisis of 1982, the PRI implemented policies of stabilization and structural reforms although it had previously advanced protectionism and state intervention during the post‐war ... More


Sovereign Debt: Notes on Theoretical Frameworks and Policy Analyses

Joseph E. Stiglitz

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter focuses on what lessons might be drawn for sovereign insolvency from the principles underlying national policies for corporate or personal bankruptcy. It then develops a framework to ... More


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