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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


United States current account deficits: A stochastic optimal control analysis 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:
10.1093/0199280576.003.0009
Subject:
Economics and Finance, Financial Economics

For nearly a quarter of a century, the US has persistently run significant current account deficits that transformed it from the world’s largest net creditor to its largest debtor. The stochastic ... More


The NATREX model of the equilibrium real exchange rate

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:
10.1093/0199280576.003.0004
Subject:
Economics and Finance, Financial Economics

The NATREX is a model of the equilibrium real exchange rate, which is where the real exchange rate is heading. The NATREX model has two components: the long-run equilibrium real exchange rate and the ... More


The Dynamics of External Imbalances and Debt

Kenneth Dyson

in States, Debt, and Power: 'Saints' and 'Sinners' in European History and Integration

Published in print:
2014
Published Online:
August 2014
ISBN:
9780198714071
eISBN:
9780191782558
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714071.003.0014
Subject:
Political Science, European Union

This chapter examines the difficulties in defining ‘excessive’ external imbalance and external debt. It begins by addressing the issue of ‘original sin’, focusing on Austro-Hungary, Greece, and ... More


From the Boom in Capital Inflows to Financial Traps

Roberto Frenkel

in Capital Market Liberalization and Development

Published in print:
2008
Published Online:
May 2008
ISBN:
9780199230587
eISBN:
9780191710896
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199230587.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the performance of highly indebted countries from the point of view of their links with the international financial market. Although the more analytical parts of the chapter do ... 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 Do Countries Repay Their 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/9780691180106.003.0002
Subject:
Business and Management, Public Management

The striking puzzle at the heart of international lending has long been known as the “enforcement problem” of cross-border debt contracts: clearly there is some kind of cross-border enforcement at ... More


A Critical Political Economy Approach

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/9780691180106.003.0003
Subject:
Business and Management, Public Management

In economics literature, competing explanations of debtor compliance have one thing in common, that is, they have so far largely sidestepped overtly social and political questions such as, who ... More


A Comparative Perspective on Developing Economies

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:
10.1093/0199272700.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Aims to develop a bird's eye view on current status and growth potential of developing economies by means of highly condensed international comparative statistics in order to postulate broad ... More


Deepening Integration

Yilmaz Akyüz

in Playing with Fire: Deepened Financial Integration and Changing Vulnerabilities of the Global South

Published in print:
2017
Published Online:
July 2017
ISBN:
9780198797173
eISBN:
9780191838668
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198797173.003.0003
Subject:
Economics and Finance, Financial Economics, Development, Growth, and Environmental

After recurrent crises with severe consequences in the 1990s and early 2000s EDEs have become even more closely integrated into what is now widely recognized as an inherently unstable international ... More


External Debt, Adjustment, and Growth

Delano P. Villanueva and Roberto S. Mariano

in Fiscal Policy and Management in East Asia

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226386812
eISBN:
9780226387062
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226387062.003.0007
Subject:
Economics and Finance, South and East Asia

High ratios of external debt to GDP in selected Asian countries have contributed to the initiation, propagation, and severity of the financial and economic crises in recent years, reflecting runaway ... More


Disequilibria and Risk Premia: Argentina’s Experience During the 2000s from a Latin American Perspective

Gustavo Cañonero and Carlos Winograd

in Macroeconomics and Development: Roberto Frenkel and the Economics of Latin America

Published in print:
2016
Published Online:
September 2016
ISBN:
9780231175081
eISBN:
9780231541213
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231175081.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

the chapter elaborates on the sources of risk that arise from the interaction of the goods and financial markets by revisiting Frenkel’s work on exchange rate and sovereign risk premia. The authors ... More


Government Debt: A Key Role in Financial Intermediation

Michael Kumhof and Evan Tanner

in Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262182669
eISBN:
9780262282284
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262182669.003.0011
Subject:
Economics and Finance, Econometrics

This chapter argues that the reason why policy makers avoid unanticipated levies on government debt is because government debt plays a key role in financial intermediation. Hence, defaulting or ... More


International Health

Barry S. Levy and Victor W. Sidel

in Social Injustice and Public Health

Published in print:
2005
Published Online:
September 2009
ISBN:
9780195171853
eISBN:
9780199865352
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195171853.003.0021
Subject:
Public Health and Epidemiology, Public Health, Epidemiology

The chapter describes how social injustice leads to profoundly increased rates of illness and premature death in developing countries and discusses both internal factors, such as poverty, ... More


The Pain of Original Sin

Barry Eichengreen, Ricardo Hausmann, and Ugo Panizza (eds)

in Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226194554
eISBN:
9780226194578
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226194578.003.0002
Subject:
Economics and Finance, International

This chapter shows that the composition of external debt—and specifically the extent to which that debt is denominated in foreign currency—is a key determinant of the stability of output, the ... More


Introduction: Debt Denomination and Financial Instability in Emerging Market Economies

Barry Eichengreen and Ricardo Hausmann (eds)

in Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226194554
eISBN:
9780226194578
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226194578.003.0001
Subject:
Economics and Finance, International

This book provides new information on the extent to which foreign debt is denominated in foreign currency; that is, it attempts to measure the incidence of original sin. It analyzes the consequences ... More


Leveraged Buyouts

Christian Rauch and Marc P. Umber

in Private Equity: Opportunities and Risks

Published in print:
2015
Published Online:
August 2015
ISBN:
9780199375875
eISBN:
9780199375899
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199375875.003.0005
Subject:
Economics and Finance, Financial Economics

Leveraged buyouts (LBOs) represent the largest category of private equity (PE) investments. With an aggregate fundraising of $28 billion worldwide in the first quarter of 2014, buyout funds are among ... More


Stabilization

John Schulz

in The Financial Crisis of Abolition

Published in print:
2008
Published Online:
October 2013
ISBN:
9780300134193
eISBN:
9780300150490
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300134193.003.0008
Subject:
History, Latin American History

This chapter shows that in the period between Campos Sales's election and his inauguration, it became clear that Brazil lacked the foreign exchange to pay the interest on its external debt. Since the ... More


Introduction

Takatoshi Ito and Andrew K. Rose

in Fiscal Policy and Management in East Asia

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226386812
eISBN:
9780226387062
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226387062.003.0001
Subject:
Economics and Finance, South and East Asia

This book highlights the problems and challenges faced by East Asia's developing countries, as well as Japan and the United States, in managing fiscal policy. It explores taxation in developing ... More


Growth after the Crisis

Dani Rodrik

in Aftermath: A New Global Economic Order?

Published in print:
2011
Published Online:
March 2016
ISBN:
9780814772836
eISBN:
9780814748695
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9780814772836.003.0004
Subject:
Sociology, Economic Sociology

This chapter assesses the future of economic growth after the crisis. On the one hand, global macroeconomic stability is important; defaults and other destabilizations have serious negative effects. ... More


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