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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


Escaping by Accident

Noel Maurer

in The Empire Trap: The Rise and Fall of U.S. Intervention to Protect American Property Overseas, 1893-2013

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155821
eISBN:
9781400846603
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155821.003.0006
Subject:
Economics and Finance, International

This chapter demonstrates how the Great Depression allowed Herbert Hoover and Franklin Roosevelt to pull back from Theodore Roosevelt's imperial commitment. The Depression facilitated the end of the ... More


The Dynamics of the Real Exchange Rate and Current Account in a Small Open Economy: Australia

Guay C. Lim and Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics, International

The underlying movements in the equilibrium real exchange rate – NATREX – in Australia are explained by the evolution of the fundamentals. They are: the terms of trade, the private saving ratio, ... More


Issues for debate on international assistance

Graciana del Castillo

in Rebuilding War-Torn States: The Challenge of Post-Conflict Economic Reconstruction

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199237739
eISBN:
9780191717239
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199237739.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental, International

This chapter argues that a stronger capacity for international assistance, in conjunction with a sound strategy for economic reconstruction at the country level, would greatly improve a country's ... More


Peru

Luigi Manzetti

in Privatization South American Style

Published in print:
1999
Published Online:
October 2011
ISBN:
9780198294665
eISBN:
9780191685064
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198294665.003.0005
Subject:
Political Science, Political Economy

This chapter discusses the privatization program of President Alberto Fujimori, a Peruvian of Japanese descent, from his enactment of wide-ranging neoliberal reforms, known as Fujishock, to the ... More


Introduction

Alfred Maizels, Robert Bacon, and George Mavrotas

in COMMODITY SUPPLY MANAGEMENT BY PRODUCING COUNTRIES: A Case-Study of the Tropical Beverage Crops

Published in print:
1997
Published Online:
October 2011
ISBN:
9780198233381
eISBN:
9780191678981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198233381.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Initially, the international commodity markets experienced high short-term price instability. Although there still were important commodities that showed short-term instability, real commodity prices ... More


Depreciation and Default

MARK MAZOWER

in Greece and the Inter-War Economic Crisis

Published in print:
1991
Published Online:
October 2011
ISBN:
9780198202059
eISBN:
9780191675126
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198202059.003.0007
Subject:
History, European Modern History, Economic History

This chapter focuses on Greek monetary policy during the financial crisis. Abandoning gold fundamentally changed the relationship between Greece and the international economy. Almost overnight, as it ... More


The IMF’s “Triumphant Return” in the 1980s

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/9780691180106.003.0010
Subject:
Business and Management, Public Management

This chapter discusses how the second enforcement mechanism of official-sector intervention operated in practice. It shows how the large exposures of the big Wall Street banks to Mexico's highly ... More


Foreign Investment: Information Asymmetry

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/9780262028592.003.0009
Subject:
Economics and Finance, International

Domestic and foreign investors may differ in their information sets regarding future domestic and foreign stock returns with no information frictions. This may lead to home bias in the domestic ... More


Reparations, Deficits, and Debt Default: The Great Depression in Germany

Albrecht Ritschl

in The Great Depression of the 1930s: Lessons for Today

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199663187
eISBN:
9780191749216
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663187.003.0004
Subject:
Economics and Finance, Economic History

Germany’s Great Depression of the early 1930s started in 1929 with a sudden stop in the current account. It ended after a foreign debt default that unfolded in several stages from 1931 to 1933. This ... More


Taxation and Privately Produced Public Goods

Raymond G. Batina and Toshihiro Ihori

in Consumption Tax Policy and the Taxation of Capital Income

Published in print:
2000
Published Online:
October 2011
ISBN:
9780198297901
eISBN:
9780191685361
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198297901.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter focuses on the relationship between taxation and several privately produced public goods. Charity and private contributions play an important role in the economy especially for a large ... More


Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia

Shin-ichi Fukuda and Yoshifumi Kon (eds)

in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226386829
eISBN:
9780226387086
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226387086.003.0003
Subject:
Economics and Finance, South and East Asia

This chapter explores some theoretical and empirical implications of the changed international capital flows in East Asian economies after the currency crisis. It shows that macroeconomic impacts ... More


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

Barry Eichengreen and Ricardo Hausmann (eds)

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226194554
eISBN:
9780226194578
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226194578.001.0001
Subject:
Economics and Finance, International

Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate ... More


The End of Empire?

C. T. Sandars

in America’s Overseas Garrisons: The Leasehold Empire

Published in print:
2000
Published Online:
October 2011
ISBN:
9780198296874
eISBN:
9780191685293
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296874.003.0010
Subject:
Political Science, International Relations and Politics

This chapter discusses the weakening of the leasehold empire of the U.S. during the mid-1980s. Analysts consider the gradual erosion of the exceptional position occupied by the U.S. since 1945 as ... More


The Ogre of Foreign Loans

Marc Flandreau

in Anthropologists in the Stock Exchange: A Financial History of Victorian Science

Published in print:
2016
Published Online:
May 2017
ISBN:
9780226360300
eISBN:
9780226360584
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226360584.003.0005
Subject:
Anthropology, Anthropology, Global

This chapter provides a deconstruction of the stigmatizing process characterizing financial discourse during the last quarter of the 19th century and the heyday of the colonial era. It underscores ... 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


Fall from Grace

William R. Summerhill

in Inglorious Revolution: Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil

Published in print:
2015
Published Online:
January 2016
ISBN:
9780300139273
eISBN:
9780300218619
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300139273.003.0008
Subject:
Economics and Finance, Economic History

In 1889 the Republic fundamentally altered the principal characteristics of the political institutions—as well as the commitment to repay debt—established under the constitutional monarchy. This ... More


Paying down the War Debt

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0012
Subject:
Economics and Finance, Econometrics

This chapter examines how the Treasury reduced wartime debt. Andrew Mellon, Secretary of the Treasury, and his colleagues first addressed the problem of refinancing the postwar overhang of short-term ... More


Capital Flight and Flow of Funds

Victor Murinde, Chris Shimba Ochieng, and Qingwei Meng

in Capital Flight from Africa: Causes, Effects, and Policy Issues

Published in print:
2014
Published Online:
December 2014
ISBN:
9780198718550
eISBN:
9780191788000
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198718550.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

Inspired by a flow-of-funds framework, this chapter specifies three asset demand equations to underpin the demand for flight capital, domestic money (currency and bank deposits), and foreign debt. ... More


Original Sin, Balance-Sheet Crises, and the Roles of International Lending

Olivier Jeanne and Jeromin Zettelmeyer (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/9780226194578.003.0005
Subject:
Economics and Finance, International

This chapter explains the role of international lending in the context of the “balance-sheet approach” to financial crises. The general consensus that foreign-currency debt is problematic masks a ... More


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