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A Compendium of Policy Instruments to Enhance Financial Stability and Debt Management in Emerging Market Economies

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  • Ronald U. Mendoza

Abstract

Drawing on available theory and evidence, this paper attempts to identify some key factors contributing to international financial instability to develop ataxonomy of policy instruments to enhance financial stability and debt management in emerging market economies. The purpose is to relate each instrument to particular aspects of the broader policy challenge,thus clarifying differences and/or similarities among instruments and proposals. The analysissuggests instruments that could help increase the efficiency of risk management strategies(such as growth- or GDP-indexed bonds) and enhance the effectiveness of debt management,growth and development policies (such as a stability and social investment facility).

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File URL: http://www.un.org/esa/desa/papers/2007/wp48_2007.pdf
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Bibliographic Info

Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 48.

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Length: 28 pages
Date of creation: Jul 2007
Date of revision:
Handle: RePEc:une:wpaper:48

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Web page: http://www.un.org/en/development/desa/working-papers.html
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Keywords: debt sustainability; debt trap; emerging markets; financial stability;

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  1. Enrique G. Mendoza, 2006. "Lessons From the Debt-Deflation Theory of Sudden Stops," NBER Working Papers 11966, National Bureau of Economic Research, Inc.
  2. Tito Cordella & Eduardo Levy Yeyati, 2004. "Country Insurance," Business School Working Papers countryinsurance, Universidad Torcuato Di Tella.
  3. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2004. "When it rains, it pours: Procyclical capital flows and macroeconomic policies," MPRA Paper 13883, University Library of Munich, Germany.
  4. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
  5. Guillermo A. Calvo, 2005. "Crises in Emerging Market Economies: A Global Perspective," NBER Working Papers 11305, National Bureau of Economic Research, Inc.
  6. John D. Burger & Francis E. Warnock, 2006. "Local Currency Bond Markets," IMF Staff Papers, Palgrave Macmillan, vol. 53(si), pages 7.
  7. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
  8. John Williamson, 2005. "Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa75.
  9. Kaul, Inge & Conceicao, Pedro, 2006. "The New Public Finance: Responding to Global Challenges," OUP Catalogue, Oxford University Press, number 9780195179972, September.
  10. Talvi, Ernesto & Vegh, Carlos A., 2005. "Tax base variability and procyclical fiscal policy in developing countries," Journal of Development Economics, Elsevier, vol. 78(1), pages 156-190, October.
  11. Prasanna Gai & Nicholas Vause, 2006. "Measuring Investors' Risk Appetite," International Journal of Central Banking, International Journal of Central Banking, vol. 2(1), March.
  12. Nancy Birdsall, 2006. "A Stability and Social Investment Facility for High Debt Countries," Working Papers 77, Center for Global Development.
  13. Ricardo Caballero & Stavros Panageas, 2005. "A Quantitative Model of Sudden Stops and External Liquidity Management," NBER Working Papers 11293, National Bureau of Economic Research, Inc.
  14. Michael Gavin & Roberto Perotti, 1997. "Fiscal Policy in Latin America," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 11-72 National Bureau of Economic Research, Inc.
  15. Mendoza, Ronald U., 2004. "International reserve-holding in the developing world: self insurance in a crisis-prone era?," Emerging Markets Review, Elsevier, vol. 5(1), pages 61-82, March.
  16. Randall DODD & Shari SPIEGEL, 2005. "Up From Sin: A Portfolio Approach To Financial Salvation," G-24 Discussion Papers 34, United Nations Conference on Trade and Development.
  17. Guillermo A. Calvo, 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 35-54, November.
  18. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
  19. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373.
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