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Citations of

Enrique G. Mendoza

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Ethan Ilzetzki & Enrique G. Mendoza & Carlos A. Végh, 2010. "How Big (Small?) are Fiscal Multipliers?," CEP Discussion Papers dp1016, Centre for Economic Performance, LSE.

    Mentioned in:

    1. Osborne takes default risk
      by chris dillow in Stumbling and Mumbling on 2010-11-23 11:04:22
    2. Monetary or fiscal stimulus can help only if unemployment is cyclical; otherwise, if unemployment is structural expansionary policies will lead only to inflation. Careful recent analyses indicate that unemployment is mainly cyclical in the US
      by Blog Admin in British Politics and Policy at LSE on 2012-10-24 16:00:33
    3. Given the enormity of the short- and long-run fiscal challenges facing the US, the lack of policy detail from both presidential candidates is disappointing
      by Blog Admin in British Politics and Policy at LSE on 2012-10-25 13:00:36
    4. Zbunjujuće o multiplikatoru i Hrvatskoj
      by cronomy in Cronomy on 2013-01-17 07:13:39
    5. Guest Contribution: "Monetary Alchemy, Fiscal Science"
      by Menzie Chinn in Econbrowser on 2013-01-26 09:00:31
    6. Monetary Alchemy, Fiscal Science
      by jfrankel in Jeff Frankels Weblog on 2013-01-26 17:16:19
    7. Fiscal Multipliers – How big or small?
      by Amol Agrawal in Mostly Economics on 2010-11-03 10:32:17
  2. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. L'improbable coordination des politiques macroprudentielles
      by ? in D'un champ l'autre on 2014-03-23 21:00:00
  3. Mendoza, Enrique G. & Tesar, Linda L. & Zhang, Jing, 2014. "Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies," Working Paper Series WP-2014-13, Federal Reserve Bank of Chicago.

    Mentioned in:

    1. Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
      by Christian Zimmermann in NEP-DGE blog on 2015-01-16 19:59:01
  4. Mendoza, Enrique G. & Razin, Assaf & Tesar, Linda L., 1994. "Effective tax rates in macroeconomics: Cross-country estimates of tax rates on factor incomes and consumption," Journal of Monetary Economics, Elsevier, vol. 34(3), pages 297-323, December.

    Mentioned in:

    1. Taxes, everything is relative
      by Economic Logician in Economic Logic on 2008-03-12 00:17:00
  5. Ethan Ilzetzki & Enrique G. Mendoza & Carlos A. Végh Gramont, 2011. "How Big (Small?) are Fiscal Multipliers?," IMF Working Papers 11/52, International Monetary Fund.

    Mentioned in:

    1. Osborne takes default risk
      by chris dillow in Stumbling and Mumbling on 2010-11-23 11:04:22
    2. Monetary or fiscal stimulus can help only if unemployment is cyclical; otherwise, if unemployment is structural expansionary policies will lead only to inflation. Careful recent analyses indicate that unemployment is mainly cyclical in the US
      by Blog Admin in British Politics and Policy at LSE on 2012-10-24 16:00:33
    3. Given the enormity of the short- and long-run fiscal challenges facing the US, the lack of policy detail from both presidential candidates is disappointing
      by Blog Admin in British Politics and Policy at LSE on 2012-10-25 13:00:36
    4. Zbunjujuće o multiplikatoru i Hrvatskoj
      by cronomy in Cronomy on 2013-01-17 07:13:39
    5. Guest Contribution: "Monetary Alchemy, Fiscal Science"
      by Menzie Chinn in Econbrowser on 2013-01-26 09:00:31
    6. Monetary Alchemy, Fiscal Science
      by jfrankel in Jeff Frankels Weblog on 2013-01-26 17:16:19
    7. Fiscal Multipliers – How big or small?
      by Amol Agrawal in Mostly Economics on 2010-11-03 10:32:17
  6. Ethan Ilzetzki & Enrique G. Mendoza & Carlos A. Végh, 2010. "How Big (Small?) are Fiscal Multipliers?," NBER Working Papers 16479, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Osborne takes default risk
      by chris dillow in Stumbling and Mumbling on 2010-11-23 11:04:22
    2. Monetary or fiscal stimulus can help only if unemployment is cyclical; otherwise, if unemployment is structural expansionary policies will lead only to inflation. Careful recent analyses indicate that unemployment is mainly cyclical in the US
      by Blog Admin in British Politics and Policy at LSE on 2012-10-24 16:00:33
    3. Given the enormity of the short- and long-run fiscal challenges facing the US, the lack of policy detail from both presidential candidates is disappointing
      by Blog Admin in British Politics and Policy at LSE on 2012-10-25 13:00:36
    4. Zbunjujuće o multiplikatoru i Hrvatskoj
      by cronomy in Cronomy on 2013-01-17 07:13:39
    5. Guest Contribution: "Monetary Alchemy, Fiscal Science"
      by Menzie Chinn in Econbrowser on 2013-01-26 09:00:31
    6. Monetary Alchemy, Fiscal Science
      by jfrankel in Jeff Frankels Weblog on 2013-01-26 17:16:19
    7. Fiscal Multipliers – How big or small?
      by Amol Agrawal in Mostly Economics on 2010-11-03 10:32:17
  7. Enrique G. Mendoza & Marco E. Terrones, 2008. "An anatomy of credit booms: evidence from macro aggregates and micro data," International Finance Discussion Papers 936, Board of Governors of the Federal Reserve System (U.S.).

    Mentioned in:

    1. More Finance, More Growth? More Finance, More Crises?
      by Gerald Epstein in Triple Crisis on 2014-06-19 12:00:19
    2. More Finance, More Growth? More Finance, More Crises?
      by Yves Smith in Naked Capitalism on 2014-06-20 08:38:59
  8. Enrique G. Mendoza & Vincenzo Quadrini & José-Víctor Ríos-Rull, 2009. "Financial Integration, Financial Development, and Global Imbalances," Journal of Political Economy, University of Chicago Press, vol. 117(3), pages 371-416, 06.

    Mentioned in:

    1. A large US current account deficit is normal
      by Economic Logician in Economic Logic on 2009-07-25 00:53:00
  9. Enrique G. Mendoza & Marco E. Terrones, 2012. "An Anatomy of Credits Booms and their Demise," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 15(2), pages 04-32, August.

    Mentioned in:

    1. Et si le cycle financier était à l'origine des déséquilibres courants de la zone euro ?
      by ? in D'un champ l'autre on 2014-11-05 20:19:00
  10. Enrique G. Mendoza & Emine Boz, 2010. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," IMF Working Papers 10/164, International Monetary Fund.

    Mentioned in:

    1. Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis
      by Christian Zimmermann in NEP-DGE blog on 2010-08-03 03:20:21

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Mendoza, Enrique G, 1995. "The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(1), pages 101-37, February.

    Mentioned in:

    1. > Macroeconomics > Economic Fluctuations > Real Business Cycle Theory > International RBC
  2. Mendoza, Enrique G, 1991. "Real Business Cycles in a Small Open Economy," American Economic Review, American Economic Association, vol. 81(4), pages 797-818, September.

    Mentioned in:

    1. > Macroeconomics > Economic Fluctuations > Real Business Cycle Theory > International RBC

Wikipedia mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Enrique G. Mendoza & Vincenzo Quadrini & José-Víctor Ríos-Rull, 2009. "Financial Integration, Financial Development, and Global Imbalances," Journal of Political Economy, University of Chicago Press, vol. 117(3), pages 371-416, 06.

    Mentioned in:

    1. Financial Integration, Financial Development, and Global Imbalances (JPE 2009) in ReplicationWiki ()
  2. Yuriy Gorodnichenko & Enrique G. Mendoza & Linda L. Tesar, 2012. "The Finnish Great Depression: From Russia with Love," American Economic Review, American Economic Association, vol. 102(4), pages 1619-44, June.

    Mentioned in:

    1. The Finnish Great Depression: From Russia with Love (AER 2012) in ReplicationWiki ()
  3. Enrique G. Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, American Economic Association, vol. 100(5), pages 1941-66, December.

    Mentioned in:

    1. Sudden Stops, Financial Crises, and Leverage (AER 2010) in ReplicationWiki ()

Working papers

  1. Javier Bianchi & Enrique G. Mendoza, 2015. "Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy," BIS Working Papers 505, Bank for International Settlements.

    Cited by:

    1. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 201607, Athens University Of Economics and Business, Department of Economics.

  2. Enrique G. Mendoza & Linda L. Tesar & Jing Zhang, 2014. "Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies," NBER Working Papers 20200, National Bureau of Economic Research, Inc.

    Cited by:

    1. Eijffinger, Sylvester C W & Kobielarz, Michal L. & Uras, Rasim Burak, 2015. "Sovereign Debt, Bail-Outs and Contagion in a Monetary Union," CEPR Discussion Papers 10459, C.E.P.R. Discussion Papers.
    2. Curatola, Giuliano & Donadelli, Michael & Gioffré, Alessandro & Grüning, Patrick, 2014. "Austerity, fiscal volatility, and economic growth," SAFE Working Paper Series 56, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
    3. Enrique Mendoza, 2015. "EconomicDynamics Interviews Enrique Mendoza on Sovereign Debt," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 16(1), April.
    4. Christopher L. House & Linda L. Tesar, 2015. "Greek Budget Realities: No Easy Options," NBER Working Papers 21688, National Bureau of Economic Research, Inc.

  3. Javier Bianchi & Enrique G. Mendoza, 2013. "Optimal Time-Consistent Macroprudential Policy," NBER Working Papers 19704, National Bureau of Economic Research, Inc.

    Cited by:

    1. Akinci, Ozge & Chahrour, Ryan, 2015. "Good news is bad news: leverage cycles and sudden stops," Staff Reports 738, Federal Reserve Bank of New York.
    2. Correia, Isabel & De Fiore, Fiorella & Teles, Pedro & Tristani, Oreste, 2016. "Credit subsidies," Working Paper Series 1877, European Central Bank.
    3. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 201607, Athens University Of Economics and Business, Department of Economics.
    4. Javier Bianchi & Chenxin Liu & Enrique G. Mendoza, 2016. "Fundamentals News, Global Liquidity, and Macroprudential Policy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015 National Bureau of Economic Research, Inc.

  4. Pablo D'Erasmo & Enrique G. Mendoza, 2013. "Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default," NBER Working Papers 19477, National Bureau of Economic Research, Inc.

    Cited by:

    1. Cristina Arellano & Yan Bai, 2014. "Renegotiation Policies in Sovereign Defaults," American Economic Review, American Economic Association, vol. 104(5), pages 94-100, May.
    2. Leonardo Martinez & Cesar Sosa Padilla & Juan Hatchondo, 2012. "Debt dilution and sovereign default risk," 2012 Meeting Papers 974, Society for Economic Dynamics.
    3. Juessen, Falko & Linnemann, Ludger & Schabert, Andreas, 2016. "Default Risk Premia On Government Bonds In A Quantitative Macroeconomic Model," Macroeconomic Dynamics, Cambridge University Press, vol. 20(01), pages 380-403, January.
    4. Juessen, Falko & Schabert, Andreas, 2013. "Fiscal Policy, Sovereign Default, and Bailouts," IZA Discussion Papers 7805, Institute for the Study of Labor (IZA).
    5. Reinhart, Carmen & Santos, Miguel Angel, 2015. "From Financial Repression to External Distress: The Case of Venezuela," Working Paper Series rwp15-018, Harvard University, John F. Kennedy School of Government.
    6. Philipp Engler & Christoph Große Steffen, 2014. "Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations," Discussion Papers of DIW Berlin 1436, DIW Berlin, German Institute for Economic Research.

  5. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.

    Cited by:

    1. Gete, Pedro & Gómez, Juan-Pedro, 2015. "Compensation contracts and fire sales," Journal of Financial Stability, Elsevier, vol. 18(C), pages 154-171.
    2. Korinek, Anton & Kreamer, Jonathan, 2014. "The redistributive effects of financial deregulation," Journal of Monetary Economics, Elsevier, vol. 68(S), pages S55-S67.
    3. Pranjul Bhandari & Jeffrey A. Frankel, 2015. "Nominal GDP Targeting for Developing Countries," NBER Working Papers 20898, National Bureau of Economic Research, Inc.
    4. Davide Romelli & Cristina Terra & Enrico Vasconcelos, 2014. "Current Account and Real Exchange Rate changes: the Impact of Trade Openness," THEMA Working Papers 2014-10, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    5. Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism Leverage and the Great Recession in the Eurozone," Sciences Po publications 2014-16, Sciences Po.
    6. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2016. "The analytics of the Greek crisis: celebratory centenary issue," LSE Research Online Documents on Economics 67368, London School of Economics and Political Science, LSE Library.
    7. Pierre-Olivier Gourinchas & Thomas Philippon & Dimitri Vayanos, 2016. "The Analytics of the Greek Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 100, Hellenic Observatory, LSE.
    8. Central Bank of the United Arab Emirates, 2016. "Credit cycles and macroprudential policy framework in emerging countries," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy, volume 86, pages 17-25 Bank for International Settlements.

  6. Javier Bianchi & Emine Boz & Enrique G. Mendoza, 2012. "Macro-Prudential Policy in a Fisherian model of Financial Innovation," NBER Working Papers 18036, National Bureau of Economic Research, Inc.

    Cited by:

    1. Luisa Lambertini & Caterina Mendicino & Maria Teresa Punzi, 2011. "Leaning Against Boom-Bust Cycles in Credit and Housing Prices," Working Papers CELEG 1104, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    2. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    3. de la Torre, Augusto & Ize, Alain, 2013. "The foundations of macroprudential regulation : a conceptual roadmap," Policy Research Working Paper Series 6575, The World Bank.
    4. Juan Pablo Medina Guzman & Jorge Roldos, 2014. "Monetary and Macroprudential Policies to Manage Capital Flows," IMF Working Papers 14/30, International Monetary Fund.
    5. Enrique G. Mendoza & Emine Boz, 2009. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," 2009 Meeting Papers 1273, Society for Economic Dynamics.
    6. Philip Lane & Peter McQuade, 2013. "Domestic Credit Growth and International Capital Flows," The Institute for International Integration Studies Discussion Paper Series iiisdp428, IIIS.
    7. Bianchi, Javier & Liu, Chenxin & Mendoza, Enrique G., 2016. "Fundamentals news, global liquidity and macroprudential policy," Journal of International Economics, Elsevier, vol. 99(S1), pages S2-S15.
    8. Enrique Mendoza & Javier Bianchi, 2015. "Optimal Time-Consistent Macroprudential Policy," 2015 Meeting Papers 289, Society for Economic Dynamics.
    9. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.

  7. Julien Bengui & Enrique G. Mendoza & Vincenzo Quadrini, 2012. "Capital Mobility and International Sharing of Cyclical Risk," NBER Working Papers 18372, National Bureau of Economic Research, Inc.

    Cited by:

    1. Epstein, Brendan & Mukherjee, Rahul & Ramnath, Shanthi, 2014. "Taxes and International Risk Sharing," International Finance Discussion Papers 1110, Board of Governors of the Federal Reserve System (U.S.).
    2. Bahadir, Berrak & Lastrapes, William D., 2015. "Emerging market economies and the world interest rate," Journal of International Money and Finance, Elsevier, vol. 58(C), pages 1-28.

  8. C. Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2012. "On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment," Koç University-TUSIAD Economic Research Forum Working Papers 1218, Koc University-TUSIAD Economic Research Forum.

    Cited by:

    1. Michael Bleaney & Mo Tian, . "Exchange Rates and Trade Balance Adjustment:A Multi-Country Empirical Analysis," Discussion Papers 12/10, University of Nottingham, CREDIT.
    2. Hoffmann, Mathias & Krause, Michael & Tillmann, Peter, 2014. "International capital flows, external assets and output volatility," Discussion Papers 30/2014, Deutsche Bundesbank, Research Centre.
    3. Juan Carlos Cuestas & Luis A. Gil-Alana & Paolo Jose Regis, 2014. "On the changes in the sustainability of European external debt: what have we learned," Bank of Estonia Working Papers wp2014-3, Bank of Estonia, revised 10 Oct 2014.
    4. Evans, Martin, 2015. "External Balances, Trade and Financial Conditions," MPRA Paper 66201, University Library of Munich, Germany.
    5. Robert Vermeulen & Jakob de Haan, 2012. "Net Foreign Asset (Com)position: Does Financial Development Matter?," DNB Working Papers 340, Netherlands Central Bank, Research Department.
    6. Albuquerque, Bruno & Baumann, Ursel & Krustev, Georgi, 2014. "Has US household deleveraging ended? a model-based estimate of equilibrium debt," Working Paper Series 1643, European Central Bank.
    7. Michael Bleaney & Mo Tian, . "Net Foreign Assets, Real Exchange Rates and Net Exports Revisited," Discussion Papers 13/04, University of Nottingham, CREDIT.
    8. Michael Bleaney & Mo Tian, . "Global Imbalances and the External Solvency of Nations," Discussion Papers 14/02, University of Nottingham, CREDIT.
    9. Vassilis Monastiriotis & Cigdem Borke Tunali, 2016. "The Sustainability of External Imbalances in the European Periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 106, European Institute, LSE.

  9. Enrique Mendoza & Marco Terrones, 2012. "An Anatomy of Credit Booms and their Demise," Working Papers Central Bank of Chile 670, Central Bank of Chile.

    Cited by:

    1. Martin, Alberto & Ventura, Jaume, 2015. "The international transmission of credit bubbles: Theory and policy," Journal of Monetary Economics, Elsevier, vol. 76(S), pages S37-S56.
    2. Stolbov, Mikhail, 2013. "Anatomy of international banking crises at the onset of the Great Recession," MPRA Paper 51236, University Library of Munich, Germany.
    3. Octavio Fernández-Amador & Martin Gächter & Friedrich Sindermann, 2016. "Finance-augmented business cycles: A robustness check," Economics Bulletin, AccessEcon, vol. 36(1), pages 132-144.
    4. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    5. Enrique Mendoza & Emine Boz, 2010. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," 2010 Meeting Papers 316, Society for Economic Dynamics.
    6. Dušan Stojanović & Danilo Stojanović, 2015. "Excessive Credit Growth Or Catching Up Process: The Case Of Central, Eastern And Southeastern European Countries," Economic Annals, Faculty of Economics, University of Belgrade, vol. 60(206), pages 7 - 44, July - Se.
    7. Bianchi, Javier & Liu, Chenxin & Mendoza, Enrique G., 2016. "Fundamentals news, global liquidity and macroprudential policy," Journal of International Economics, Elsevier, vol. 99(S1), pages S2-S15.
    8. Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Andrea Roventini & Tania Treibich, 2015. "Fiscal and monetary policies in complex evolving economies," Post-Print halshs-01241658, HAL.
    9. Javier Bianchi & Enrique G. Mendoza, 2015. "Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy," BIS Working Papers 505, Bank for International Settlements.
    10. Shen, Chung-Hua & Lee, Yen Hsien & Wu, Meng-Wen & Guo, Na, 2016. "Does housing boom lead to credit boom or is it the other way around? The case of China," International Review of Economics & Finance, Elsevier, vol. 42(C), pages 349-367.
    11. Calderón, César & Fuentes, J. Rodrigo, 2014. "Have business cycles changed over the last two decades? An empirical investigation," Journal of Development Economics, Elsevier, vol. 109(C), pages 98-123.
    12. Dreger, Christian & Kholodilin, Konstantin A., 2013. "An early warning system to predict speculative house price bubbles," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 7, pages 1-26.
    13. Scott Davis & Adrienne Mack & Wesley Phoa & Anne Vandenabeele, 2014. "Credit Booms, Banking Crises, and the Current Account," Working Papers 292014, Hong Kong Institute for Monetary Research.
    14. Guillermo A. Calvo & Fabrizio Coricelli & Pablo Ottonello, 2012. "Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries," NBER Working Papers 18480, National Bureau of Economic Research, Inc.
    15. Mikael Juselius & Mathias Drehmann, 2015. "Leverage dynamics and the real burden of debt," BIS Working Papers 501, Bank for International Settlements.
    16. Helios Herrera & Guillermo Ordonez & Christoph Trebesch, 2014. "Political Booms, Financial Crises," CESifo Working Paper Series 4935, CESifo Group Munich.
    17. Philip R. Lane & Peter McQuade, 2014. "Domestic Credit Growth and International Capital Flows," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 218-252, 01.
    18. Scott Davis, 2014. "The Macroeconomic Effects of Debt- and Equity-Based Capital Inflows," Working Papers 282014, Hong Kong Institute for Monetary Research.
    19. Reinhart, Carmen M. & Reinhart, Vincent & Tashiro, Takeshi, 2016. "Does reserve accumulation crowd out investment?," Journal of International Money and Finance, Elsevier, vol. 63(C), pages 89-111.
    20. Fabio Comelli, 2015. "Estimation and out-of-sample Prediction of Sudden Stops; Do Regions of Emerging Markets Behave Differently from Each Other?," IMF Working Papers 15/138, International Monetary Fund.
    21. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.
    22. Reinhart, Carmen M., 2015. "The Antecedents and Aftermath of Financial Crises as Told by Carlos F. Diaz Alejandro," Working Paper Series rwp15-035, Harvard University, John F. Kennedy School of Government.
    23. David S. Jacks, 2013. "From Boom to Bust: A Typology of Real Commodity Prices in the Long Run," NBER Working Papers 18874, National Bureau of Economic Research, Inc.
    24. Marco Arena & Serpil Bouza & Era Dabla-Norris & Kerstin Gerling & Lamin Njie, 2015. "Credit Booms and Macroeconomic Dynamics; Stylized Facts and Lessons for Low-Income Countries," IMF Working Papers 15/11, International Monetary Fund.
    25. Akinci, Ozge & Olmstead-Rumsey, Jane, 2015. "How Effective are Macroprudential Policies? An Empirical Investigation," International Finance Discussion Papers 1136, Board of Governors of the Federal Reserve System (U.S.).
    26. Michael D. Bordo & Christopher M. Meissner, 2016. "Fiscal and Financial Crises," NBER Working Papers 22059, National Bureau of Economic Research, Inc.
    27. Jan Behringer & Till van Treeck, 2013. "Income distribution and current account: A sectoral perspective," IMK Working Paper 125-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    28. Reinhart, Carmen M. & Tashiro, Takeshi, 2013. "Crowding out redefined: the role of reserve accumulation," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 1-43.
    29. Serwa, Dobromił, 2013. "Identifying multiple regimes in the model of credit to households," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 198-208.
    30. Carmen M. Reinhart & Kenneth S. Rogoff, 2013. "Shifting Mandates: The Federal Reserve's First Centennial," NBER Working Papers 18888, National Bureau of Economic Research, Inc.
    31. Teimouri, Sheida & Dutta, Nabamita, 2016. "Investment and bank credit recovery after banking crises," Journal of Financial Stability, Elsevier, vol. 26(C), pages 306-327.
    32. Central Bank of the United Arab Emirates, 2016. "Credit cycles and macroprudential policy framework in emerging countries," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy, volume 86, pages 17-25 Bank for International Settlements.
    33. Channarith Meng & Roberto Leon-Gonzalez, 2016. "Credit Booms in Developing Countries: Are They Different from Those in Advanced and Emerging Market Countries?," GRIPS Discussion Papers 15-22, National Graduate Institute for Policy Studies.
    34. Abdul d Abiad & John C Bluedorn & Jaime Guajardo & Petia Topalova, 2012. "The Rising Resilience of Emerging Market and Developing Economies," IMF Working Papers 12/300, International Monetary Fund.
    35. Jon Frost & Ruben van Tilburg, 2014. "Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises," DNB Working Papers 441, Netherlands Central Bank, Research Department.
    36. Greetje Everaert & Natasha X Che & Nan Geng & Bertrand Gruss & Gregorio Impavido & Yinqiu Lu & Christian Saborowski & Jérôme Vandenbussche & Li Zeng, 2015. "Does Supply or Demand Drive the Credit Cycle? Evidence from Central, Eastern, and Southeastern Europe," IMF Working Papers 15/15, International Monetary Fund.
    37. Vítor Castro & Megumi Kubota, 2013. "Duration dependence and change-points in the likelihood of credit booms ending," NIPE Working Papers 09/2013, NIPE - Universidade do Minho.
    38. Magud, Nicolas E. & Vesperoni, Esteban R., 2015. "Exchange rate flexibility and credit during capital inflow reversals: Purgatory … not paradise," Journal of International Money and Finance, Elsevier, vol. 55(C), pages 88-110.
    39. te Kaat, Daniel Marcel & Dinger, Valeriya, 2015. "Global Imbalances and Bank Risk-Taking," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112866, Verein für Socialpolitik / German Economic Association.
    40. Gozgor, Giray, 2014. "Determinants of domestic credit levels in emerging markets: The role of external factors," Emerging Markets Review, Elsevier, vol. 18(C), pages 1-18.
    41. Dzsamila Vonnak, 2015. "Decomposing the Riskiness of Corporate Foreign Currency Lending: the Case of Hungary," IEHAS Discussion Papers 1528, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
    42. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Review and Evidence," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 13(3), pages 1-23.
    43. Ghosh, Atish R. & Qureshi, Mahvash S., 2016. "Capital Inflow Surges and Consequences," ADBI Working Papers 585, Asian Development Bank Institute.
    44. Giovanni Dosi & Giorgio Fagiolo & Mauro Napoletano & Tania Treibich, 2014. "The Short-and Long-Run Damages of Fiscal Austerity: Keynes beyond Schumpeter," Sciences Po publications 22, Sciences Po.
    45. Pranjul Bhandari & Jeffrey A. Frankel, 2015. "Nominal GDP Targeting for Developing Countries," NBER Working Papers 20898, National Bureau of Economic Research, Inc.
    46. Calderon, Cesar & Kubota, Megumi, 2014. "Ride the wild surf : an investigation of the drivers of surges in capital inflows," Policy Research Working Paper Series 6753, The World Bank.
    47. Kick, Thomas & Pausch, Thilo & Ruprecht, Benedikt, 2015. "The winner's curse: Evidence on the danger of aggressive credit growth in banking," Discussion Papers 32/2015, Deutsche Bundesbank, Research Centre.

  10. Enrique G. Mendoza & Vivian Z. Yue, 2011. "A General Equilibrium Model of Sovereign Default and Business Cycles," NBER Working Papers 17151, National Bureau of Economic Research, Inc.

    Cited by:

    1. Pablo D'Erasmo & Enrique G. Mendoza, 2013. "Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default," NBER Chapters, in: Sovereign Debt and Financial Crises National Bureau of Economic Research, Inc.
    2. Findeisen, Sebastian & Sachs, Dominik, 2015. "Designing Efficient College and Tax Policies," IZA Discussion Papers 9171, Institute for the Study of Labor (IZA).
    3. Fink, Fabian & Scholl, Almuth, 2016. "A quantitative model of sovereign debt, bailouts and conditionality," Journal of International Economics, Elsevier, vol. 98(C), pages 176-190.
    4. Jean Barthélemy & Magali Marx, 2011. "State-Dependent Probability Distributions in Non Linear Rational Expectations Models," Sciences Po publications 347, Sciences Po.
    5. Michael Tomz & Mark L. J. Wright, 2013. "Empirical Research on Sovereign Debt and Default," CAMA Working Papers 2013-16, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    6. Juan Carlos Hatchondo & Leonardo Martinez, 2012. "Debt dilution and sovereign default risk," Working Paper 10-08, Federal Reserve Bank of Richmond.
    7. Ricardo Nunes & Horacio Sapriza & Bora Durdu, 2011. "News and sovereign default risk in small open economies," 2011 Meeting Papers 1355, Society for Economic Dynamics.
    8. Leo Kaas & Jan Mellert & Almuth Scholl, 2016. "Sovereign and private default risks over the business cycle," Working Paper Series of the Department of Economics, University of Konstanz 2016-09, Department of Economics, University of Konstanz.
    9. Luca Guerrieri & Matteo Iacoviello & Raoul Minetti, 2012. "Banks, Sovereign Debt, and the International Transmission of Business Cycles," NBER Chapters, in: NBER International Seminar on Macroeconomics 2012, pages 181-213 National Bureau of Economic Research, Inc.
    10. Gonçalves, Carlos Eduardo & Guimarães, Bernardo, 2012. "Sovereign default risk and commitment for fiscal adjustment," CEPR Discussion Papers 9163, C.E.P.R. Discussion Papers.
    11. Galo Nuño & Carlos Thomas, 2015. "Monetary policy and sovereign debt vulnerability," Working Papers 1517, Banco de España;Working Papers Homepage.
    12. Julian Schumacher & Christoph Trebesch & Henrik Enderlein, 2015. "What Explains Sovereign Debt Litigation?," CESifo Working Paper Series 5319, CESifo Group Munich.
    13. Benigno, Gianluca & Fornaro, Luca, 2012. "Reserve Accumulation, Growth and Financial Crises," CEPR Discussion Papers 9224, C.E.P.R. Discussion Papers.
    14. Große Steffen, Christoph, 2015. "Uncertainty shocks and non-fundamental debt crises: An ambiguity approach," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112936, Verein für Socialpolitik / German Economic Association.
    15. Engler, Philipp & Grosse Steffen, Christoph, 2015. "Sovereign risk, interbank freezes, and aggregate fluctuations," Working Paper Series 1840, European Central Bank.
    16. Jessica Roldán-Peña, 2012. "Default Risk and Economic Activity: A Small Open Economy Model with Sovereign Debt and Default," Working Papers 2012-16, Banco de México.
    17. Alonso-Ortiz, Jorge & Colla, Esteban & Da-Rocha, Jose-Maria, 2014. "Bounding the productivity default shock : Evidence from the The European Sovereign Debt Crisis," MPRA Paper 59617, University Library of Munich, Germany.
    18. Saleem A. Bahaj, 2014. "Systemic sovereign risk: macroeconomic implications in the euro area," LSE Research Online Documents on Economics 58110, London School of Economics and Political Science, LSE Library.
    19. Martin, Philippe & Philippon, Thomas, 2014. "Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone," CEPR Discussion Papers 10189, C.E.P.R. Discussion Papers.
    20. Paula Andrea Beltrán-Saavedra, 2015. "Precio del petróleo y el ajuste de las tasas de interés en las economías emergentes," Borradores de Economia 901, Banco de la Republica de Colombia.
    21. Sachs, Dominik & Findeisen, Sebastian, 2014. "Designing Efficient Education and Tax Policies," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100504, Verein für Socialpolitik / German Economic Association.
    22. Lizarazo, Sandra Valentina, 2013. "Default risk and risk averse international investors," Journal of International Economics, Elsevier, vol. 89(2), pages 317-330.
    23. Juan Carlos Hatchondo & Leonardo Martinez & Cesar Sosa Padilla, 2013. "Voluntary Sovereign Debt Exchanges," Department of Economics Working Papers 2013-13, McMaster University.
    24. Shi, Kang & Xu, Juanyi & Yin, Xiaopeng, 2015. "Input substitution, export pricing, and exchange rate policy," Journal of International Money and Finance, Elsevier, vol. 51(C), pages 26-46.
    25. Findeisen, Sebastian & Sachs, Dominik, 2014. "Efficient Labor and Capital Income Taxation over the Life Cycle," Working Papers 14-17, University of Mannheim, Department of Economics.
    26. Fernando Broner & Alberto Martin & Jaume Ventura & Aitor Erce, 2014. "Sovereign debt markets in turbulent times: creditor discrimination and crowding-out effects," Working Papers 1402, Banco de España;Working Papers Homepage.
    27. Evers, Michael P., 2015. "Fiscal federalism and monetary unions: A quantitative assessment," Journal of International Economics, Elsevier, vol. 97(1), pages 59-75.
    28. Falko Juessen & Ludger Linnemann & Andreas Schabert, 2014. "Default Risk Premia on Government Bonds in a Quantitative Macroeconomic Model," Working Paper Series in Economics 73, University of Cologne, Department of Economics.
    29. Jeffrey A. Edwards & Alfredo A. Romero & Zagros Madjd-Sadjadi, 2016. "Foreign direct investment, economic growth, and volatility: a useful model for policymakers," Empirical Economics, Springer, vol. 51(2), pages 681-705, September.
    30. Leonardo Martinez & Juan Hatchondo & Burhanettin Kuruscu & Bulent Guler, 2014. "Sovereign Bailouts," 2014 Meeting Papers 1278, Society for Economic Dynamics.
    31. Ludwig, Maximilian, 2013. "Government Debt and Default in a Minimal State," Working Papers 30/2013, Universidade Portucalense, Centro de Investigação em Gestão e Economia (CIGE).
    32. Ezra Oberfield, 2013. "Productivity and Misallocation During a Crisis: Evidence from the Chilean Crisis of 1982," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(1), pages 100-119, January.
    33. Huixin Bi & Wenyi Shen & Susan S. Yang, 2014. "Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries," IMF Working Papers 14/49, International Monetary Fund.
    34. Markus Jorra, 2011. "The Heterogeneity of Default Costs: Evidence from Recent Sovereign Debt Crises," MAGKS Papers on Economics 201151, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    35. Eijffinger, Sylvester C W & Kobielarz, Michal L. & Uras, Rasim Burak, 2015. "Sovereign Debt, Bail-Outs and Contagion in a Monetary Union," CEPR Discussion Papers 10459, C.E.P.R. Discussion Papers.
    36. Bauducco, Sofia & Caprioli, Francesco, 2014. "Optimal fiscal policy in a small open economy with limited commitment," Journal of International Economics, Elsevier, vol. 93(2), pages 302-315.
    37. Guangling Liu, 2014. "The Welfare Cost of Sovereign Default and Liquidity Injections," Working Papers 439, Economic Research Southern Africa.
    38. Ignacio Presno & Demian Pouzo, 2014. "Optimal Taxation with Endogenous Default under Incomplete Markets," 2014 Meeting Papers 689, Society for Economic Dynamics.
    39. Tsyrennikov, Viktor, 2013. "Capital flows under moral hazard," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 92-108.
    40. Grzegorz Wesołowski, 2016. "Do long term interest rates drive GDP and inflation in small open economies? Evidence from Poland," National Bank of Poland Working Papers 242, National Bank of Poland, Economic Institute.
    41. Catão, Luis A.V. & Milesi-Ferretti, Gian Maria, 2014. "External liabilities and crises," Journal of International Economics, Elsevier, vol. 94(1), pages 18-32.
    42. Jin Cheng & Meixing Dai & Frédéric Dufourt, 2014. "Banking and Sovereign Debt Crises in a Monetary Union Without Central Bank Intervention," Working Papers halshs-01009684, HAL.
    43. Queraltó, Albert, 2013. "A Model of Slow Recoveries from Financial Crises," International Finance Discussion Papers 1097, Board of Governors of the Federal Reserve System (U.S.).
    44. Tamon Asonuma, 2016. "Sovereign Defaults, External Debt, and Real Exchange Rate Dynamics," IMF Working Papers 16/37, International Monetary Fund.
    45. Horn, Fabian, 2015. "Quantifying the costs of sovereign defaults using odious debt cases as a quasi-natural experiment," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113125, Verein für Socialpolitik / German Economic Association.
    46. Luca Fornaro, 2012. "Financial Crises and Exchange Rate Policy," 2012 Meeting Papers 726, Society for Economic Dynamics.
    47. Born, Benjamin & Müller, Gernot & Pfeifer, Johannes, 2014. "Does austerity pay off?," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100301, Verein für Socialpolitik / German Economic Association.
    48. Hürtgen, Patrick & Rühmkorf, Ronald, 2014. "Sovereign default risk and state-dependent twin deficits," Journal of International Money and Finance, Elsevier, vol. 48(PB), pages 357-382.
    49. Florian Kirsch & Ronald Rühmkorf, 2013. "Sovereign Borrowing, Financial Assistance and Debt Repudiation," Bonn Econ Discussion Papers bgse01_2013, University of Bonn, Germany.
    50. Gu, Grace Weishi, 2015. "A Tale of Two Countries: Sovereign Default, Exchange Rate, and Trade," MPRA Paper 61900, University Library of Munich, Germany.
    51. Blommestein, Hans & Eijffinger, Sylvester & Qian, Zongxin, 2016. "Regime-dependent determinants of Euro area sovereign CDS spreads," Journal of Financial Stability, Elsevier, vol. 22(C), pages 10-21.
    52. Welburn, Jonathan William & Hausken, Kjell, 2015. "A Game-Theoretic Model with Empirics of Economic Crises," UiS Working Papers in Economics and Finance 2015/7, University of Stavanger.
    53. Tamon Asonuma, 2010. "Serial Default and Debt Renegotiation," 2010 Meeting Papers 169, Society for Economic Dynamics.
    54. Sebastian Edwards & Francis A. Longstaff & Alvaro Garcia Marin, 2015. "The U.S. Debt Restructuring of 1933: Consequences and Lessons," NBER Working Papers 21694, National Bureau of Economic Research, Inc.
    55. Seunghoon Na & Stephanie Schmitt-Grohé & Martin Uribe & Vivian Z. Yue, 2014. "A Model of the Twin Ds: Optimal Default and Devaluation," NBER Working Papers 20314, National Bureau of Economic Research, Inc.
    56. Enrique Mendoza, 2015. "EconomicDynamics Interviews Enrique Mendoza on Sovereign Debt," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 16(1), April.
    57. Tavares, Tiago, 2015. "Labor Market Distortions under Sovereign Default Crises," MPRA Paper 66964, University Library of Munich, Germany.
    58. Victor Filipe Martins da Rocha & Yiannis Vailakis, 2014. "Self-enforcing Debt, Reputation, and the Role of Interest Rates," Working Papers hal-01097114, HAL.
    59. Hernan Seoane, 2016. "Time-varying volatility, default and the sovereign risk premium," 2016 Meeting Papers 1132, Society for Economic Dynamics.
    60. Akıncı, Özge, 2013. "Global financial conditions, country spreads and macroeconomic fluctuations in emerging countries," Journal of International Economics, Elsevier, vol. 91(2), pages 358-371.
    61. Grant, Everett, 2016. "Exposure to international crises: trade vs. financial contagion," Globalization and Monetary Policy Institute Working Paper 280, Federal Reserve Bank of Dallas.
    62. Collard, Fabrice & Habib, Michel Antoine & Rochet, Jean-Charles, 2016. "The Reluctant Defaulter: A Tale of High Government Debt," CEPR Discussion Papers 11299, C.E.P.R. Discussion Papers.
    63. Paula Andrea Beltrán-Saavedra, 2015. "Precio del petróleo y el ajuste de las tasas de interés en las economías emergentes," BORRADORES DE ECONOMIA 013619, BANCO DE LA REPÚBLICA.
    64. Ludwig, Maximilian, 2014. "How well do we understand sovereign debt crisis? Evidence from Latin America," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100531, Verein für Socialpolitik / German Economic Association.
    65. Pablo Guerron-Quintana & Grey Gordon, 2014. "Municipal Bonds, Default, and Migration in General Equilibrium," 2014 Meeting Papers 868, Society for Economic Dynamics.
    66. Aguiar, Mark & Amador, Manuel, 2014. "Sovereign Debt," Handbook of International Economics, Elsevier.
    67. Fabrice Collard & Michel Habib & Jean-Charles Rochet, 2015. "Sovereign Debt Sustainability In Advanced Economies," Journal of the European Economic Association, European Economic Association, vol. 13(3), pages 381-420, 06.
    68. Kollintzas, Tryphon & Tsoukalas, Konstantinos, 2015. "Bank and Sovereign Risk Interdependence in the Euro Area," CEPR Discussion Papers 10485, C.E.P.R. Discussion Papers.
    69. Matsuoka, Hideaki, 2015. "Fiscal limits and sovereign default risk in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 38(C), pages 13-30.
    70. Tavares, Tiago, 2015. "The Role of International Reserves in Sovereign Debt Restructuring under Fiscal Adjustment," MPRA Paper 66962, University Library of Munich, Germany.
    71. Silvia Marchesi, 2016. "Life after default? Private vs. official sovereign debt restructurings," Development Working Papers 398, Centro Studi Luca d'Agliano, University of Milano, revised 26 Aug 2016.
    72. Victor Filipe Martins da Rocha & Yiannis Vailakis, 2015. "On the Sovereign Debt Paradox," Working Papers hal-01097118, HAL.
    73. Mark Aguiar & Manuel Amador, 2013. "Sovereign Debt: A Review," NBER Working Papers 19388, National Bureau of Economic Research, Inc.

  11. Javier Bianchi & Enrique G. Mendoza, 2011. "Overborrowing, Financial Crises and 'Macro-prudential' Policy," 2011 Meeting Papers 175, Society for Economic Dynamics.

    Cited by:

    1. Adrian, Tobias & Boyarchenko, Nina, 2014. "Liquidity policies and systemic risk," Staff Reports 661, Federal Reserve Bank of New York.
    2. Natalie Tiernan & Pedro Gete, 2014. "Overlending and Macroprudential Tools," 2014 Meeting Papers 379, Society for Economic Dynamics.
    3. Michael B. Devereux & James Yetman, 2014. "Capital Controls, Global Liquidity Traps, and the International Policy Trilemma," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 158-189, 01.

  12. Enrique G. Mendoza & Javier Bianchi, 2011. "Overborrowing, Financial Crises and ‘Macro-prudential’ Policy," IMF Working Papers 11/24, International Monetary Fund.

    Cited by:

    1. Adrian, Tobias & Boyarchenko, Nina, 2012. "Intermediary leverage cycles and financial stability," Staff Reports 567, Federal Reserve Bank of New York, revised 01 Feb 2015.
    2. Nina Boyarchenko & Tobias Adrian, 2014. "Liquidity Policies and Systemic Risk," 2014 Meeting Papers 720, Society for Economic Dynamics.
    3. Daisuke Ikeda & Masashi Saito, 2012. "The Effects of Demographic Changes on the Real Interest Rate in Japan," Bank of Japan Working Paper Series 12-E-3, Bank of Japan.
    4. Ahmet Aysan & Salih Fendoglu & Mustafa Kilinc, 2014. "Managing short-term capital flows in new central banking: unconventional monetary policy framework in Turkey," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 4(1), pages 45-69, June.
    5. Natalie Tiernan & Pedro Gete, 2014. "Overlending and Macroprudential Tools," 2014 Meeting Papers 379, Society for Economic Dynamics.
    6. Adrian, Tobias & Covitz, Daniel M. & Liang, J. Nellie, 2013. "Financial stability monitoring," Staff Reports 601, Federal Reserve Bank of New York, revised 01 Jun 2014.
    7. Paolo Angelini & Laurent Clerc & Vasco Cúrdia & Leonardo Gambacorta & Andrea Gerali & Alberto Locarno & Roberto Motto & Werner Roeger & Skander Van den Heuvel & Jan Vlček, 2015. "Basel III: Long-term Impact on Economic Performance and Fluctuations," Manchester School, University of Manchester, vol. 83(2), pages 217-251, 03.
    8. Anton Korinek, 2011. "The New Economics of Capital Controls Imposed for Prudential Reasons+L4888," IMF Working Papers 11/298, International Monetary Fund.
    9. Angelini, Paolo & Neri, Stefano & Panetta, Fabio, 2012. "Monetary and macroprudential policies," Working Paper Series 1449, European Central Bank.
    10. Pau Rabanal & Dominic Quint, 2013. "Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area," 2013 Meeting Papers 604, Society for Economic Dynamics.
    11. Tommaso Trani, 2012. "Countercyclical Capital Regulation and Bank Ownership Structure," IHEID Working Papers 14-2012, Economics Section, The Graduate Institute of International Studies.
    12. Lorenzoni, Guido, 2014. "International Financial Crises," Handbook of International Economics, Elsevier.

  13. Atish R. Ghosh & Jun I. Kim & Enrique G. Mendoza & Jonathan D. Ostry & Mahvash S. Qureshi, 2011. "Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies," NBER Working Papers 16782, National Bureau of Economic Research, Inc.

    Cited by:

    1. Arellano, Cristina & Atkeson, Andrew & Wright, Mark L. J., 2015. "External and Public Debt Crises," Staff Report 515, Federal Reserve Bank of Minneapolis.
    2. Plödt, Martin & Reicher, Claire A., 2015. "Estimating fiscal policy reaction functions: The role of model specification," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 113-128.
    3. Kourtellos, Andros & Stengos, Thanasis & Tan, Chih Ming, 2013. "The effect of public debt on growth in multiple regimes," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 35-43.
    4. Lacina Balma & Mthuli Ncube, 2015. "Macroeconomic Challenges of Structural Transformation; Public Investment, Growth and Debt Sustainability in Sierra Leone," IMF Working Papers 15/164, International Monetary Fund.
    5. Eric M. Leeper & Todd B. Walker, 2011. "Fiscal Limits in Advanced Economies," Economic Papers, The Economic Society of Australia, vol. 30(1), pages 33-47, 03.
    6. Bernd Bartels & Constantin Weiser, 2014. "Public Debt & Sovereign Ratings - Do Industrialized Countries Enjoy a Privilege?," Working Papers 1417, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 29 Nov 2014.
    7. Jasper Lukkezen & Hugo Rojas-Romagosa, 2012. "When is debt sustainable?," CPB Discussion Paper 212, CPB Netherlands Bureau for Economic Policy Analysis.
    8. Huixin Bi & Wenyi Shen & Susan S. Yang, 2014. "Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries," IMF Working Papers 14/49, International Monetary Fund.
    9. Roberto Tamborini, 2015. "Heterogeneous Market Beliefs, Fundamentals and the Sovereign Debt Crisis in the Eurozone," Economica, London School of Economics and Political Science, vol. 82, pages 1153-1176, December.
    10. Cristina Checherita-Westphal & Andrew Hughes Hallett & Philipp Rother, 2014. "Fiscal sustainability using growth-maximizing debt targets," Applied Economics, Taylor & Francis Journals, vol. 46(6), pages 638-647, February.
    11. Simón Sosvilla-Rivero & Marta Gómez-Puig, 2016. "“Debt-growth linkages in EMU across countries and time horizons”," IREA Working Papers 201610, University of Barcelona, Research Institute of Applied Economics, revised Apr 2016.
    12. Sun, Lixin, 2015. "China’s Debt: Structure, Determinants and Sustainability," MPRA Paper 68548, University Library of Munich, Germany, revised Oct 2015.
    13. Chudik, Alexander & Mohaddes, Kamiar & Pesaran, M. Hashem & Raissi, Mehdi, 2013. "Debt, inflation and growth robust estimation of long-run effects in dynamic panel data models," Globalization and Monetary Policy Institute Working Paper 162, Federal Reserve Bank of Dallas.
    14. Wang, Yiming & Zhang, Pei & Huang, Dake & Cai, Changda, 2014. "Convergence behavior of carbon dioxide emissions in China," Economic Modelling, Elsevier, vol. 43(C), pages 75-80.
    15. Alfons Weichenrieder & Jochen Zimmer, 2013. "Euro Membership and Fiscal Reaction Functions," CESifo Working Paper Series 4255, CESifo Group Munich.
    16. Juan Carlos Hatchondo & Leonardo Martinez & Francisco Roch, 2015. "Fiscal rules and the Sovereign Default Premium," Caepr Working Papers 2015-010 Classification-F, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
    17. Andrew Hughes Hallett & Juan Carlos Martinez Oliva, 2012. "Global Imbalances in a World of Inflexible Real Exchange Rates and Capital Controls," Global Economic Review, Taylor & Francis Journals, vol. 41(4), pages 319-340, December.
    18. Katia Berti & Eugeniu Colesnic & Cyril Desponts & Stephanie Pamies & Etienne Sail, 2016. "Fiscal Reaction Functions for European Union Countries," European Economy - Discussion Papers 2015 - 028, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    19. Carmen M. Reinhart & Christoph Trebesch, 2016. "Sovereign Debt Relief And Its Aftermath," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 215-251, 02.
    20. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability. Analysis through panel fiscal reaction functions," National Bank of Poland Working Papers 203, National Bank of Poland, Economic Institute.
    21. Andrew Hughes Hallett & Svend Jensen, 2011. "Stable and enforceable: a new fiscal framework for the Euro area," International Economics and Economic Policy, Springer, vol. 8(3), pages 225-245, September.
    22. Stoian, Andreea & Iorgulescu, Filip, 2015. "The Study of Public Debt. Which Are the Distinctions between the Emerging and Advanced Economies in the European Union?," MPRA Paper 63539, University Library of Munich, Germany.
    23. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Windfall of Low Interest Payments and Fiscal Sustainability in the Euro Area: Analysis through Panel Fiscal Reaction Functions," Kyklos, Wiley Blackwell, vol. 68(4), pages 475-510, November.
    24. Reinhart, Carmen M. & Reinhart, Vincent & Rogoff, Kenneth S., 2015. "Dealing with debt," Scholarly Articles 23936571, Harvard University Department of Economics.
    25. Carlo Favero & Francesco Giavazzi & Jacopo Perego, 2011. "Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy," Working Papers 407, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    26. Andrew Hughes Hallett & Juan Carlos Martinez Oliva, 2013. "The Importance of Trade and Capital Imbalances in the European Debt Crisis," Working Paper Series WP13-1, Peterson Institute for International Economics.
    27. Reinhart, Carmen M. & Trebesch, Christoph, 2014. "A Distant Mirror of Debt, Default, and Relief," CEPR Discussion Papers 10195, C.E.P.R. Discussion Papers.
    28. Huixin Bi & Eric M. Leeper, 2013. "Analyzing Fiscal Sustainability," Staff Working Papers 13-27, Bank of Canada.
    29. Mauro, Paolo & Romeu, Rafael & Binder, Ariel & Zaman, Asad, 2015. "A modern history of fiscal prudence and profligacy," Journal of Monetary Economics, Elsevier, vol. 76(C), pages 55-70.
    30. Giuliana Passamani & Roberto Tamborini & Matteo Tomaselli, 2014. "Sustainability vs. credibility of fiscal consolidation. A Principal Components test for the Euro Zone," DEM Discussion Papers 2014/09, Department of Economics and Management.
    31. Floriana, Cerniglia & Enzo, Dia & Andrew, Hughes Hallett, 2016. "Debt stability under entitlement spending," Working Papers 351, University of Milano-Bicocca, Department of Economics, revised 07 Oct 2016.
    32. Yakita, Akira, 2014. "Involuntary unemployment and sustainability of bond-financed fiscal deficit," Journal of Macroeconomics, Elsevier, vol. 41(C), pages 79-93.
    33. Berrittella, Maria & Zhang, Jian, 2015. "Fiscal sustainability in the EU: From the short-term risk to the long-term challenge," Journal of Policy Modeling, Elsevier, vol. 37(2), pages 261-280.
    34. Ghosh, Atish R. & Ostry, Jonathan D. & Qureshi, Mahvash S., 2013. "Fiscal space and sovereign risk pricing in a currency union," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 131-163.
    35. Andrew Hughes Hallett & Juan Martinez Oliva, 2012. "Reducing Global Imbalances: Can Fixed Exchange Rates and Current Account Limits Help?," Open Economies Review, Springer, vol. 23(1), pages 163-192, February.
    36. Panizza, Ugo & Presbitero, Andrea F., 2012. "Public debt and economic growth: Is there a causal effect?," POLIS Working Papers 168, Institute of Public Policy and Public Choice - POLIS.
    37. Andrew Hughes Hallett, 2012. "Alberto Alesina: The Science of Using Political Economy Concepts to Explain the Macroeconomic Landscape," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 40(4), pages 351-365, December.
    38. Collard, Fabrice & Habib, Michel Antoine & Rochet, Jean-Charles, 2016. "The Reluctant Defaulter: A Tale of High Government Debt," CEPR Discussion Papers 11299, C.E.P.R. Discussion Papers.
    39. Alexander Chudik & Kamiar Mohaddes & M. Hashem Pesaran & Mehdi Raissi, 2015. "Is There a Debt-threshold Effect on Output Growth?," IMF Working Papers 15/197, International Monetary Fund.
    40. Christos Shiamptanis, 2012. "Risk Assessment Under a Non-linear Fiscal Rule," Working Papers 038, Ryerson University, Department of Economics.
    41. Claudio Borio & Marco Jacopo Lombardi & Fabrizio Zampolli, 2016. "Fiscal sustainability and the financial cycle," BIS Working Papers 552, Bank for International Settlements.
    42. Aizenman, Joshua & Jinjarak, Yothin, 2011. "Income inequality, tax base and sovereign spreads," Santa Cruz Department of Economics, Working Paper Series qt76j471c7, Department of Economics, UC Santa Cruz.
    43. Joshua Aizenman & Yothin Jinjarak, 2012. "The Fiscal Stimulus of 2009-2010: Trade Openness, Fiscal Space, and Exchange Rate Adjustment," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 8(1), pages 301 - 342.
    44. Marta Gómez-Puig & Simón Javier Sosvilla-Rivero, 2016. "Debt-growth linkages in EMU across countries and time horizons," Working Papers del Instituto Complutense de Estudios Internacionales 1602, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    45. Fabrice Collard & Michel Habib & Jean-Charles Rochet, 2015. "Sovereign Debt Sustainability In Advanced Economies," Journal of the European Economic Association, European Economic Association, vol. 13(3), pages 381-420, 06.
    46. Matsuoka, Hideaki, 2015. "Fiscal limits and sovereign default risk in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 38(C), pages 13-30.
    47. Christine Ma & Chung Tran, 2016. "Fiscal Space under Demographic Shift," ANU Working Papers in Economics and Econometrics 2016-642, Australian National University, College of Business and Economics, School of Economics.
    48. Vdovychenko Artem, 2016. "Fiscal Policy Rection and Sustainability of Fiscal Policy in Ukraine," EERC Working Paper Series 16/07e, EERC Research Network, Russia and CIS.
    49. Gilles Dufrénot & Aurélia Jambois & Laurine Jambois & Guillaume Khayat, 2016. "Regime-Dependent Fiscal Multipliers in the United States," Open Economies Review, Springer, vol. 27(5), pages 923-944, November.
    50. Eberhardt, Markus & Presbitero, Andrea F., 2015. "Public debt and growth: Heterogeneity and non-linearity," Journal of International Economics, Elsevier, vol. 97(1), pages 45-58.
    51. Frantisek Hajnovic & Juraj Zeman, 2012. "Fiscal Space in the Euro zone," Working and Discussion Papers WP 5/2012, Research Department, National Bank of Slovakia.
    52. Christos Shiamptanis, 2015. "Risk Assessment Under A Nonlinear Fiscal Policy Rule," Economic Inquiry, Western Economic Association International, vol. 53(3), pages 1539-1555, 07.
    53. Pablo Anaya & Alex Pienkowski, 2015. "What Really Drives Public Debt; A Holistic Approach," IMF Working Papers 15/137, International Monetary Fund.
    54. Andrew Berg & Enrico G Berkes & Catherine A Pattillo & Andrea Presbitero & Yorbol Yakhshilikov, 2014. "Assessing Bias and Accuracy in the World Bank-IMF's Debt Sustainability Framework for Low-Income Countries," IMF Working Papers 14/48, International Monetary Fund.
    55. Brito, Paulo, 2016. "Government debt, fiscal rules and singular growth dynamics," MPRA Paper 74617, University Library of Munich, Germany.
    56. Bartels, Bernhard & Weiser, Constantin, 2015. "Public Debt & Sovereign Ratings - Do Industrialized Countries Enjoy a Privilege?," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112822, Verein für Socialpolitik / German Economic Association.
    57. Vitor Gaspar, 2014. "The Making of a Continental Financial System; Lessons for Europe from Early American History," IMF Working Papers 14/183, International Monetary Fund.
    58. Djedje Hermann YOHOU, 2015. "In Search of Fiscal Space in Africa: The Role of the Quality of Government Spending," Working Papers 201527, CERDI.
    59. Tamon Asonuma & Said A Bakhache & Heiko Hesse, 2015. "Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?," IMF Working Papers 15/44, International Monetary Fund.
    60. Barr, David & Bush, Oliver & Pienkowski, Alex, 2014. "GDP-linked bonds and sovereign default," Bank of England working papers 484, Bank of England.
    61. Andrew Hughes Hallett & Juan Carlos Martinez Oliva, 2013. "Currency War Or Currency Peace: The Dollar And Renminbi In A World Of Portfolio And Current Account Imbalances," China Economic Policy Review (CEPR), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 1350003-1-1.
    62. Andrew Berg & Rafael Portillo & Edward F Buffie & Catherine A Pattillo & Luis-Felipe Zanna, 2012. "Public Investment, Growth, and Debt Sustainability; Putting together the Pieces," IMF Working Papers 12/144, International Monetary Fund.
    63. Andreea STOIAN, 2011. "A Retrospective Approach on Assessing Fiscal Vulnerability: Empirical Evidence for Overindebted European Countries," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 4(3(15)), pages 183-188.
    64. Zixi Liu, 2015. "Do debt and growth dance together? A DSGE model of a small open economy with sovereign debt," Working Papers 2015.05, International Network for Economic Research - INFER.
    65. Gregori Galofré-Vilà & Martin McKee & Christopher M. Meissner & David Stuckler, 2016. "The Economic Consequences of the 1953 London Debt Agreement," NBER Working Papers 22557, National Bureau of Economic Research, Inc.
    66. Miller, Marcus & Zhang, Lei, 2013. "Fiscal consolidation: Dr Pangloss meets Mr Keynes," CAGE Online Working Paper Series 159, Competitive Advantage in the Global Economy (CAGE).
    67. Manuel Pedro Rodríguez Bolívar & Andrés Navarro Galera & Laura Alcaide Muñoz & María Deseada López Subires, 2016. "Analyzing Forces to the Financial Contribution of Local Governments to Sustainable Development," Sustainability, MDPI, Open Access Journal, vol. 8(9), pages 925, September.
    68. Kim, Hyun Jeong & Lee, Dongyeol & Son, Jong Chil & Son, Min Kyu, 2014. "Household indebtedness in Korea: Its causes and sustainability," Japan and the World Economy, Elsevier, vol. 29(C), pages 59-76.
    69. Betty Daniel, Christos Shiamptanis, 2015. "Predicting Sovereign Fiscal Crises: High-Debt Developed Countries," LCERPA Working Papers 0090, Laurier Centre for Economic Research and Policy Analysis, revised 05 May 2015.
    70. Evan C Tanner, 2013. "Fiscal Sustainability; A 21st Century Guide for the Perplexed," IMF Working Papers 13/89, International Monetary Fund.
    71. Stoian, Andreea & Alves, Rui Henrique, 2014. "High public debt in the euro area: still a fact," MPRA Paper 63679, University Library of Munich, Germany.
    72. Lees, Kirdan, 2013. "Fighting fit? Assessing New Zealand’s fiscal sustainability," NZIER Working Paper 2013/5, New Zealand Institute of Economic Research.

  14. Javier Bianchi & Enrique G. Mendoza, 2010. "Overborrowing, Financial Crises and 'Macro-prudential' Taxes," NBER Working Papers 16091, National Bureau of Economic Research, Inc.

    Cited by:

    1. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric Young, 2012. "Optimal Policy for Macro-Financial Stability," Research Department Publications 4818, Inter-American Development Bank, Research Department.
    2. Andrés Fernández & Alessandro Rebucci & Martín Uribe, 2013. "Are Capital Controls Prudential? An Empirical Investigation," NBER Working Papers 19671, National Bureau of Economic Research, Inc.
    3. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric R. Young, 2012. "Capital Controls or Exchange Rate Policy? A Pecuniary Externality Perspective," CEP Discussion Papers dp1160, Centre for Economic Performance, LSE.
    4. Michael Keen, 2011. "The Taxation and Regulation of Banks," IMF Working Papers 11/206, International Monetary Fund.
    5. Benigno, Gianluca & Fornaro, Luca, 2013. "The Financial Resource Curse," CEPR Discussion Papers 9489, C.E.P.R. Discussion Papers.
    6. Ernesto Pastén, 2014. "Bailouts and Prudential Policies - A Delicate Interaction," Working Papers Central Bank of Chile 743, Central Bank of Chile.
    7. Javier Bianchi, 2012. "Efficient bailouts?," Globalization and Monetary Policy Institute Working Paper 133, Federal Reserve Bank of Dallas.
    8. Benigno, Gianluca & Chen, Huigang & Otrok, Christopher & Rebucci, Alessandro & Young, Eric R, 2011. "Financial Crisis and Macro-Prudential Policies," CEPR Discussion Papers 8175, C.E.P.R. Discussion Papers.
    9. Fornaro, Luca, 2015. "Financial crises and exchange rate policy," Journal of International Economics, Elsevier, vol. 95(2), pages 202-215.
    10. Claudio Borio, 2011. "Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward," BIS Working Papers 354, Bank for International Settlements.
    11. Bianca De Paoli & Anna Lipinska, 2013. "Capital controls: a normative analysis," Staff Reports 600, Federal Reserve Bank of New York.
    12. Anton Korinek & Damiano Sandri, 2015. "Capital Controls or Macroprudential Regulation?," IMF Working Papers 15/218, International Monetary Fund.
    13. Choi, Woon Gyu & Cook, David, 2012. "Fire sales and the financial accelerator," Journal of Monetary Economics, Elsevier, vol. 59(4), pages 336-351.
    14. Clerc, Laurent & Derviz, Alexis & Mendicino, Caterina & Moyen, Stéphane & Nikolov, Kalin & Stracca, Livio & Suarez, Javier & Vardoulakis, Alexandros, 2014. "Capital Regulation in a Macroeconomic Model with Three Layers of Default," CEPR Discussion Papers 10316, C.E.P.R. Discussion Papers.
    15. Ueda, Kenichi & Valencia, Fabián, 2014. "Central bank independence and macro-prudential regulation," Economics Letters, Elsevier, vol. 125(2), pages 327-330.
    16. Benjamin Lockwood, 2010. "How should Financial Intermediation Services be Taxed?," CESifo Working Paper Series 3226, CESifo Group Munich.
    17. Tobias Adrian & Paolo Colla & Hyun Song Shin, 2013. "Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007 to 2009," NBER Macroeconomics Annual, University of Chicago Press, vol. 27(1), pages 159 - 214.
    18. Ryo Kato & Takayuki Tsuruga, 2012. "Bank Overleverage and Macroeconomic Fragility," Discussion papers e-12-002, Graduate School of Economics Project Center, Kyoto University, revised Mar 2013.
    19. Collard, F. & Dellas, H. & Diba, B. & Loisel, O., 2012. "Optimal Monetary and Prudential Policies," Working papers 413, Banque de France.
    20. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 201607, Athens University Of Economics and Business, Department of Economics.
    21. Frank Smets, 2014. "Financial Stability and Monetary Policy: How Closely Interlinked?," International Journal of Central Banking, International Journal of Central Banking, vol. 10(2), pages 263-300, June.
    22. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    23. Paolo Angelini & Sergio Nicoletti-Altimari & Ignazio Visco, 2012. "Macroprudential, microprudential and monetary policies: conflicts, complementarities and trade-offs," Questioni di Economia e Finanza (Occasional Papers) 140, Bank of Italy, Economic Research and International Relations Area.
    24. Zulkhibri, Muhamed & Naiya, Ismaeel, 2016. "Assessment of Macroprudential Policy in a Dual Banking Sector," Working Papers 2016-2, The Islamic Research and Teaching Institute (IRTI).
    25. Patrick Kehoe & V.V. Chari, 2010. "Bailouts, Time Inconsistency, and Optimal Regulation," 2010 Meeting Papers 527, Society for Economic Dynamics.
    26. Giancarlo Corsetti & Michael P. Devereux & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2011. "Chapter 5: Taxation and Regulation of the Financial Sector," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 147-169, 02.
    27. Gondo, Rocío, 2014. "State Contingent Assets, Financial Crises and Pecuniary Externalities in Models with Collateral Constraints," Working Papers 2014-001, Banco Central de Reserva del Perú.
    28. Chris Bloor & Rebecca Craigie & Anella Munro, 2012. "The macroeconomic effects of a stable funding requirement," Reserve Bank of New Zealand Discussion Paper Series DP2012/05, Reserve Bank of New Zealand.
    29. Boissay, Frederic & Collard, Fabrice & Smets, Frank, 2013. "Booms and systemic banking crises," Working Paper Series 1514, European Central Bank.
    30. Zhang, Longmei & Zoli, Edda, 2016. "Leaning against the wind: Macroprudential policy in Asia," Journal of Asian Economics, Elsevier, vol. 42(C), pages 33-52.
    31. Christopher Otrok & Gianluca Benigno & Huigang Chen & Alessandro Rebucci & Eric R. Young, 2012. "Monetary and Macro-Prudential Policies: An Integrated Analysis," Working Papers 1208, Department of Economics, University of Missouri.
    32. Longmei Zhang & Edda Zoli, 2014. "Leaning Against the Wind; Macroprudential Policy in Asia," IMF Working Papers 14/22, International Monetary Fund.
    33. Nguyen, Ha & Qian, Rong, 2012. "The cross-country magnitude and determinants of collateral borrowing," Policy Research Working Paper Series 6001, The World Bank.
    34. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric R. Young, 2013. "Capital Controls or Real Exchange Rate Policy?: A Pecuniary Externality Perspective," IDB Publications (Working Papers) 80682, Inter-American Development Bank.
    35. Olivier Jeanne, 2014. "Macroprudential Policies in a Global Perspective," IMES Discussion Paper Series 14-E-01, Institute for Monetary and Economic Studies, Bank of Japan.
    36. Marco Maffezzoli & Tommaso Monacelli, 2015. "Deleverage and Financial Fragility," Working Papers 546, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    37. Jeanne, Olivier & Korinek, Anton, 2010. "Managing Credit Booms and Busts: A Pigouvian Taxation Approach," CEPR Discussion Papers 8015, C.E.P.R. Discussion Papers.
    38. Javier Bianchi & Enrique G Mendoza, 2011. "Optimal macroprudential regulation in a Fisherian model of financial crises," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential regulation and policy, volume 60, pages 66-72 Bank for International Settlements.
    39. Javier Bianchi & Emine Boz & Enrique G. Mendoza, 2012. "Macro-Prudential Policy in a Fisherian model of Financial Innovation," NBER Working Papers 18036, National Bureau of Economic Research, Inc.
    40. Einian, Majid & Nili, Masoud, 2016. "Consumption Smoothing and Borrowing Constraints: Evidence from Household Surveys of Iran," MPRA Paper 72461, University Library of Munich, Germany.
    41. Juan Sebastián Amador Torres & José Eduardo Gómez G. & Andrés Murcia Pabón, 2013. "Loans Growth and Banks´ Risk: New Evidence," BORRADORES DE ECONOMIA 010710, BANCO DE LA REPÚBLICA.
    42. Sami Alpanda & Gino Cateau & Cesaire Meh, 2014. "A policy model to analyze macroprudential regulations and monetary policy," BIS Working Papers 461, Bank for International Settlements.
    43. Sami Alpanda & Sarah Zubairy, 2014. "Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy?," Staff Working Papers 14-58, Bank of Canada.
    44. Jean-Bernard Chatelain & Kirsten Ralf, 2012. "The Failure of Financial Macroeconomics and What to Do about It," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00686783, HAL.
    45. Gabriele Galati & Richhild Moessner, 2014. "What do we know about the effects of macroprudential policy?," DNB Working Papers 440, Netherlands Central Bank, Research Department.
    46. Davis, Scott & Presno, Ignacio, 2014. "Capital controls as an instrument of monetary policy," Globalization and Monetary Policy Institute Working Paper 171, Federal Reserve Bank of Dallas.
    47. Enrique Mendoza & Javier Bianchi, 2015. "Optimal Time-Consistent Macroprudential Policy," 2015 Meeting Papers 289, Society for Economic Dynamics.
    48. Gondo, Rocío, 2013. "Default Externalities in Emerging Market Systemic Private Debt Crises," Working Papers 2013-023, Banco Central de Reserva del Perú.
    49. Bush, Oliver & Farrant, Katie & Wright, Michelle, 2011. "Financial Stability Paper No 13: Reform of the International Monetary and Financial System," Bank of England Financial Stability Papers 13, Bank of England.
    50. Fernández, Andrés & Rebucci, Alessandro & Uribe, Martín, 2015. "Are capital controls countercyclical?," Journal of Monetary Economics, Elsevier, vol. 76(C), pages 1-14.
    51. Sami Alpanda & Alexander Ueberfeldt, 2016. "Should Monetary Policy Lean Against Housing Market Booms?," Staff Working Papers 16-19, Bank of Canada.
    52. Fabian Valencia, 2011. "Monetary Policy, Bank Leverage, and Financial Stability," IMF Working Papers 11/244, International Monetary Fund.
    53. Anton Korinek & Olivier Jeanne, 2013. "Macroprudential Regulation Versus Mopping Up After the Crash," 2013 Meeting Papers 405, Society for Economic Dynamics.
    54. Ernesto Pastén, 2011. "Time - Consistent Bailout Plans," Working Papers Central Bank of Chile 635, Central Bank of Chile.

  15. Emine Boz & Enrique G. Mendoza, 2010. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," NBER Working Papers 16020, National Bureau of Economic Research, Inc.

    Cited by:

    1. Sudipto Bhattacharya & Charles Goodhart & Dimitrios Tsomocos & Alexandros Vardoulakis, 2011. "Minsky’s Financial Instability Hypothesis and the Leverage Cycle," FMG Special Papers sp202, Financial Markets Group.
    2. Adrian Van Rixtel & Gabriele Gasperini, 2013. "Financial crises and bank funding: recent experience in the euro area," BIS Working Papers 406, Bank for International Settlements.
    3. Andrea Ferrero, 2015. "House Price Booms, Current Account Deficits, and Low Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S1), pages 261-293, 03.
    4. Patrick A. Pintus & Jacek Suda, 2016. "Learning Financial Shocks and the Great Recession," Working Papers halshs-00830480, HAL.
    5. Stephane Guibaud & Keyu Jin & Nicolas Coeurdacier, 2011. "Credit Constraints and Growth in a Global Economy," 2011 Meeting Papers 1040, Society for Economic Dynamics.
    6. Justiniano, Alejandro & Primiceri, Giorgio E & Tambalotti, Andrea, 2015. "Credit Supply and the Housing Boom," CEPR Discussion Papers 10358, C.E.P.R. Discussion Papers.
    7. Javier Bianchi & Emine Boz & Enrique G. Mendoza, 2012. "Macro-Prudential Policy in a Fisherian model of Financial Innovation," NBER Working Papers 18036, National Bureau of Economic Research, Inc.
    8. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2013, pages 52-67 National Bureau of Economic Research, Inc.
    9. Sezer Bozkus Kahyaoglu & M. Vedat Pazarlioglu, 2014. "Hedging Strategy for Electricity Market Price Volatility: The Case of Turkish Electricity Market," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 196-210, March.
    10. Mehmet Balcilar & Riza Demirer, 2014. "The Effect of Global Shocks and Volatility on Herd Behavior in Borsa Istanbul," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 142-172, March.
    11. Chatterjee, Satyajit & Eyigungor, Burcu, 2015. "A quantitative analysis of the u.s. housing and mortgage markets and the foreclosure crisis," Working Papers 15-13, Federal Reserve Bank of Philadelphia.
    12. Orhan Erdem & Evren Arik & Serkan Yuksel, 2014. "Trading Puzzle," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 66-81, March.
    13. Enrique G. Mendoza & Javier Bianchi, 2011. "Overborrowing, Financial Crises and ‘Macro-prudential’ Policy," IMF Working Papers 11/24, International Monetary Fund.
    14. Pei Kuang, 2013. "Imperfect Knowledge about Asset Prices and Credit Cycles," CDMA Working Paper Series 201303, Centre for Dynamic Macroeconomic Analysis.
    15. Stijn Van Nieuwerburgh, 2012. "The Research Agenda: Stijn Van Nieuwerburgh on Housing and the Macroeconomy," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 13(2), April.
    16. Stefanescu, Razvan & Dumitriu, Ramona, 2015. "Conţinutul analizei seriilor de timp financiare
      [The Essentials of the Analysis of Financial Time Series]
      ," MPRA Paper 67175, University Library of Munich, Germany.
    17. Hoffmann, Mathias & Krause, Michael U. & Laubach, Thomas, 2012. "Trend growth expectations and US house prices before and after the crisis," Discussion Papers 12/2012, Deutsche Bundesbank, Research Centre.
    18. Ahmet Duran & Burhaneddin Izgi, 2014. "Comovement and Polarization of Interest Rate and Stock Market in Turkey," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 130-141, March.
    19. Alejandro Justiniano & Giorgio Primiceri & Andrea Tambalotti, 2015. "Household leveraging and deleveraging," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 3-20, January.
    20. Javier Bianchi & Enrique G. Mendoza, 2013. "Optimal Time-Consistent Macroprudential Policy," NBER Working Papers 19704, National Bureau of Economic Research, Inc.
    21. Sadettin Haluk Citci, 2014. "Agency and Transparency in Financial Markets," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 110-120, March.
    22. Antonina Waszczuk, 2014. "Assembling International Equity Datasets – Review of Studies on the Cross-Section of Common Stocks," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 34-65, March.
    23. Hamid Mohtadi & Stefan Ruediger, 2014. "Volatility and Transparency of Financial Markets in the MENA Region," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 173-195, March.
    24. Paolo Gelain & Kevin J. Lansing & Gisle J. Natvik, 2015. "Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach," Working Paper 2015/11, Norges Bank.
    25. Fabian Kuehnhausen, 2014. "The Impact of Financial Innovation on Firm Stability," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 211-239, March.
    26. Javier Bianchi & Chenxin Liu & Enrique G. Mendoza, 2016. "Fundamentals News, Global Liquidity, and Macroprudential Policy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015 National Bureau of Economic Research, Inc.
    27. Larin, Benjamin, 2016. "Bubble-driven business cycles," Working Papers 143, University of Leipzig, Faculty of Economics and Management Science.
    28. Guzin Gulsun Akin & Ahmet Faruk Aysan & Gültekin Gollu & Levent Yildiran, 2014. "Formal and Informal Regulations for Credit Card Payment Services," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 1-33, March.
    29. Volha Audzei, 2015. "Information Acquisition and Excessive Risk: Impact of Policy Rate and Market Volatility," CERGE-EI Working Papers wp536, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    30. Ege Yazgan, 2014. "The effect of investors' confidence on monetary policy- economic growth relationship: a Multivariate GARCH approach," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 82-109, March.
    31. Suleyman Hilmi Kal & Nuran Arslaner & Ferhat Arslaner, 2014. "Inflation Dynamics and Business Cycles," BIFEC Book of Abstracts & Proceedings, Research and Business Development Department, Borsa Istanbul, vol. 1(2), pages 121-129, March.
    32. Acikgoz, Omer & Kahn, James, 2016. "A Quantitative Model of "Too Big to Fail,"' House Prices, and the Financial Crisis," MPRA Paper 71831, University Library of Munich, Germany.

  16. Ethan Ilzetzki & Enrique G. Mendoza & Carlos A. Végh, 2010. "How Big (Small?) are Fiscal Multipliers?," NBER Working Papers 16479, National Bureau of Economic Research, Inc.

    Cited by:

    1. Cho, Dooyeon & Rhee, Dong-Eun, 2013. "Nonlinear effects of government debt on private consumption: Evidence from OECD countries," Economics Letters, Elsevier, vol. 121(3), pages 504-507.
    2. Aiyar, Shekhar & Calomiris , Charles W & Wieladek, Tomasz, 2012. "Does macropru leak? Evidence from a UK policy experiment," Bank of England working papers 445, Bank of England.
    3. Agnello, Luca & Furceri, Davide & Sousa, Ricardo M., 2013. "How best to measure discretionary fiscal policy? Assessing its impact on private spending," Economic Modelling, Elsevier, vol. 34(C), pages 15-24.
    4. Carlo Favero & Francesco Giavazzi & Jacopo Perego, 2011. "Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(4), pages 652-682, November.
    5. Kraay, Aart, 2010. "How large is the government spending multiplier ? evidence from World Bank lending," Policy Research Working Paper Series 5500, The World Bank.
    6. Joshua Aizenman & Yothin Jinjarak, 2012. "The Fiscal Stimulus of 2009-2010: Trade Openness, Fiscal Space, and Exchange Rate Adjustment," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 8(1), pages 301 - 342.
    7. Topal, Pinar, 2015. "Fiscal stimulus and labor market flexibility," SAFE Working Paper Series 90, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
    8. Daniel Riera-Crichton & Carlos A. Vegh & Guillermo Vuletin, 2012. "Tax Multipliers: Pitfalls in Measurement and Identification," NBER Working Papers 18497, National Bureau of Economic Research, Inc.
    9. Nicholas Crafts & Terence C. Mills, 2012. "Rearmament to the Rescue? New Estimates of the Impact of ‘Keynesian’ Policies in 1930s’ Britain," Working Papers 0031, European Historical Economics Society (EHES).
    10. Jesús Fernández-Villaverde & Pablo A. Guerrón-Quintana & Juan Rubio-Ramírez, 2011. "Supply-Side Policies and the Zero Lower Bound," NBER Working Papers 17543, National Bureau of Economic Research, Inc.
    11. Matthias Uhl, 2014. "State Fiscal Policies and Regional Economic Activity," MAGKS Papers on Economics 201446, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    12. Hernán Rincón & Diego Rodríguez & Jorge Toro & Santiago Téllez, 2014. "FISCO: Modelo Fiscal para Colombia," BORRADORES DE ECONOMIA 012336, BANCO DE LA REPÚBLICA.
    13. Alan J. Auerbach & Yuriy Gorodnichenko, 2011. "Fiscal Multipliers in Recession and Expansion," NBER Working Papers 17447, National Bureau of Economic Research, Inc.
    14. Virkola, Tuomo, 2014. "Exchange Rate Regime, Fiscal Foresight and the Effectiveness of Fiscal Policy in a Small Open Economy," ETLA Reports 20, The Research Institute of the Finnish Economy.
    15. Martin Geiger & Wolfgang Luhan & Johann Scharler, 2015. "When do Fiscal Consolidations Lead to Consumption Booms? Lessons from a Laboratory Experiment," Working Papers 2015-06, Faculty of Economics and Statistics, University of Innsbruck.
    16. Acconcia, Antonio & Corsetti, Giancarlo & Simonelli, Saverio, 2011. "Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment," CEPR Discussion Papers 8305, C.E.P.R. Discussion Papers.
    17. Gemmell, Norman & Au, Joey, 2012. "Government Size, Fiscal Policy and the Level and Growth of Output: A Review of Recent Evidence," Working Paper Series 2603, Victoria University of Wellington, Chair in Public Finance.
    18. Thorsteinn Thorgeirsson & Paul van den Noord, 2013. "The Icelandic banking collapse - was the optimal policy path chosen?," Economics wp62, Department of Economics, Central bank of Iceland.
    19. Keränen, Henri & Kuusi, Tero, 2016. "The EU’s Fiscal Targets and Their Economic Impact in Finland," ETLA Working Papers 33, The Research Institute of the Finnish Economy.
    20. Bernardo Guimaraes & Caio Machado & Marcel Ribeiro, 2014. "A model of the confidence channel of fiscal policy," Discussion Papers 1426, Centre for Macroeconomics (CFM).
    21. Òscar Jordà & Moritz HP. Schularick & Alan M. Taylor, 2014. "Sovereigns versus Banks: Credit, Crises and Consequences," Working Papers Series 3, Institute for New Economic Thinking.
    22. Chowdhury, Mohammad Tarequl Hasan & Bhattacharya, Prasad Sankar & Mallick, Debdulal & Ulubaşoğlu, Mehmet Ali, 2016. "Exchange rate regimes and fiscal discipline: The role of trade openness," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 106-128.
    23. Emily Anderson & Atsushi Inoue & Barbara Rossi, 2011. "Heterogeneous consumers and fiscal policy shocks," Economics Working Papers 1478, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2015.
    24. Richard McManus & F. Gulcin Ozkan & Dawid Trzeciakiewicz, 2014. "Self-defeating austerity at the zero lower bound," Discussion Papers 14/24, Department of Economics, University of York.
    25. Bijie Jia & Hyeongwoo Kim, 2015. "Government Spending Shocks and Private Acitivity: The Role of Sentiments," Auburn Economics Working Paper Series auwp2015-02, Department of Economics, Auburn University.
    26. Agustín S. Bénétrix, 2009. "Fiscal Shocks and The Real Exchange Rate," 2009 Meeting Papers 1137, Society for Economic Dynamics.
    27. Tang, Hsiao Chink & Liu, Philip & Cheung, Eddie C., 2010. "Changing Impact of Fiscal Policy on Selected ASEAN Countries," Working Papers on Regional Economic Integration 70, Asian Development Bank.
    28. Juan Contreras & Holly Battelle, 2014. "Fiscal Multipliers in a Panel of Countries," Working Papers 2014-15, Banco de México.
    29. Clancy, Daragh & Jacquinot, Pascal & Lozej, Matija, 2014. "The Effects of Government Spending in a Small Open Economy within a Monetary Union," Research Technical Papers 12/RT/14, Central Bank of Ireland.
    30. Oscar Jorda & Moritz Schularick & Alan M. Taylor, 2014. "Betting the House," Working Papers 312014, Hong Kong Institute for Monetary Research.
    31. Steven Pennings & Esther Perez Ruiz, 2013. "Fiscal Consolidations and Growth; Does Speed Matter?," IMF Working Papers 13/230, International Monetary Fund.
    32. Guo, Qingwang & Liu, Chang & Ma, Guangrong, 2016. "How large is the local fiscal multiplier? Evidence from Chinese counties," Journal of Comparative Economics, Elsevier, vol. 44(2), pages 343-352.
    33. Stefanie Flotho, 2012. "Monetary and Fiscal Policy in a Monetary Union under the Zero Lower Bound constraint," Discussion Paper Series 20, Department of International Economic Policy, University of Freiburg, revised Jun 2012.
    34. Ashima Goyal & Bhavyaa Sharma, 2015. "Government expenditure in India: Composition, cyclicality and multipliers," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2015-032, Indira Gandhi Institute of Development Research, Mumbai, India.
    35. Channarith Meng & Roberto Leon-Gonzalez, 2016. "Credit Booms in Developing Countries: Are They Different from Those in Advanced and Emerging Market Countries?," GRIPS Discussion Papers 15-22, National Graduate Institute for Policy Studies.
    36. Bi, Huixin & Shen, Wenyi & Yang, Shu-Chun S., 2016. "Debt-dependent effects of fiscal expansions," European Economic Review, Elsevier, vol. 88(C), pages 142-157.
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    117. Virén, Matti, 2013. "Sensitivity of fiscal-policy effects to policy coordination and business cycle conditions," Research Discussion Papers 11/2013, Bank of Finland.
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  17. Yuriy Gorodnichenko & Enrique G. Mendoza & Linda L. Tesar, 2009. "The Finnish Great Depression: From Russia with Love," NBER Working Papers 14874, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kilponen, Juha & Orjasniemi, Seppo & Ripatti, Antti & Verona, Fabio, 2016. "The Aino 2.0 model," Research Discussion Papers 16/2016, Bank of Finland.
    2. Andrey A. GNIDCHENKO, 2011. "Defragmentation Of Economic Growth With A Focus On Diversification: Evidence From Russian Economy," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(1), pages 45-85, June.
    3. Alan J. Auerbach & Yuriy Gorodnichenko, 2012. "Fiscal Multipliers in Recession and Expansion," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 63-98 National Bureau of Economic Research, Inc.
    4. Kuusi, Tero, 2015. "The Finnish Great Depression of the 1990s: Soviet Trade or Home-Made?," ETLA Working Papers 32, The Research Institute of the Finnish Economy.
    5. Nicoletta Batini & Luc Eyraud & Anke Weber, 2014. "A Simple Method to Compute Fiscal Multipliers," IMF Working Papers 14/93, International Monetary Fund.
    6. Böckerman, Petri & Laaksonen, Seppo & Vainiomäki, Jari, 2009. "Micro-level Rigidity vs. Macro-level Flexibility: Lessons from Finland," MPRA Paper 15061, University Library of Munich, Germany.
    7. Ruy Lama & Juan Pablo Medina Guzman, 2015. "Fiscal Consolidation During Times of High Unemployment; The Role of Productivity Gains and Wage Restraint," IMF Working Papers 15/262, International Monetary Fund.
    8. Nilsson Hakkala, Katariina & Huttunen, Kristiina, 2016. "Worker-Level Consequences of Import Shocks," IZA Discussion Papers 10033, Institute for the Study of Labor (IZA).
    9. Choi, Yoonseok & Kim, Sunghyun, 2016. "Dynamic scoring of tax reforms in a small open economy model," Economic Modelling, Elsevier, vol. 58(C), pages 182-193.
    10. Tavares, Tiago, 2015. "Labor Market Distortions under Sovereign Default Crises," MPRA Paper 66964, University Library of Munich, Germany.
    11. Bockerman, Petri & Vainiomäki, Jari, 2012. "Stature and life-time labor market outcomes: Accounting for unobserved differences," MPRA Paper 42220, University Library of Munich, Germany.
    12. Yannis M. Ioannides, 2015. "Why Productivity Enhancing Reforms Will Help Greece Exit the Crisis and Usher in Long Run Growth," Discussion Papers Series, Department of Economics, Tufts University 0807, Department of Economics, Tufts University.
    13. Freystätter, Hanna, 2011. "Financial factors in the boom-bust episode in Finland in the late 1980s and early 1990s," Research Discussion Papers 1/2011, Bank of Finland.
    14. Yuriy Gorodnichenko & Enrique G. Mendoza & Linda L. Tesar, 2009. "The Finnish Great Depression: From Russia with Love," NBER Working Papers 14874, National Bureau of Economic Research, Inc.
    15. Jokivuolle, Esa & Pesola, Jarmo & Viren, Matti, 2015. "Why is credit-to-GDP a good measure for setting countercyclical capital buffers?," Journal of Financial Stability, Elsevier, vol. 18(C), pages 117-126.
    16. Jokivuolle, Esa & Pesola, Jarmo & Virén, Matti, 2014. "What drives loan losses in Europe?," Research Discussion Papers 6/2014, Bank of Finland.
    17. Gulan, Adam & Haavio, Markus & Kilponen, Juha, 2014. "Kiss me deadly: From Finnish great depression to great recession," Research Discussion Papers 24/2014, Bank of Finland.
    18. Jokivuolle, Esa & Virén, Matti & Vähämaa, Oskari, 2009. "Transmission of macro shocks to loan losses in a deep crisis: the case of Finland," Research Discussion Papers 26/2009, Bank of Finland.
    19. Kässi, Otto, 2011. "Earnings Dynamics of Men and Women in Finland: Permanent Inequality versus Earnings Instability," MPRA Paper 34301, University Library of Munich, Germany.
    20. Oskari Harjunen & Matti Liski, 2014. "Not so Myopic Consumers - Evidence on Capitalization of Energy Technologies in a Housing Market," CESifo Working Paper Series 4989, CESifo Group Munich.
    21. Pascal Michaillat, 2010. "Do Matching Frictions Explain Unemployment? Not in Bad Times," CEP Discussion Papers dp1024, Centre for Economic Performance, LSE.
    22. Gary D. Hansen & Lee E. Ohanian, 2016. "Neoclassical Models in Macroeconomics," NBER Working Papers 22122, National Bureau of Economic Research, Inc.
    23. Sebastian Stumpner, 2014. "Trade and the Geographic Spread of the Great Recession," 2014 Meeting Papers 638, Society for Economic Dynamics.
    24. Freystätter, Hanna, 2012. "Essays on small open economy macroeconomics," Scientific Monographs, Bank of Finland, number 2012_043, September.
    25. Elias Einiö, 2016. "The Loss of Production Work: Evidence from Quasi-Experimental Identification of Labour Demand Functions," CEP Discussion Papers dp1451, Centre for Economic Performance, LSE.
    26. Yannick Kalantzis, 2015. "Financial Fragility in Small Open Economies: Firm Balance Sheets and the Sectoral Structure," Review of Economic Studies, Oxford University Press, vol. 82(3), pages 1194-1222.
    27. Katariina Nilsson Hakkala & Huttunen & Kristiina, 2016. "Worker-level consequences of import shocks," Working Papers 74, Government Institute for Economic Research Finland (VATT).
    28. Yothin Jinjarak & Kanda Naknoi, 2013. "Real Exchange Rate Fluctuations, Wage Stickiness and Tradability," Working papers 2013-01, University of Connecticut, Department of Economics.
    29. Elias Einiö, 2015. "The Loss of Production Work: Identification of Demand Shifts Based on Local Soviet Trade Shocks," Working Papers 61, Government Institute for Economic Research Finland (VATT).
    30. Kim, Sunghyun H. & Kose, M. Ayhan, 2014. "Welfare implications of trade liberalization and fiscal reform: A quantitative experiment," Journal of International Economics, Elsevier, vol. 92(1), pages 198-209.
    31. Marie-Pierre Hory, 2016. "Fiscal multipliers in Emerging Market Economies: Can we learn something from Advanced Economies?," International Economics, CEPII research center, issue 146, pages 59-84.

  18. Enrique G. Mendoza & Vincenzo Quadrini, 2009. "Financial Globalization, Financial Crises and Contagion," NBER Working Papers 15432, National Bureau of Economic Research, Inc.

    Cited by:

    1. Nikolaos Antonakakis & Johann Scharler, 2010. "The Synchronization of GDP Growth in the G7 during U.S. Recessions. Is this Time Different?," FIW Working Paper series 049, FIW.
    2. Kohonen, Anssi, 2014. "Transmission of government default risk in the eurozone," Journal of International Money and Finance, Elsevier, vol. 47(C), pages 71-85.
    3. Rodrigo César de Castro Miranda & Benjamin Miranda Tabak & Mauricio Medeiros Junior, 2012. "Contagion in CDS, Banking and Equity Markets," Working Papers Series 293, Central Bank of Brazil, Research Department.
    4. Luca Guerrieri & Matteo Iacoviello & Raoul Minetti, 2013. "Banks, Sovereign Debt, and the International Transmission of Business Cycles," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 9(1), pages 181 - 213.
    5. Christopher M. Gunn & Alok Johri, 2013. "Fear of Sovereign Default, Banks, and Expectations-driven Business Cycles," Department of Economics Working Papers 2013-08, McMaster University.
    6. Bacchetta, Philippe & van Wincoop, Eric, 2013. "Sudden spikes in global risk," Journal of International Economics, Elsevier, vol. 89(2), pages 511-521.
    7. Nikolaos Antonakakis, 2012. "Business Cycle Synchronization During US Recessions Since the Beginning of the 1870's," Department of Economics Working Papers wuwp140, Vienna University of Economics and Business, Department of Economics.
    8. Jürgen von Hagen & Haiping Zhang, 2014. "International Capital Flows in the Model with Limited Commitment and Incomplete Markets," Open Economies Review, Springer, vol. 25(1), pages 195-224, February.
    9. Kalemli-Ozcan, Sebnem & Papaioannou, Elias & Peydró, José-Luis, 2010. "Financial regulation, financial globalization and the synchronization of economic activity," Working Paper Series 1221, European Central Bank.
    10. Raddatz, Claudio & Schmukler, Sergio L., 2012. "On the international transmission of shocks : micro-evidence from mutual fund portfolios," Policy Research Working Paper Series 6072, The World Bank.
    11. Kalemli-Ozcan, Sebnem & Papaioannou, Elias & Perri, Fabrizio, 2013. "Global banks and crisis transmission," Journal of International Economics, Elsevier, vol. 89(2), pages 495-510.
    12. Alexis Derviz & Libor Holub, 2015. "Collateral and the Role of International Merchant Banks in the Spread of Aggregate Risks," Occasional Publications - Chapters in Edited Volumes, in: CNB Financial Stability Report 2014/2015, chapter 0, pages 146-154 Czech National Bank, Research Department.
    13. Lee, Peter K.C. & Cheng, T.C. Edwin & Yeung, Andy C.L. & Lai, Kee-hung, 2011. "An empirical study of transformational leadership, team performance and service quality in retail banks," Omega, Elsevier, vol. 39(6), pages 690-701, December.
    14. Enrique G. Mendoza & Javier Bianchi, 2011. "Overborrowing, Financial Crises and ‘Macro-prudential’ Policy," IMF Working Papers 11/24, International Monetary Fund.
    15. Ladley, Daniel, 2013. "Contagion and risk-sharing on the inter-bank market," Journal of Economic Dynamics and Control, Elsevier, vol. 37(7), pages 1384-1400.
    16. Mimir, Yasin, 2012. "Financial intermediaries, credit Shocks and business cycles," MPRA Paper 39648, University Library of Munich, Germany.
    17. Geert Bekaert & Michael Ehrmann & Marcel Fratzscher & Arnaud Mehl, 2014. "The Global Crisis and Equity Market Contagion," Discussion Papers of DIW Berlin 1352, DIW Berlin, German Institute for Economic Research.
    18. Stephanie E. Curcuru & Charles P. Thomas & Francis E. Warnock, 2013. "On Returns Differentials," NBER Working Papers 18866, National Bureau of Economic Research, Inc.
    19. Arnaud Mehl, 2013. "Large global volatility shocks, equity markets and globalisation: 1885-2011," Globalization and Monetary Policy Institute Working Paper 148, Federal Reserve Bank of Dallas.
    20. Boz, Emine & Mendoza, Enrique G., 2014. "Financial innovation, the discovery of risk, and the U.S. credit crisis," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 1-22.
    21. Renata Karkowska, 2015. "The role of investment banking in systemic risk profiles. Evidence from a panel of EU banking sectors," Faculty of Management Working Paper Series 22015, University of Warsaw, Faculty of Management.
    22. Popov, Alexander, 2014. "Credit constraints, equity market liberalization, and growth rate asymmetry," Journal of Development Economics, Elsevier, vol. 107(C), pages 202-214.
    23. Christopher M. Gunn & Alok Johri, 2015. "Financial News, Banks and Business Cycles," Department of Economics Working Papers 2015-12, McMaster University.
    24. Gatfaoui, Hayette, 2013. "Translating financial integration into correlation risk: A weekly reporting's viewpoint for the volatility behavior of stock markets," Economic Modelling, Elsevier, vol. 30(C), pages 776-791.
    25. Javier Bianchi & Enrique G. Mendoza, 2010. "Overborrowing, Financial Crises and 'Macro-prudential' Taxes," NBER Working Papers 16091, National Bureau of Economic Research, Inc.
    26. Gorea, Denis & Radev, Deyan, 2014. "The euro area sovereign debt crisis: Can contagion spread from the periphery to the core?," International Review of Economics & Finance, Elsevier, vol. 30(C), pages 78-100.
    27. Mahfuzul Haque & Hannarong Shamsub, 2015. "Do Markets Cointegrate after Financial Crises? Evidence from G-20 Stock Markets," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 3(4), pages 557, December.
    28. Julien Bengui & Enrique G. Mendoza & Vincenzo Quadrini, 2012. "Capital Mobility and International Sharing of Cyclical Risk," NBER Working Papers 18372, National Bureau of Economic Research, Inc.
    29. Balli, Faruk & Basher, Syed Abul & Balli, Hatice Ozer, 2013. "International Income Risk-Sharing and the Global Financial Crisis of 2008--2009," MPRA Paper 43720, University Library of Munich, Germany.
    30. Yasin Mimir, 2011. "Financial Intermediaries, Leverage Ratios and Business Cycles," 2011 Meeting Papers 19, Society for Economic Dynamics.
    31. Weiß, Gregor N.F. & Bostandzic, Denefa & Neumann, Sascha, 2014. "What factors drive systemic risk during international financial crises?," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 78-96.
    32. Quadrini, Vincenzo, 2014. "Bank Liabilities Channel," CEPR Discussion Papers 10265, C.E.P.R. Discussion Papers.
    33. Enrique Mendoza & Javier Bianchi, 2015. "Optimal Time-Consistent Macroprudential Policy," 2015 Meeting Papers 289, Society for Economic Dynamics.
    34. Javier Bianchi & Enrique G. Mendoza, 2011. "Overborrowing, Financial Crises and 'Macro-prudential' Policy," 2011 Meeting Papers 175, Society for Economic Dynamics.
    35. Alok Johri & Terry Yip, 2015. "Financial Shocks, Customer Capital and the Trade Collapse of 2008-2009," Department of Economics Working Papers 2015-13, McMaster University, revised Sep 2015.
    36. Nuguer Victoria, 2015. "Financial Intermediation in a Global Environment," Working Papers 2015-05, Banco de México.
    37. Vincenzo Quadrini, 2015. "Bank Liabilities Channel," 2015 Meeting Papers 234, Society for Economic Dynamics.
    38. Dedola, Luca & Karadi, Peter & Lombardo, Giovanni, 2013. "Global implications of national unconventional policies," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 66-85.
    39. Malgorzata Olszak & Mateusz Pipien & Iwona Kowalska & Sylwia Roszkowska, 2015. "The impact of capital on lending in publicly-traded and privately- held banks in the EU," Faculty of Management Working Paper Series 72015, University of Warsaw, Faculty of Management.
    40. Matthieu M. Bussière & Jean J. Imbs & Robert Kollmann & Romain R. Rancière, 2013. "The financial crisis: Lessons for international macroeconomics," ULB Institutional Repository 2013/187952, ULB -- Universite Libre de Bruxelles.
    41. Enders, Zeno & Peter, Alexandra, 2015. "Global Banking, Trade, and the International Transmission of the Great Recession," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113022, Verein für Socialpolitik / German Economic Association.
    42. PIROVANO, Mara, 2013. "International financial integration, credit frictions and exchange rate regimes," Working Papers 2013015, University of Antwerp, Faculty of Applied Economics.
    43. Canova, Fabio & Schlaepfer, Alan, 2014. "Has the Euro-Mediterranean partnership affected Mediterranean business cycles?," CEPR Discussion Papers 10023, C.E.P.R. Discussion Papers.
    44. Eric van Wincoop & Cedric Tille & Philippe Bacchetta, 2010. "On the Dynamics of Leverage, Liquidity, and Risk," 2010 Meeting Papers 393, Society for Economic Dynamics.
    45. Philip Turner, 2016. "Macroprudential policies, the long-term interest rate and the exchange rate," BIS Working Papers 588, Bank for International Settlements.
    46. Lu, Zhaoyang, 2011. "Modeling the yearly Value-at-Risk for operational risk in Chinese commercial banks," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 82(4), pages 604-616.
    47. Livia Chitu, 2013. "Was Unofficial Dollarisation/Euroisation an Amplifier of the ‘Great Recession’ of 2007–2009 in Emerging Economies?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 55(2), pages 233-265, June.
    48. Papafilis, Michalis-Panayiotis & Psillaki, Maria & Margaritis, Dimitris, 2015. "Interdependence between Sovereign and Bank CDS Spreads in Eurozone during the European Debt Crisis - The PSI Effect," MPRA Paper 68037, University Library of Munich, Germany.

  19. Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2009. "On the solvency of nations: are global imbalances consistent with intertemporal budget constraints?," International Finance Discussion Papers 975, Board of Governors of the Federal Reserve System (U.S.).

    Cited by:

    1. Oscar Bajo-Rubio & Carmen Díaz-Roldán & Vicente Esteve, 2012. "Sustainability of external imbalances in the OECD countries," Working Papers 1201, Department of Applied Economics II, Universidad de Valencia.
    2. Mariam Camarero & Josep Lluís Carrion-i-Silvestre & Cecilio Tamarit, 2013. "Global imbalances and the Intertemporal External Budget Constraint: A multicointegration approach," Working Papers 1303, Department of Applied Economics II, Universidad de Valencia.
    3. Christian Schoder & Christian R. Proaño & Willi Semmler, 2012. "Are the current account imbalances between EMU countries sustainable?," IMK Working Paper 90-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

  20. Enrique G. Mendoza & Vivian Z. Yue, 2008. "A Solution to the Disconnect between Country Risk and Business Cycle Theories," NBER Working Papers 13861, National Bureau of Economic Research, Inc.

    Cited by:

    1. Stephanie Schmitt-Grohé & Martin Uríbe, 2011. "Pegs and Pain," NBER Working Papers 16847, National Bureau of Economic Research, Inc.
    2. Peter Sinclair, 2011. "Deficits, Debts and Defaults - Past, Present and Future," Discussion Papers 11-20, Department of Economics, University of Birmingham.
    3. Troy A. Davig & Eric M. Leeper & Todd B. Walker, 2010. ""Unfunded liabilities" and uncertain fiscal financing," Research Working Paper RWP 10-09, Federal Reserve Bank of Kansas City.
    4. Boz, Emine, 2011. "Sovereign default, private sector creditors, and the IFIs," Journal of International Economics, Elsevier, vol. 83(1), pages 70-82, January.
    5. Cristina Arellano & Narayana Kocherlakota, 2008. "Internal Debt Crises and Sovereign Defaults," Levine's Bibliography 122247000000001880, UCLA Department of Economics.
    6. Christoph Trebesch, 2009. "The Cost of Aggressive Sovereign Debt Policies; How Much is theprivate Sector Affected?," IMF Working Papers 09/29, International Monetary Fund.
    7. S. Meral Cakici, 2011. "Default Risk Premium and Aggregate Fluctuations in a Small Open Economy," Koç University-TUSIAD Economic Research Forum Working Papers 1131, Koc University-TUSIAD Economic Research Forum.
    8. Juan Carlos Hatchondo & Leonardo Martinez, 2009. "Long-duration bonds and sovereign defaults," Working Paper 08-02, Federal Reserve Bank of Richmond.
    9. Gao, Xiang, 2009. "Macroeconomic Analysis on the Basis of Trade Theory: A Review Essay," MPRA Paper 18380, University Library of Munich, Germany.
    10. Daude, Christian, 2012. "Sovereign default risk and volatility," Economics Letters, Elsevier, vol. 114(1), pages 47-50.
    11. Enrique G. Mendoza, 2008. "Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q," NBER Working Papers 14444, National Bureau of Economic Research, Inc.
    12. Das, Udaibir S. & Papaioannou, Michael G. & Trebesch, Christoph, . "Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets," Chapters in Economics, University of Munich, Department of Economics.
    13. Dailami, Mansoor, 2010. "Sovereign debt distress and corporate spillover impacts," Policy Research Working Paper Series 5380, The World Bank.
    14. Demian Pouzo & Ignacio Presno, 2012. "Sovereign default risk and uncertainty premia," Working Papers 12-11, Federal Reserve Bank of Boston.
    15. Juan M. Sanchez, 2009. "The role of information in the rise in consumer bankruptcies," Working Paper 09-04, Federal Reserve Bank of Richmond.

  21. Enrique G. Mendoza, 2008. "Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q," NBER Working Papers 14444, National Bureau of Economic Research, Inc.

    Cited by:

    1. Claessens, Stijn & Kose, Ayhan & Terrones, Marco E, 2008. "What Happens During Recessions, Crunches and Busts?," CEPR Discussion Papers 7085, C.E.P.R. Discussion Papers.
    2. Cowan, Kevin & Raddatz, Claudio, 2011. "Sudden stops and financial frictions : evidence from industry level data," Policy Research Working Paper Series 5605, The World Bank.
    3. Hevia, Constantino, 2014. "Emerging market fluctuations: What makes the difference?," Journal of International Economics, Elsevier, vol. 94(1), pages 33-49.
    4. Zheng Liu & Pengfei Wang & Tao Zha, 2009. "Do Credit Constraints Amplify Macroeconomic Fluctuations?," Emory Economics 0910, Department of Economics, Emory University (Atlanta).
    5. Klaus Weyerstrass & Daniela Grozea-Helmenstein, 2013. "Euro Area Scenarios and their Economic Consequences for Slovenia and Serbia," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 11(4 (Winter), pages 323-351.
    6. Argandoña, Antonio, 2012. "Three ethical dimensions of the financial crisis," IESE Research Papers D/944, IESE Business School.
    7. Kamber, Günes & Smith, Christie & Thoenissen, Christoph, 2015. "Financial frictions and the role of investment-specific technology shocks in the business cycle," Economic Modelling, Elsevier, vol. 51(C), pages 571-582.
    8. Philip L. Brock, 2009. "Collateral Constraints and Macroeconomic Adjustment in an Open Economy," Working Papers UWEC-2009-03, University of Washington, Department of Economics.
    9. Brahima Coulibaly & Jonathan Millar, 2011. "Investment Dynamics in the Aftermath of the Asian Financial Crisis: A Firm-Level Analysis," International Finance, Wiley Blackwell, vol. 14(2), pages 331-359, 06.
    10. Vincenzo Quadrini & Enrique G. Mendoza, 2010. "Financial Globalization, Financial Crises and Contagion," 2010 Meeting Papers 841, Society for Economic Dynamics.

  22. Enrique G. Mendoza & Marco E. Terrones, 2008. "An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data," NBER Working Papers 14049, National Bureau of Economic Research, Inc.

    Cited by:

    1. Gianluca Benigno & Luca Fornaro, 2014. "The Financial Resource Curse," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 58-86, 01.
    2. Hideaki Hirata & M. Ayhan Kose & Chris Otrok & Marco Terrones, . "Global House Price Fluctuations: Synchronization and Determinants," Working Paper 164451, Harvard University OpenScholar.
    3. Jürgen Stark, 2012. "Macro-prudential supervision and financial integration - the ESRB at 1," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    4. Pierre-Olivier Gourinchas & Maurice Obstfeld, 2012. "Stories of the Twentieth Century for the Twenty-First," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 226-65, January.
    5. Ernest Gnan & Stefan Gerlach & Jens Ulbrich, 2012. "The ESRB at 1 - An Introduction," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    6. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Banking Crises: An Equal Opportunity Menace," NBER Working Papers 14587, National Bureau of Economic Research, Inc.
    7. Javier Bianchi, 2010. "Overborrowing and Systemic Externalities in the Business Cycle," 2010 Meeting Papers 96, Society for Economic Dynamics.
    8. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2011. "Financial Cycles: What? How? When?," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 7(1), pages 303 - 344.
    9. Moen, Jon R. & Tallman, Ellis W., 2000. "Clearinghouse Membership and Deposit Contraction during the Panic of 1907," The Journal of Economic History, Cambridge University Press, vol. 60(01), pages 145-163, March.
    10. James M. Nason & Ellis W. Tallman, 2012. "Business Cycles and Financial Crises: The Roles of Credit Supply and Demand Shocks," CAMA Working Papers 2012-44, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    11. Davis, J. Scott, 2015. "The macroeconomic effects of debt- and equity-based capital inflows," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 81-95.
    12. Vítor Castro & Megumi Kubota, 2013. "Duration dependence and change-points in the likelihood of credit booms ending," NIPE Working Papers 09/2013, NIPE - Universidade do Minho.
    13. Mathias Drehmann & Claudio Borio & Kostas Tsatsaronis, 2012. "Characterising the financial cycle: don't lose sight of the medium term!," BIS Working Papers 380, Bank for International Settlements.
    14. Carmen M. Reinhart & Vincent R. Reinhart & Kenneth S. Rogoff, 2012. "Public Debt Overhangs: Advanced-Economy Episodes since 1800," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 69-86, Summer.
    15. Enrique Mendoza & Marco Terrones, 2012. "An Anatomy of Credit Booms and their Demise," Working Papers Central Bank of Chile 670, Central Bank of Chile.
    16. Kristin J. Forbes & Francis E. Warnock, 2011. "Capital Flow Waves: Surges, Stops, Flight, and Retrenchment," NBER Working Papers 17351, National Bureau of Economic Research, Inc.
    17. Oliver Röhn & Aida Caldera Sánchez & Mikkel Hermansen & Morten Rasmussen, 2015. "Economic resilience: A new set of vulnerability indicators for OECD countries," OECD Economics Department Working Papers 1249, OECD Publishing.
    18. Mauricio Arango & Carlos Esteban Posada & Jorge Andrés Tamayo, 2011. "El sistema crediticio, la política monetaria y un posible origen de ciclos y crisis financieras," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 29(64), pages 32-61, July.
    19. Claessens, Stijn & Kose, Ayhan & Terrones, Marco E, 2008. "What Happens During Recessions, Crunches and Busts?," CEPR Discussion Papers 7085, C.E.P.R. Discussion Papers.
    20. Reinhart, Carmen & Reinhart, Vincent, 2008. "From Capital Flow Bonanza to Financial Crash," MPRA Paper 11866, University Library of Munich, Germany.
    21. Markus Haavio & Caterina Mendicino & Maria Teresa Punzi, 2014. "Financial and economic downturns in OECD countries," Applied Economics Letters, Taylor & Francis Journals, vol. 21(6), pages 407-412, April.
    22. Reinhart, Carmen, 2012. "Capital Inflows, Credit Booms and Their Risks," MPRA Paper 50981, University Library of Munich, Germany.
    23. Channarith Meng & Roberto Leon-Gonzalez, 2016. "Credit Booms in Developing Countries: Are They Different from Those in Advanced and Emerging Market Countries?," GRIPS Discussion Papers 15-22, National Graduate Institute for Policy Studies.
    24. Rémi Bazillier & Jérôme Hericourt, 2016. "The Circular Relationship between Inequality, Leverage, and Financial Crises," Working Papers halshs-01251360, HAL.
    25. Stijn Claessens & Luc Laeven & Deniz O Igan & Giovanni Dell'Ariccia, 2010. "Lessons and Policy Implications from the Global Financial Crisis," IMF Working Papers 10/44, International Monetary Fund.
    26. Fernando Tenjo & Martha López, 2010. "Early Warning Indicators for Latin America""," BORRADORES DE ECONOMIA 007073, BANCO DE LA REPÚBLICA.
    27. Köhler, Matthias, 2012. "Which banks are more risky? The impact of loan growth and business model on bank risk-taking," Discussion Papers 33/2012, Deutsche Bundesbank, Research Centre.
    28. Gary Gorton & Guillermo Ordo?ez, 2014. "Collateral Crises," American Economic Review, American Economic Association, vol. 104(2), pages 343-78, February.
    29. Boysen-Hogrefe, Jens & Dovern, Jonas & Groll, Dominik & van Roye, Björn & Scheide, Joachim, 2010. "Droht in Deutschland eine Kreditklemme?," Kiel Discussion Papers 472/473, Kiel Institute for the World Economy (IfW).
    30. Bjarni G. Einarsson & Kristófer Gunnlaugsson & Thorvardur Tjörvi Ólafsson & Thórarinn G. Pétursson, 2015. "The long history of financial boom-bust cycles in Iceland - Part I: Financial crises," Economics wp68, Department of Economics, Central bank of Iceland.
    31. Silvia Sgherri & Bertrand Gruss, 2009. "The Volatility Costs of Procyclical Lending Standards; An Assessment Using a Dsge Model," IMF Working Papers 09/35, International Monetary Fund.
    32. Rodrigo Barbone Gonzalez & Joaquim Lima & Leonardo Marinho, 2015. "Business and Financial Cycles: an estimation of cycles’ length focusing on Macroprudential Policy," Working Papers Series 385, Central Bank of Brazil, Research Department.
    33. Haug, Peter (Ed.) & Rosenfeld, Martin T. W. (Ed.) & Weiß, Dominik (Ed.), 2012. "Zur Zukunft der kommunalen Wohnungspolitik in Deutschland und Europa. Tagungsband: Referate und Diskussionen im Rahmen des 3. Halleschen Kolloquiums zur Kommunalen Wirtschaft am 5. und 6. November 200," IWH-Sonderhefte 3/2012, Halle Institute for Economic Research (IWH).
    34. Andrés Fernández & Adam Gulan, 2015. "Interest Rates, Leverage, and Business Cycles in Emerging Economies: The Role of Financial Frictions," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(3), pages 153-88, July.
    35. Frankel, Jeffrey A., 2011. "Are Bilateral Remittances Countercyclical?," Scholarly Articles 9642640, Harvard Kennedy School of Government.
    36. Eugen Tereanu & Johanna L. Francis & Dilek Aykut, 2010. "The Cost of Private Debt Over the Credit Cycle," IMF Working Papers 10/283, International Monetary Fund.
    37. Javier Bianchi, 2012. "Efficient Bailouts?," 2012 Meeting Papers 162, Society for Economic Dynamics.
    38. Alexandros Vardoulakis, 2012. "Financial regulation in general equilibrium," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    39. Fei Han & Selim Elekdag, 2012. "What Drives Credit Growth in Emerging Asia?," IMF Working Papers 12/43, International Monetary Fund.
    40. Patrick A. Pintus & Yi Wen, 2010. "Leveraged borrowing and boom-bust cycles," Working Papers 2010-027, Federal Reserve Bank of St. Louis.
    41. Claessens, Stijn & Kose, M. Ayhan & Terrones, Marco E., 2012. "How do business and financial cycles interact?," Journal of International Economics, Elsevier, vol. 87(1), pages 178-190.
    42. Calderon, Cesar & Kubota, Megumi, 2012. "Gross inflows gone wild : gross capital inflows, credit booms and crises," Policy Research Working Paper Series 6270, The World Bank.
    43. Alexander Guarín-López & Ignacio Lozano-Espitia, 2016. "Credit Funding and Banking Fragility: An Empirical Analysis for Emerging Economies," BORRADORES DE ECONOMIA 014306, BANCO DE LA REPÚBLICA.
    44. Cardarelli, Roberto & Elekdag, Selim & Lall, Subir, 2011. "Financial stress and economic contractions," Journal of Financial Stability, Elsevier, vol. 7(2), pages 78-97, June.
    45. Yulia Vymyatnina & Mikhail Pakhnin, 2014. "Application of Minsky's Theory to State-Dominated Economies," EUSP Department of Economics Working Paper Series Ec-03/14, European University at St. Petersburg, Department of Economics.
    46. Mahvash S. Qureshi & Jonathan D. Ostry & Atish R. Ghosh & Marcos Chamon, 2011. "Managing Capital Inflows: The Role of Capital Controls and Prudential Policies," NBER Chapters, in: Global Financial Crisis National Bureau of Economic Research, Inc.
    47. Piergiorgio Alessandri & Pierluigi Bologna & Roberta Fiori & Enrico Sette, 2015. "A note on the implementation of the countercyclical capital buffer in Italy," Questioni di Economia e Finanza (Occasional Papers) 278, Bank of Italy, Economic Research and International Relations Area.
    48. Karolin Kirschenmann & Tuomas Malinen & Henri Nyberg, 2014. "The risk of financial crises: Is it in real or financial factors?," Working Papers 336, ECINEQ, Society for the Study of Economic Inequality.
    49. Frankel, Jeffrey A., 2010. "The Natural Resource Curse: A Survey," Scholarly Articles 4454156, Harvard Kennedy School of Government.
    50. A. Hakan Kara & Hande Kucuk & S. Tolga Tiryaki & Canan Yuksel, 2013. "In Search of a Reasonable Credit Growth Rate for Turkey," CBT Research Notes in Economics 1303, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    51. Gianluca Benigno & Nathan Converse & Luca Fornaro, 2014. "Large capital inflows, sectoral allocation, and economic performance," Economics Working Papers 1457, Department of Economics and Business, Universitat Pompeu Fabra.
    52. Moritz Schularick & Alan M. Taylor, 2012. "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870-2008," American Economic Review, American Economic Association, vol. 102(2), pages 1029-61, April.
    53. Borgy, Vladimir & Clerc, Laurent & Renne, Jean-Paul, 2014. "Measuring aggregate risk: Can we robustly identify asset-price boom–bust cycles?," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 132-150.
    54. Magud, Nicolas E. & Vesperoni, Esteban R., 2015. "Exchange rate flexibility and credit during capital inflow reversals: Purgatory … not paradise," Journal of International Money and Finance, Elsevier, vol. 55(C), pages 88-110.
    55. Calderon, Cesar & Kubota, Megumi, 2011. "Sudden stops : are global and local investors alike ?," Policy Research Working Paper Series 5569, The World Bank.
    56. Reinhart, Carmen & Reinhart, Vincent, 2010. "Diminished Expectations, Double Dips, and External Shocks: The Decade After the Fall," MPRA Paper 24969, University Library of Munich, Germany.
    57. Chen, Xiaoshan & Kontonikas, Alexandros & Montagnoli, Alberto, 2012. "Asset Prices, Credit and the Business Cycle," Stirling Economics Discussion Papers 2012-04, University of Stirling, Division of Economics.
    58. Alejandro Izquierdo & Rudy Loo-Kung & Liliana Rojas-Suárez, 2013. "Macroprudential Regulations in Central America," IDB Publications (Working Papers) 79538, Inter-American Development Bank.
    59. Francesco Mazzaferro, 2012. "Macroprudential instruments for containing systemic risk: the ESRB view," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
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    149. Eddie Gerba, 2015. "Have the US macro-financial linkages changed? The balance sheet dimension," LSE Research Online Documents on Economics 59886, London School of Economics and Political Science, LSE Library.
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  23. Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2007. "Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism," NBER Working Papers 13123, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kathryn M. E. Dominguez, 2010. "International Reserves and Underdeveloped Capital Markets," NBER Chapters, in: NBER International Seminar on Macroeconomics 2009, pages 193-221 National Bureau of Economic Research, Inc.
    2. Ramkishen S. Rajan, 2011. "Management of Exchange Rate Regimes in Emerging Asia," Governance Working Papers 23214, East Asian Bureau of Economic Research.
    3. Ricardo Nunes & Horacio Sapriza & Bora Durdu, 2011. "News and sovereign default risk in small open economies," 2011 Meeting Papers 1355, Society for Economic Dynamics.
    4. Jung, Kuk Mo & Pyun, Ju Hyun, 2015. "International Reserves for Emerging Economies: A Liquidity Approach," MPRA Paper 64235, University Library of Munich, Germany.
    5. Carroll, Christopher D. & Jeanne, Olivier, 2009. "A tractable model of precautionary reserves, net foreign assets, or sovereign wealth funds," CFS Working Paper Series 2009/15, Center for Financial Studies (CFS).
    6. Borensztein, Eduardo & Jeanne, Olivier & Sandri, Damiano, 2013. "Macro-hedging for commodity exporters," Journal of Development Economics, Elsevier, vol. 101(C), pages 105-116.
    7. Javier Bianchi & Juan Carlos Hatchondo, 2013. "International reserves and rollover risk," Globalization and Monetary Policy Institute Working Paper 151, Federal Reserve Bank of Dallas.
    8. Guillermo Calvo & Alejandro Izquierdo & Rudy Loo-Kung, 2013. "Optimal Holdings of International Reserves: Self-insurance against Sudden Stops," Monetaria, Centro de Estudios Monetarios Latinoamericanos, vol. 0(1), pages 1-35, January-j.
    9. César TAMAYO y Andrés VARGAS, 2007. "Revisando la evidencia sobre frenazos súbitos y crisis financieras," ARCHIVOS DE ECONOMÍA 003948, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
    10. Benigno, Gianluca & Fornaro, Luca, 2012. "Reserve Accumulation, Growth and Financial Crises," CEPR Discussion Papers 9224, C.E.P.R. Discussion Papers.
    11. Ceyhun Bora Durdu & Serdar Sayan, 2010. "Emerging Market Business Cycles with Remittance Fluctuations," IMF Staff Papers, Palgrave Macmillan, vol. 57(2), pages 303-325, June.
    12. Woon Gyu Choi & David Cook, 2010. "Fire Sales and the Financial Accelerator," IMF Working Papers 10/141, International Monetary Fund.
    13. Groth, Charlotta & Zampolli, Fabrizio, 2010. "Macroeconomic stability and the real interest rate: a cross-country analysis," Discussion Papers 30, Monetary Policy Committee Unit, Bank of England.
    14. Philip R. Lane & Jay C. Shambaugh, 2010. "Financial Exchange Rates and International Currency Exposures," American Economic Review, American Economic Association, vol. 100(1), pages 518-40, March.
    15. Korinek, Anton & Servén, Luis, 2016. "Undervaluation through foreign reserve accumulation: Static losses, dynamic gains," Journal of International Money and Finance, Elsevier, vol. 64(C), pages 104-136.
    16. Prasad, Eswar & Rajan, Raghuram G., 2008. "A Pragmatic Approach to Capital Account Liberalization," IZA Discussion Papers 3475, Institute for the Study of Labor (IZA).
    17. Enrique G. Mendoza & Ceyhun Bora Durdu & Marco Terrones, 2007. "Precautionary Demand for Foreign Assets in Sudden Stop Economies; An Assessment of the New Merchantilism," IMF Working Papers 07/146, International Monetary Fund.
    18. Alessandra Fogli & Fabrizio Perri, 2015. "Macroeconomic Volatility and External Imbalances," NBER Working Papers 20872, National Bureau of Economic Research, Inc.
    19. Enrique Alberola & Aitor Erce & José María Serena, 2012. "International reserves and gross capital flows. Dynamics during financial stress," Working Papers 1211, Banco de España;Working Papers Homepage.
    20. Sabine Herrmann & Adalbert Winkler, 2009. "Real convergence, financial markets, and the current account - Emerging Europe versus emerging Asia," European Economy - Economic Papers 2008 - 2015 362, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    21. Olivier Jeanne, 2012. "Capital Account Policies and the Real Exchange Rate," Working Paper Series WP12-14, Peterson Institute for International Economics.
    22. Andrew J Filardo & Pierre L Siklos, 2015. "Prolonged reserves accumulation, credit booms, asset prices and monetary policy in Asia," BIS Working Papers 500, Bank for International Settlements.
    23. Ton S van den Bremer & Frederick van der Ploeg, 2013. "Managing and Harnessing Volatile Oil Windfalls," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 61(1), pages 130-167, April.
    24. International Monetary Fund, 2007. "Vulnerabilities in Emerging Southeastern Europe—How Much Cause for Concern?," IMF Working Papers 07/236, International Monetary Fund.
    25. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2011. "Sovereigns, Upstream Capital Flows and Global Imbalances," Tinbergen Institute Discussion Papers 11-126/2, Tinbergen Institute.
    26. Wang, Gaowang & Zou, Heng-fu, 2011. "The Effects of Macroeconomic Policies in a Mercantilist Economy," MPRA Paper 73305, University Library of Munich, Germany, revised 25 Aug 2016.
    27. Michael M. Hutchison & Ilan Noy & Lidan Wang, 2007. "Fiscal and Monetary Policies and the Cost of Sudden Stops," Working Papers 200724, University of Hawaii at Manoa, Department of Economics.
    28. Olivier Jeanne, 2007. "International Reserves in Emerging Market Countries: Too Much of a Good Thing?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 1-80.
    29. Zhao, Yan, 2013. "Borrowing constraints and the trade balance–output comovement," Economic Modelling, Elsevier, vol. 32(C), pages 34-41.
    30. C. Bora Durdu, 2011. "Review of "Emerging Markets Resilience and Growth Amid Global Turmoil by M. Ayhan Kose and Eswar S. Prasad"," Koç University-TUSIAD Economic Research Forum Working Papers 1111, Koc University-TUSIAD Economic Research Forum.
    31. Ceyhun Bora Durdu, 2007. "Quantitative implications of indexed bonds in small open economies," International Finance Discussion Papers 909, Board of Governors of the Federal Reserve System (U.S.).
    32. Dariusz Urban, 2011. "Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity," Contemporary Economics, University of Finance and Management in Warsaw, vol. 5(2), June.
    33. Fabio Comelli, 2015. "Estimation and out-of-sample Prediction of Sudden Stops; Do Regions of Emerging Markets Behave Differently from Each Other?," IMF Working Papers 15/138, International Monetary Fund.
    34. Sewon Hur & Illenin O. Kondo, 2013. "A theory of rollover risk, sudden stops, and foreign reserves," International Finance Discussion Papers 1073, Board of Governors of the Federal Reserve System (U.S.).
    35. Enrique G. Mendoza, 2008. "Sudden stops, financial crises and leverage: a Fisherian deflation of Tobin's Q," International Finance Discussion Papers 960, Board of Governors of the Federal Reserve System (U.S.).
    36. Franz Hamann & Jesús Bejarano & Diego Rodríguez, 2015. "Monetary policy implications for an oil-exporting economy of lower long-run international oil prices," Borradores de Economia 871, Banco de la Republica de Colombia.
    37. Bacchetta, Philippe & Benhima, Kenza & Kalantzis, Yannick, 2012. "Capital Controls with International Reserve Accumulation: Can this Be Optimal?," Working Papers 2012-009, Banco Central de Reserva del Perú.
    38. Broner, Fernando & Didier, Tatiana & Erce, Aitor & Schmukler, Sergio L., 2011. "Gross capital flows : dynamics and crises," Policy Research Working Paper Series 5768, The World Bank.
    39. Zhiwei XU & Yi Wen & pengfei Wang, 2013. "Two-Way Capital Flows and Global Imbalances: A Neoclassical Approach," 2013 Meeting Papers 406, Society for Economic Dynamics.
    40. Steiner, Andreas, 2013. "How central banks prepare for financial crises – An empirical analysis of the effects of crises and globalisation on international reserves," Journal of International Money and Finance, Elsevier, vol. 33(C), pages 208-234.
    41. Olivier Jeanne & Romain Rancière, 2011. "The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications," Economic Journal, Royal Economic Society, vol. 121(555), pages 905-930, 09.
    42. Alfaro, Laura & Kanczuk, Fabio, 2009. "Optimal reserve management and sovereign debt," Journal of International Economics, Elsevier, vol. 77(1), pages 23-36, February.
    43. Bengui, Julien & Mendoza, Enrique G. & Quadrini, Vincenzo, 2013. "Capital mobility and international sharing of cyclical risk," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 42-62.
    44. Ton S. van den Bremer & Frederick van der Ploeg, 2012. "How to Spend a Windfall: Dealing with volatility and capital scarcity," OxCarre Working Papers 085, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    45. Stuart Landon and Constance Smith, 2015. "Rule-Based Resource Revenue Stabilization Funds: A Welfare Comparison," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    46. Durdu, C. Bora & Mendoza, Enrique G. & Terrones, Marco E., 2013. "On the solvency of nations: Cross-country evidence on the dynamics of external adjustment," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 762-780.
    47. Michael B Devereux & Alan Sutherland, 2009. "A Portfolio Model of Capital Flows to Emerging Markets," Working Papers 082009, Hong Kong Institute for Monetary Research.
    48. Bianchi, Javier, 2009. "Overborrowing and Systemic Externalities in the Business Cycle," MPRA Paper 16270, University Library of Munich, Germany.
    49. Joshua Aizenman & Brian Pinto, 2013. "Managing Financial Integration and Capital Mobility—Policy Lessons from the Past Two Decades," Review of International Economics, Wiley Blackwell, vol. 21(4), pages 636-653, 09.
    50. Damiano Sandri, 2011. "Precautionary Savings and Global Imbalances in World General Equilibrium," IMF Working Papers 11/122, International Monetary Fund.
    51. Era Dabla-Norris & Jun I Kim & Kazuko Shirono, 2011. "Optimal Precautionary Reserves for Low-Income Countries; A Cost-Benefit Analysis," IMF Working Papers 11/249, International Monetary Fund.
    52. Enrique G. Mendoza & Katherine A. Smith, 2013. "Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets," NBER Working Papers 19072, National Bureau of Economic Research, Inc.
    53. Emine Boz & Ceyhun Bora Durdu & Nan Li, 2012. "Emerging Market Business Cycles; The Role of Labor Market Frictions," IMF Working Papers 12/237, International Monetary Fund.
    54. Reda Cherif & Fuad Hasanov, 2012. "The Volatility Trap; Precautionary Saving, Investment, and Aggregate Risk," IMF Working Papers 12/134, International Monetary Fund.
    55. Emine Boz & Enrique G. Mendoza, 2010. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," NBER Working Papers 16020, National Bureau of Economic Research, Inc.
    56. Enrique Alberola-Ila & Aitor Erce & José María Serena, 2015. "International reserves and gross capital flow dynamics," BIS Working Papers 512, Bank for International Settlements.
    57. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
    58. Gaowang Wang & Heng-fu Zou, 2012. "Economic Globalization, Mercantilism and Economic Growth," CEMA Working Papers 548, China Economics and Management Academy, Central University of Finance and Economics.
    59. Bonatti, Luigi & Fracasso, Andrea, 2013. "Hoarding of international reserves in China: Mercantilism, domestic consumption and US monetary policy," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 1044-1078.
    60. Levan Efremidze & Samuel M. Schreyer & Ozan Sula, 2011. "Sudden stops and currency crises," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(4), pages 304-321, November.
    61. Joseph Joyce & Raul Razo-Garcia, 2011. "Reserves, quotas and the demand for international liquidity," The Review of International Organizations, Springer, vol. 6(3), pages 393-413, September.
    62. Zhichao Zhang & Frankie Chau & Li Xie, 2013. "Accumulation of large foreign reserves in China: a behavioural perspective," Economic Change and Restructuring, Springer, vol. 46(1), pages 85-108, March.
    63. Illenin Kondo & Sewon Hur, 2011. "A Theory of Optimal Reserves Allocation and Sudden Stops in Emerging Economies," 2011 Meeting Papers 1105, Society for Economic Dynamics.
    64. Atish R. Ghosh & Jonathan David Ostry & Charalambos G Tsangarides, 2012. "Shifting Motives; Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's," IMF Working Papers 12/34, International Monetary Fund.
    65. Marshall Reinsdorf & Robert Yuskavage, 2014. "Offshoring, Sourcing Substitution Bias and the Measurement of US Import Prices, Real GDP and Productivity," BEA Working Papers 0109, Bureau of Economic Analysis.
    66. Bonatti, Luigi & Fracasso, Andrea, 2014. "Modeling the Transition Towards Renminbi's Full Convertibility: Implications for China’s Growth," MPRA Paper 54129, University Library of Munich, Germany.
    67. Anne‐Laure Delatte & Julien Fouquau, 2012. "What Drove the Massive Hoarding of International Reserves in Emerging Economies? A Time‐varying Approach," Review of International Economics, Wiley Blackwell, vol. 20(1), pages 164-176, 02.
    68. Krause, Michael & Hoffmann, Mathias & Tillmann, Peter, 2014. "International Capital Flows, External Assets, and Output Volatility," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100508, Verein für Socialpolitik / German Economic Association.
    69. Aizenman, Joshua & Pinto, Brian, 2011. "Managing Financial Integration and Capital Mobility— Policy lessons from the past two decades," Santa Cruz Department of Economics, Working Paper Series qt9j53m1tp, Department of Economics, UC Santa Cruz.
    70. Gondo, Rocío, 2014. "State Contingent Assets, Financial Crises and Pecuniary Externalities in Models with Collateral Constraints," Working Papers 2014-001, Banco Central de Reserva del Perú.
    71. Sabine Herrmann & Adalbert Winkler, 2009. "Financial markets and the current account: emerging Europe versus emerging Asia," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 145(3), pages 531-550, October.
    72. Ana Maria Ceh & Ivo Krznar, 2008. "Optimal Foreign Reserves: The Case of Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 32(4), pages 421-460.
    73. Speller, William & Thwaites, Gregory & Wright, Michelle, 2011. "Financial Stability Paper No 12: The Future of International Capital Flows," Bank of England Financial Stability Papers 12, Bank of England.
    74. Pina, Gonçalo, 2015. "The recent growth of international reserves in developing economies: A monetary perspective," Journal of International Money and Finance, Elsevier, vol. 58(C), pages 172-190.
    75. Petar Vujanovic, 2011. "Understanding the Recent Surge in the Accumulation of International Reserves," OECD Economics Department Working Papers 866, OECD Publishing.
    76. Kurmas Akdogan, 2010. "Foreign Exchange Reserves in a Credit Constrained Economy," Birkbeck Working Papers in Economics and Finance 1014, Birkbeck, Department of Economics, Mathematics & Statistics.
    77. Anne-Laure Delatte & Julien Fouquau, 2012. "What drove the massive hoarding of international reserves? A time-varying approach," Post-Print hal-00822294, HAL.
    78. Sunil Sharma & Woon Gyu Choi & Maria Strömqvist, 2007. "Capital Flows, Financial Integration, and International Reserve Holdings; The Recent Experience of Emerging Markets and Advanced Economies," IMF Working Papers 07/151, International Monetary Fund.
    79. Daniel Kapp, 2012. "The optimal size of the European Stability Mechanism: A cost-benefit analysis," DNB Working Papers 349, Netherlands Central Bank, Research Department.
    80. Andrea Fracasso, 2015. "Economic Rebalancing and Growth: the Japanese experience and China’s prospects," DEM Discussion Papers 2015/07, Department of Economics and Management.
    81. Gaowang Wang & Heng-fu Zou, 2011. "Foreign Asset Accumulation, Macroeconomic Policies and Mercantilism," CEMA Working Papers 461, China Economics and Management Academy, Central University of Finance and Economics.
    82. Il Houng Lee & Woon Gyu Choi, 2010. "Monetary Transmission of Global Imbalances in Asian Countries," IMF Working Papers 10/214, International Monetary Fund.
    83. Agustin Roitman, 2011. "Precautionary Savings in a Small Open Economy Revisited," IMF Working Papers 11/253, International Monetary Fund.
    84. Diego Valderrama & Katherine Smith, 2009. "Why Do Emerging Economies Import Direct Investment and Export Savings? A Story of Financial Underdevelopment," 2009 Meeting Papers 1160, Society for Economic Dynamics.
    85. Yi Wen, 2011. "Making sense of China’s excessive foreign reserves," Working Papers 2011-006, Federal Reserve Bank of St. Louis.
    86. Heng, Dyna, 2011. "Does financial development reduce the motivation to hoard foreign reserves?," MPRA Paper 48555, University Library of Munich, Germany, revised 2012.
    87. Marta Ruiz-Arranz & Milan Zavadjil, 2008. "Are Emerging Asia’s Reserves Really Too High?," IMF Working Papers 08/192, International Monetary Fund.
    88. Katherine A. Smith & Enrique G. Mendoza, 2011. "Financial Globalization, Financial Crisis, and the External Capital Structure of Emerging Markets," 2011 Meeting Papers 235, Society for Economic Dynamics.
    89. Mendoza, Ronald U., 2010. "Was the Asian crisis a wake-up call?: Foreign reserves as self-protection," Journal of Asian Economics, Elsevier, vol. 21(1), pages 1-19, February.
    90. Arslan Razmi, 2009. "Bretton Woods II and the Emerging Economies: Lazarus, Phoenix, or Humpty Dumpty?," UMASS Amherst Economics Working Papers 2009-02, University of Massachusetts Amherst, Department of Economics.
    91. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    92. Cherif, Reda & Hasanov, Fuad, 2011. "The volatility trap: why do big savers invest relatively little?," MPRA Paper 31286, University Library of Munich, Germany.
    93. Prades, Elvira & Rabitsch, Katrin, 2012. "Capital liberalization and the US external imbalance," Journal of International Economics, Elsevier, vol. 87(1), pages 36-49.
    94. Enrique G. Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, American Economic Association, vol. 100(5), pages 1941-66, December.
    95. Tianding Zhang, 2011. "Endogenous Discounting, Precautionary Savings and the Current Account: the Case of China," Working Papers halshs-00556979, HAL.

  24. Enrique G. Mendoza & Vincenzo Quadrini & José-Victor Ríos-Rull, 2007. "On the Welfare Implications of Financial Globalization without Financial Development," NBER Working Papers 13412, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kabukcuoglu, Ayse, 2014. "The redistributional consequences of tax reform under financial integration," Globalization and Monetary Policy Institute Working Paper 188, Federal Reserve Bank of Dallas.
    2. Flavia Corneli, 2009. "The Saving Glut Explanation of Global Imbalances: the Role of Underinvestment," Economics Working Papers ECO2009/41, European University Institute.
    3. George-Marios Angeletos & Vasia Panousi, 2011. "Financial Integration, Entrepreneurial Risk and Global Imbalances," NBER Working Papers 16761, National Bureau of Economic Research, Inc.
    4. Javier Bianchi, 2009. "Overborrowing and systemic externalities in the business cycle," FRB Atlanta Working Paper 2009-24, Federal Reserve Bank of Atlanta.
    5. Ester Faia & Eleni Iliopulos, 2010. "Financial Globalization, Financial Frictions and Optimal Monetary Policy," Kiel Working Papers 1639, Kiel Institute for the World Economy.
    6. Alberto Martin & Filippo Taddei, 2010. "International capital flows and credit market imperfections: A tale of two frictions," Economics Working Papers 1245, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 2012.
    7. Sunel, Enes, 2010. "On inflation, wealth inequality and welfare in emerging economies," MPRA Paper 25943, University Library of Munich, Germany.
    8. Bacchetta, Philippe & Benhima, Kenza, 2012. "The Demand for Liquid Assets, Corporate Saving, and Global Imbalances," CEPR Discussion Papers 9268, C.E.P.R. Discussion Papers.
    9. M Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2009. "Financial Globalization: A Reappraisal," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 8-62, April.
    10. Kose, M. Ayhan & Prasad, Eswar S. & Taylor, Ashley D., 2009. "Thresholds in the process of international financial integration," Policy Research Working Paper Series 5149, The World Bank.
    11. Atesagaoglu, Orhan Erem & Elgin, Ceyhun, 2015. "Cyclicality of labor wedge and informal sector," Economics Letters, Elsevier, vol. 136(C), pages 141-146.
    12. Manuel Oechslin & Reto Foellmi, 2006. "Market Imperfections, Wealth Inequality, and the Distribution of Trade Gains," IEW - Working Papers 266, Institute for Empirical Research in Economics - University of Zurich.
    13. Kunieda, Takuma, 2008. "Financial Globalization and Inequality," MPRA Paper 11343, University Library of Munich, Germany.
    14. Panousi, Vasia, 2009. "Financial Integration and Capital Accumulation," MPRA Paper 24238, University Library of Munich, Germany.
    15. Kikuchi, Tomoo & Vachadze, George, 2015. "Financial liberalization: Poverty trap or chaos," Journal of Mathematical Economics, Elsevier, vol. 59(C), pages 1-9.
    16. Vasia Panousi & George-Marios Angeletos, 2010. "Financial integration, entrepreneurial risk and global dynamics," Finance and Economics Discussion Series 2010-54, Board of Governors of the Federal Reserve System (U.S.).
    17. Kunieda, Takuma & Okada, Keisuke & Shibata, Akihisa, 2011. "Finance and Inequality: How Does Globalization Change Their Relationship?," MPRA Paper 35358, University Library of Munich, Germany.
    18. Vincenzo Quadrini & Enrique G. Mendoza, 2010. "Financial Globalization, Financial Crises and Contagion," 2010 Meeting Papers 841, Society for Economic Dynamics.
    19. Benhima, Kenza, 2013. "Financial integration, capital misallocation and global imbalances," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 324-340.
    20. Ang, James B., 2011. "Finance and consumption volatility: Evidence from India," Journal of International Money and Finance, Elsevier, vol. 30(6), pages 947-964, October.

  25. Enrique G. Mendoza & Jonathan D. Ostry, 2007. "International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?," NBER Working Papers 12947, National Bureau of Economic Research, Inc.

    Cited by:

    1. Daniel, Betty C. & Shiamptanis, Christos, 2013. "Pushing the limit? Fiscal policy in the European Monetary Union," Journal of Economic Dynamics and Control, Elsevier, vol. 37(11), pages 2307-2321.
    2. Gabriella Deborah Legrenzi & Costas Milas, 2013. "Modelling the Fiscal Reaction Functions of the GIPS Based on State-Varying Thresholds," CESifo Working Paper Series 4385, CESifo Group Munich.
    3. Piotr Krajewski & Michal Mackiewicz & Agata Szymańska, 2016. "Fiscal Sustainability in Central and Eastern European Countries - A Post-Crisis Assessment," Prague Economic Papers, University of Economics, Prague, vol. 2016(2), pages 175-188.
    4. Ulrich Haskamp, 2014. "Was Spanish fiscal policy sustainable?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(2), pages 273-286, May.
    5. Barr, David & Bush, Oliver & Pienkowski, Alex, 2014. "GDP-linked bonds and sovereign default," Bank of England working papers 484, Bank of England.
    6. Julia Darby & Jacques Melitz, 2011. "Joint estimates of automatic and discretionary fiscal policy for the OECD," Working Papers 1122, University of Strathclyde Business School, Department of Economics.
    7. Djedje Hermann Yohou, 2015. "In Search of Fiscal Space in Africa: The Role of the Quality of Government Spending," Working Papers halshs-01222812, HAL.
    8. Enrique G. Mendoza & Marco Terrones & Ceyhun Bora Durdu, 2010. "On the Solvency of Nations; Are Global Imbalances Consistent with Intertemporal Budget Constraints?," IMF Working Papers 10/50, International Monetary Fund.
    9. Piergallini, Alessandro & Postigliola, Michele, 2013. "Non-Linear Budgetary Policies: Evidence from 150 Years of Italian Public Finance," MPRA Paper 48922, University Library of Munich, Germany.
    10. Enrique G. Mendoza, 2013. "The US Fiscal Crisis: The Debt Sustainability Delusion and the True Costs of Fiscal Austerity," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(2), pages 25-31, 08.
    11. Durdu, C. Bora & Nunes, Ricardo & Sapriza, Horacio, 2013. "News and sovereign default risk in small open economies," Journal of International Economics, Elsevier, vol. 91(1), pages 1-17.
    12. Marchesi, Silvia & Missale, Alessandro, 2013. "Did High Debts Distort Loan and Grant Allocation to IDA Countries?," World Development, Elsevier, vol. 44(C), pages 44-62.
    13. Weichenrieder, Alfons & Bursian, Dirk & Zimmer, Jochen, 2014. "Trust in Government and Fiscal Adjustments," Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100369, Verein für Socialpolitik / German Economic Association.
    14. Betty Daniel, Christos Shiamptanis, 2015. "Predicting Sovereign Fiscal Crises: High-Debt Developed Countries," LCERPA Working Papers 0090, Laurier Centre for Economic Research and Policy Analysis, revised 05 May 2015.
    15. Carmen M. Reinhart & Vincent Reinhart & Kenneth Rogoff, 2014. "Dealing with Debt," NBER Chapters, in: NBER International Seminar on Macroeconomics 2014, pages 43-55 National Bureau of Economic Research, Inc.
    16. Betty Daniel & Christos Shiamptanis, 2008. "Fiscal Policy in the European Monetary Union," Discussion Papers 08-11, University at Albany, SUNY, Department of Economics.
    17. Darby, Julia & Melitz, Jacques, 2011. "Joint estimates of automatic and discretionary fiscal policy: the OECD 1981-2003," CEPR Discussion Papers 8342, C.E.P.R. Discussion Papers.
    18. Axel Schimmelpfennig & E. H. Gardner, 2008. "Lebanon—Weathering the Perfect Storms," IMF Working Papers 08/17, International Monetary Fund.
    19. Burret Heiko T. & Köhler Ekkehard A. & Feld Lars P., 2013. "Sustainability of Public Debt in Germany – Historical Considerations and Time Series Evidence," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 233(3), pages 291-335, June.
    20. C. Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2012. "On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment," Koç University-TUSIAD Economic Research Forum Working Papers 1218, Koc University-TUSIAD Economic Research Forum.
    21. Eberhardt, Markus & Presbitero, Andrea F., 2015. "Public debt and growth: Heterogeneity and non-linearity," Journal of International Economics, Elsevier, vol. 97(1), pages 45-58.
    22. Atish R. Ghosh & Jun I. Kim & Enrique G. Mendoza & Jonathan D. Ostry & Mahvash S. Qureshi, 2013. "Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies," Economic Journal, Royal Economic Society, vol. 0, pages F4-F30, 02.
    23. Paolo Mauro & Rafael Romeu & Ariel J Binder & Asad Zaman, 2013. "A Modern History of Fiscal Prudence and Profligacy," IMF Working Papers 13/5, International Monetary Fund.
    24. Vdovychenko Artem, 2016. "Fiscal Policy Rection and Sustainability of Fiscal Policy in Ukraine," EERC Working Paper Series 16/07e, EERC Research Network, Russia and CIS.
    25. Real Arai & Takuma Kunieda & Keigo Nishida, 2014. "Is Public Debt Growth-Enhancing or Growth-Reducing?," KIER Working Papers 884, Kyoto University, Institute of Economic Research.
    26. Towbin, P., 2012. "Financial Integration and External Sustainability," Working papers 388, Banque de France.
    27. Christos Shiamptanis, 2012. "Risk Assessment Under a Non-linear Fiscal Rule," Working Papers 038, Ryerson University, Department of Economics.
    28. Mendoza, Enrique G. & Tesar, Linda L. & Zhang, Jing, 2014. "Saving Europe? The unpleasant arithmetic of fiscal austerity in integrated economies," SAFE Working Paper Series 80, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
    29. Süleyman Bolat & Aviral Kumar Tiwari & Mihai Mutascu, 2014. "The behaviour of US and UK public debt: further evidence based on time varying parameters," Working Papers halshs-01107962, HAL.
    30. Christos Shiamptanis, 2014. "Risk Assessment Under A Nonlinear Fiscal Policy Rule," LCERPA Working Papers lm0063, Laurier Centre for Economic Research and Policy Analysis, revised Jun 2014.
    31. Abdul d Abiad & John C Bluedorn & Jaime Guajardo & Petia Topalova, 2012. "The Rising Resilience of Emerging Market and Developing Economies," IMF Working Papers 12/300, International Monetary Fund.
    32. Sakuragawa, Masaya & Hosono, Kaoru, 2011. "Fiscal sustainability in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 434-446.
    33. Torfinn Harding & Frederick Ploeg, 2013. "Official forecasts and management of oil windfalls," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(5), pages 827-866, October.
    34. Raghbendra Jha, 2007. "Fiscal Policy in Developing Countries: A Synoptic View," ASARC Working Papers 2007-01, The Australian National University, Australia South Asia Research Centre.
    35. Marcos Chamon & Christopher Crowe & Atish R. Ghosh & Jun Kim & Jonathan D. Ostry, 2009. "Conseils aux pays émergents sur la crise actuelle : quoi de neuf ? qu’est-ce qui a changé ? pourquoi ?," Revue d'Économie Financière, Programme National Persée, vol. 95(2), pages 307-323.
    36. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Membership in the Euro area and fiscal sustainability - Analysis through panel fiscal reaction functions," a/ Working Papers Series 1501, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    37. Sergey E. Pekarski, 2015. "Tight Money and the Sustainability of Public Debt," HSE Working papers WP BRP 95/EC/2015, National Research University Higher School of Economics.
    38. Piergallini, Alessandro & Postigliola, Michele, 2011. "Fiscal Policy and Public Debt Dynamics in Italy," MPRA Paper 28200, University Library of Munich, Germany.
    39. António Afonso & Priscilla Toffano, 2013. "Fiscal regimes in the EU," Working Papers Department of Economics 2013/10, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    40. Frantisek Hajnovic & Juraj Zeman, 2012. "Fiscal Space in the Euro zone," Working and Discussion Papers WP 5/2012, Research Department, National Bank of Slovakia.
    41. Joseph P. Byrne & Norbert Fiess & Ronald MacDonald, 2008. "The Global Dimension to Fiscal Sustainability," Working Papers 2008_10, Business School - Economics, University of Glasgow.
    42. guo, Min & zhao, jizhi & huang, yixuan, 2014. "国家债务适度规模研究 —基于因子增强阈值模型
      [a Study of Moderate Scale of Public Debt - Based on Factor-Augmented Threshold Model]
      ," MPRA Paper 56067, University Library of Munich, Germany.
    43. Niklas Potrafke & Markus Reischmann, 2012. "Fiscal Equalization Schemes and Fiscal Sustainability," CESifo Working Paper Series 3948, CESifo Group Munich.
    44. Stephanie Lo & Kenneth Rogoff, 2015. "Secular stagnation, debt overhang and other rationales for sluggish growth, six years on," BIS Working Papers 482, Bank for International Settlements.
    45. António Afonso & João Tovar Jalles, 2011. "A Longer-run Perspective on Fiscal Sustainability," Working Papers Department of Economics 2011/17, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    46. Ko, Jun-Hyung & Morita, Hiroshi, 2015. "Fiscal sustainability and regime shifts in Japan," Economic Modelling, Elsevier, vol. 46(C), pages 364-375.
    47. Alfons Weichenrieder & Jochen Zimmer, 2014. "Euro membership and fiscal reaction functions," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 21(4), pages 598-613, August.
    48. Carrera, Claudia Martínez & Vergara, Rodrigo, 2012. "Fiscal Sustainability: The Impact of Real Exchange Rate Shocks on Debt Valuation, Interest Rates and GDP Growth," World Development, Elsevier, vol. 40(9), pages 1762-1783.
    49. Rudi Kurniawan, 2015. "Does Indonesia Pursue Sustainable Fiscal Policy?," Working Papers in Economics and Development Studies (WoPEDS) 201504, Department of Economics, Padjadjaran University, revised Nov 2015.
    50. Syed, Munawar-Shah & Mariani, Abdul-Majid & Syed, Hussain-Shah, 2014. "Assessing Fiscal Sustainability for SAARC and IMT-GT Countries," MPRA Paper 62815, University Library of Munich, Germany, revised 2014.
    51. Niklas Potrafke & Markus Reischmann, 2014. "Fiskalische Nachhaltigkeit und Transferzahlungen," Ifo Schnelldienst, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(07), pages 17-22, 04.
    52. Niklas Potrafke & Markus Reischmann, 2015. "Fiscal Transfers and Fiscal Sustainability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(5), pages 975-1005, 08.
    53. Ghosh, Atish R. & Ostry, Jonathan D. & Qureshi, Mahvash S., 2013. "Fiscal space and sovereign risk pricing in a currency union," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 131-163.
    54. Vladimir Andrić & Milojko Arsić & Aleksandra Nojković, 2016. "Public Debt Sustainability In Serbia Before And During The Global Financial Crisis," Economic Annals, Faculty of Economics, University of Belgrade, vol. 61(210), pages 47 - 78, July - Se.
    55. Pedro Maia & Márcio Gomes Pinto Garcia, 2011. "A gerência recente do endividamento público brasileiro," Textos para discussão 595, Department of Economics PUC-Rio (Brazil).
    56. Ante Žigman & Boris Cota, 2011. "The impact of fiscal policy on government bond spreads in emerging markets," Financial Theory and Practice, Institute of Public Finance, vol. 35(4), pages 385-412.
    57. Maximilian Goedl & Christoph Zwick, 2015. "Stochastic Stability of Public Debt: The Case of Austria," Graz Economics Papers 2015-02, University of Graz, Department of Economics.
    58. Reicher, Claire, 2014. "Systematic fiscal policy and macroeconomic performance: A critical overview of the literature," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 8, pages 1-37.
    59. Plödt, Martin & Reicher, Claire A., 2015. "Estimating fiscal policy reaction functions: The role of model specification," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 113-128.
    60. Piotr Ciżkowicz & Andrzej Rzońca & Rafał Trzeciakowski, 2015. "Windfall of Low Interest Payments and Fiscal Sustainability in the Euro Area: Analysis through Panel Fiscal Reaction Functions," Kyklos, Wiley Blackwell, vol. 68(4), pages 475-510, November.
    61. Nerlich, Carolin & Reuter, Wolf Heinrich, 2015. "Fiscal rules, fiscal space and procyclical fiscal policy," Working Paper Series 1872, European Central Bank.

  26. Enrique G. Mendoza & Vincenzo Quadrini & Jose-Victor Rios-Rull, 2007. "Financial Integration, Financial Deepness and Global Imbalances," NBER Working Papers 12909, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2007. "Precautionary demand for foreign assets in sudden stop economies: an assessment of the new mercantilism," International Finance Discussion Papers 911, Board of Governors of the Federal Reserve System (U.S.).
    2. Ester Faia & Eleni Iliopulos, 2010. "Financial globalization, financial frictions and optimal monetary policy," Globalization and Monetary Policy Institute Working Paper 52, Federal Reserve Bank of Dallas.
    3. Michael B Devereux & Alan Sutherland, 2009. "A Portfolio Model of Capital Flows to Emerging Markets," Working Papers 082009, Hong Kong Institute for Monetary Research.
    4. Jack Favilukis & David Kohn & Sydney C. Ludvigson & Stijn Van Nieuwerburgh, 2012. "International Capital Flows and House Prices: Theory and Evidence," NBER Working Papers 17751, National Bureau of Economic Research, Inc.
    5. Qingyuan Du & Shang-Jin Wei, 2010. "A Sexually Unbalanced Model of Current Account Imbalances," NBER Working Papers 16000, National Bureau of Economic Research, Inc.
    6. Frankel, Jeffrey, 2009. "On Global Currencies," Working Paper Series rwp09-026, Harvard University, John F. Kennedy School of Government.
    7. Agnès Bénassy-Quéré & Benoît Coeuré & Pierre Jacquet & Jean Pisani-Ferry, 2009. "The Crisis: Policy Lessons and Policy Challenges," Working Papers 2009-28, CEPII research center.
    8. Jiandong Ju & Shang-Jin Wei, 2010. "Domestic Institutions and the Bypass Effect of Financial Globalization," American Economic Journal: Economic Policy, American Economic Association, vol. 2(4), pages 173-204, November.
    9. Pol Antràs & Ricardo J. Caballero, 2007. "Trade and Capital Flows: A Financial Frictions Perspective," NBER Working Papers 13241, National Bureau of Economic Research, Inc.
    10. Enrique G. Mendoza & Vincenzo Quadrini & José-Víctor Ríos-Rull, 2009. "On the Welfare Implications of Financial Globalization without Financial Development," NBER Chapters, in: NBER International Seminar on Macroeconomics 2007, pages 283-312 National Bureau of Economic Research, Inc.
    11. Philip R. Lane & Jay C. Shambaugh, 2007. "Financial Exchange Rates and International Currency Exposures," The Institute for International Integration Studies Discussion Paper Series iiisdp229, IIIS.
    12. Sebnem Kalemli-Ozcan & Bent Sørensen & Vadym Volosovych, 2010. "Deep Financial Integration and Volatility," NBER Working Papers 15900, National Bureau of Economic Research, Inc.
    13. Mendoza, Enrique G. & Quadrini, Vincenzo, 2010. "Financial globalization, financial crises and contagion," Journal of Monetary Economics, Elsevier, vol. 57(1), pages 24-39, January.
    14. Gust, Christopher & Leduc, Sylvain & Sheets, Nathan, 2009. "The adjustment of global external balances: Does partial exchange-rate pass-through to trade prices matter?," Journal of International Economics, Elsevier, vol. 79(2), pages 173-185, November.
    15. Raoul Minetti & Matteo Iacoviello, 2010. "Foreign Lenders in Emerging Economies," 2010 Meeting Papers 1050, Society for Economic Dynamics.
    16. Ellen R McGrattan & Edward C Prescott, 2008. "Technology Capital and the U.S. Current Account," Levine's Bibliography 122247000000001827, UCLA Department of Economics.
    17. Caballero, Ricardo J. & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," Scholarly Articles 3229094, Harvard University Department of Economics.
    18. Tarek A. Hassan, 2013. "Country Size, Currency Unions, and International Asset Returns," Journal of Finance, American Finance Association, vol. 68(6), pages 2269-2308, December.
    19. Carol Bertaut & Laurie Pounder DeMarco & Steven B. Kamin & Ralph W. Tryon, 2011. "ABS Inflows to the United States and the Global Financial Crisis," NBER Working Papers 17350, National Bureau of Economic Research, Inc.
    20. Mark Gertler & Lars Svensson & Andrea Ferrero, 2008. "Current Account Dynamics and Monetary Policy," 2008 Meeting Papers 359, Society for Economic Dynamics.
    21. Pierre-Olivier & Olivier Jeanne, 2009. "Capital Flows to Developing Countries: The Allocation Puzzle," Working Paper Series WP09-12, Peterson Institute for International Economics.
    22. Francisco Serranito & Jean-Baptiste Gossé, 2014. "Long-run determinants of current accounts in OECD countries: Lessons for intra-European imbalances," Post-Print hal-01384673, HAL.
    23. Christopher D. Carroll & Olivier Jeanne, 2009. "A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds," NBER Working Papers 15228, National Bureau of Economic Research, Inc.
    24. Jean Pisani-Ferry & Jérémie Cohen-Setton, 2008. "Asia-Europe: the third link," European Economy - Economic Papers 2008 - 2015 352, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    25. Robert Vermeulen & Jakob de Haan, 2012. "Net Foreign Asset (Com)position: Does Financial Development Matter?," DNB Working Papers 340, Netherlands Central Bank, Research Department.
    26. Cacciatore, Matteo & Ghironi, Fabio & Stebunovs, Viktors, 2015. "The domestic and international effects of interstate U.S. banking," Journal of International Economics, Elsevier, vol. 95(2), pages 171-187.
    27. Joseph W. Gruber & Steven B. Kamin, 2008. "Do differences in financial development explain the global pattern of current account imbalances?," International Finance Discussion Papers 923, Board of Governors of the Federal Reserve System (U.S.).
    28. Kenza Benhima, 2008. "A Reappraisal of the Allocation Puzzle through the Portfolio Approach," EconomiX Working Papers 2008-27, University of Paris West - Nanterre la Défense, EconomiX.
    29. Obstfeld, Maurice & Rogoff, Kenneth, 2009. "Global imbalances and the financial crisis: products of common causes," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 131-172.
    30. Stephanie E. Curcuru & Tomas Dvorak & Francis E. Warnock, 2008. "Cross-border returns differentials," International Finance Discussion Papers 921, Board of Governors of the Federal Reserve System (U.S.).
    31. Alessandra Fogli & Fabrizio Perri, 2006. "The Great Moderation and the U.S. External Imbalance," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 24(S1), pages 209-225, December.
    32. Corsetti, Giancarlo & Martin, Philippe & Pesenti, Paolo, 2008. "Varieties and the Transfer Problem: the Extensive Margin of Current Account Adjustment," CEPR Discussion Papers 6660, C.E.P.R. Discussion Papers.
    33. Pavlova, Anna & Rigobon, Roberto, 2011. "International Macro-Finance," CEPR Discussion Papers 8218, C.E.P.R. Discussion Papers.
    34. Yongsung Chang & Sun-Bin Kim & Jaewoo Lee, 2012. "Accounting for Global Dispersion of Current Accounts," Working papers 2012rwp-44, Yonsei University, Yonsei Economics Research Institute.
    35. Stefano Giglio & Tiago Severo, 2011. "Intangible Capital, Relative Asset Shortages and Bubbles," Levine's Working Paper Archive 786969000000000121, David K. Levine.
    36. Devereux, Michael B., 2009. "A simple model of emerging market portfolio structure," International Review of Economics & Finance, Elsevier, vol. 18(3), pages 457-468, June.
    37. Anna Pavlova & Roberto Rigobon, 2007. "An Asset-Pricing View of External Adjustment," NBER Working Papers 13468, National Bureau of Economic Research, Inc.
    38. Mark Aguiar & Manuel Amador, 2009. "Growth in the Shadow of Expropriation," Discussion Papers 08-051, Stanford Institute for Economic Policy Research.
    39. King, Mervyn, 2011. "Global imbalances: the perspective of the Bank of England," Bank of England Quarterly Bulletin, Bank of England, vol. 51(1), pages 43-48.
    40. Holger Zemanek & Ansgar Belke & Gunther Schnabl, 2010. "Current account balances and structural adjustment in the euro area," International Economics and Economic Policy, Springer, vol. 7(1), pages 83-127, May.
    41. Qingyuan Du & Shang-Jin Wei, 2011. "A Darwinian Perspective on "Exchange Rate Undervaluation"," NBER Working Papers 16788, National Bureau of Economic Research, Inc.
    42. Lipsky, John, 2009. "Asia, the financial crisis, and global economic governance - closing remarks," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 347-353.
    43. Kjetil Storesletten & Fabrizio Zilibotti & Zheng Song, 2009. "Growing like China," 2009 Meeting Papers 912, Society for Economic Dynamics.
    44. Stephanie E. Curcuru & Tomas Dvorak & Francis E. Warnock, 2007. "The Stability of Large External Imbalances: The Role of Returns Differentials," NBER Working Papers 13074, National Bureau of Economic Research, Inc.
    45. Tommaso Trani, 2013. "Country Portfolios with Heterogeneous Pledgeability," Faculty Working Papers 02/13, School of Economics and Business Administration, University of Navarra.
    46. Didier, Tatiana & Lowenkron, Alexandre, 2009. "The current account as a dynamic portfolio choice problem," Policy Research Working Paper Series 4861, The World Bank.
    47. Qingyuan Du & Shang-Jin Wei, 2013. "A Theory of the Competitive Saving Motive," NBER Working Papers 18911, National Bureau of Economic Research, Inc.
    48. Kaminska, Iryna & Vayanos, Dimitri & Zinna, Gabriele, 2011. "Preferred-habitat investors and the US term structure of real rates," Bank of England working papers 435, Bank of England.
    49. Panousi, Vasia, 2009. "Financial Integration and Capital Accumulation," MPRA Paper 24238, University Library of Munich, Germany.
    50. Carol C. Bertaut & Laurie Pounder Demarco & Steven B. Kamin & Ralph W. Tryon, 2011. "ABS inflows to the United States and the global financial crisis," International Finance Discussion Papers 1028, Board of Governors of the Federal Reserve System (U.S.).
    51. Francisco J. Buera & Yongseok Shin, 2009. "Productivity Growth and Capital Flows: The Dynamics of Reforms," NBER Working Papers 15268, National Bureau of Economic Research, Inc.
    52. Sydney Ludvigson & Stijn Van Nieuwerburgh & Jack Favilukis, 2012. "Foreign Ownership of U.S. Safe Assets: Good or Bad?," 2012 Meeting Papers 297, Society for Economic Dynamics.
    53. Herrmann, Sabine & Winkler, Adalbert, 2008. "Financial markets and the current account: emerging Europe versus emerging Asia," Discussion Paper Series 1: Economic Studies 2008,05, Deutsche Bundesbank, Research Centre.
    54. Fratzscher, Marcel & Straub, Roland, 2010. "Asset Prices, News Shocks and the Current Account," CEPR Discussion Papers 8080, C.E.P.R. Discussion Papers.
    55. Viktors Stebunovs & Fabio Ghironi, 2008. "The Domestic and International Effects of Financial Deregulation," 2008 Meeting Papers 676, Society for Economic Dynamics.
    56. Claudio Borio & Piti Disyatat, 2011. "Global imbalances and the financial crisis: Link or no link?," BIS Working Papers 346, Bank for International Settlements.
    57. Guonan Ma & Zhou Haiwen, 2009. "China’s evolving external wealth and rising creditor position," BIS Working Papers 286, Bank for International Settlements.
    58. Cheung, Yin-Wong & Yuk-Pang Wong, Clement, 2007. "Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios," Economics Discussion Papers 2007-24, Kiel Institute for the World Economy (IfW).
    59. Carlos A. Carrasco & Felipe Serrano, 2014. "Global and European Imbalances:A critical review," Working papers wpaper42, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    60. Marques, Luis B, 2007. "Welfare Implications of Exchange Rate Changes," MPRA Paper 5721, University Library of Munich, Germany.
    61. Elias Papaioannou & Richard Portes, 2008. "The international role of the euro: a status report," European Economy - Economic Papers 2008 - 2015 317, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    62. Kuralbayeva, Karlygash & Vines, David, 2009. "The process by which the Dollar will fall: the effect of forward-looking consumers," CEPR Discussion Papers 7325, C.E.P.R. Discussion Papers.
    63. Luiz de Mello & Pier Carlo Padoan & Linda Rousová, 2010. "Are Global Imbalances Sustainable?: Shedding Further Light on the Causes of Current Account Reversals," OECD Economics Department Working Papers 813, OECD Publishing.
    64. Timothy J. Kehoe & Kim J. Ruhl & Joe Steinberg, 2013. "What will happen when foreigners stop lending to the United States?," Economic Policy Paper 13-4, Federal Reserve Bank of Minneapolis.
    65. Bertaut, Carol & DeMarco, Laurie Pounder & Kamin, Steven & Tryon, Ralph, 2012. "ABS inflows to the United States and the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 219-234.
    66. Speller, William & Thwaites, Gregory & Wright, Michelle, 2011. "Financial Stability Paper No 12: The Future of International Capital Flows," Bank of England Financial Stability Papers 12, Bank of England.
    67. Andrea Ferrero, 2007. "The long-run determinants of U.S. external imbalances," Staff Reports 295, Federal Reserve Bank of New York.
    68. Guy M Meredith, 2007. "Debt Dynamics and Global Imbalances; Some Conventional Views Reconsidered," IMF Working Papers 07/4, International Monetary Fund.
    69. Claudio BORIO & Piti DISYATAT, 2010. "Global Imbalances and the Financial Crisis: Reassessing the Role of International Finance," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(2), pages 198-216, December.
    70. Diego Valderrama, 2008. "Are global imbalances due to financial underdevelopment in emerging economies?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue apr11.
    71. Kurmas Akdogan, 2010. "Foreign Exchange Reserves in a Credit Constrained Economy," Birkbeck Working Papers in Economics and Finance 1014, Birkbeck, Department of Economics, Mathematics & Statistics.

  27. C. Bora Durdu & Enrique G. Mendoza & Marco Terrones, 2007. "Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism: Working Paper 2007-10," Working Papers 18952, Congressional Budget Office.

    Cited by:

    1. Eswar S. Prasad & Raghuram G. Rajan, 2008. "A Pragmatic Approach to Capital Account Liberalization," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 149-72, Summer.
    2. Jung, Kuk Mo & Pyun, Ju Hyun, 2016. "International reserves for emerging economies: A liquidity approach," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 230-257.
    3. Marco E. Terrones & Enrique G. Mendoza & Ceyhun Bora Durdu, 2008. "Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism," 2008 Meeting Papers 56, Society for Economic Dynamics.
    4. Patrick Carvalho & Renee A. Fry-McKibbin, 2014. "Foreign Reserve Accumulation and the Mercantilist Motive Hypothesis," CAMA Working Papers 2014-18, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    5. Olivier Jeanne, 2007. "International Reserves in Emerging Market Countries: Too Much of a Good Thing?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 1-80.
    6. Alessandra Fogli & Fabrizio Perri, 2015. "Macroeconomic Volatility and External Imbalances," NBER Working Papers 20872, National Bureau of Economic Research, Inc.
    7. Hoffmann, Mathias & Krause, Michael & Tillmann, Peter, 2014. "International capital flows, external assets and output volatility," Discussion Papers 30/2014, Deutsche Bundesbank, Research Centre.
    8. Diego Valderrama & Katherine Smith, 2009. "Why Do Emerging Economies Import Direct Investment and Export Savings? A Story of Financial Underdevelopment," 2009 Meeting Papers 1160, Society for Economic Dynamics.

  28. Enrique G. Mendoza, 2006. "Lessons From the Debt-Deflation Theory of Sudden Stops," NBER Working Papers 11966, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ahmet Aysan & Salih Fendoglu & Mustafa Kilinc, 2014. "Managing short-term capital flows in new central banking: unconventional monetary policy framework in Turkey," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 4(1), pages 45-69, June.
    2. Durdu, Ceyhun Bora & Mendoza, Enrique G. & Terrones, Marco E., 2009. "Precautionary demand for foreign assets in Sudden Stop economies: An assessment of the New Mercantilism," Journal of Development Economics, Elsevier, vol. 89(2), pages 194-209, July.
    3. Hale, Galina B & Razin, Assaf & Tong, Hui, 2007. "Creditor Protection and Stock Price Volatility," CEPR Discussion Papers 6540, C.E.P.R. Discussion Papers.
    4. Mendicino, Caterina, 2008. "On the amplification role of collateral constraints," MPRA Paper 9425, University Library of Munich, Germany.
    5. Ricardo Reis, 2013. "The Portugese Slump and Crash and the Euro Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(1 (Spring), pages 143-210.
    6. Lin, Li & Tsomocos, Dimitrios P. & Vardoulakis, Alexandros P., 2015. "Debt deflation effects of monetary policy," Journal of Financial Stability, Elsevier, vol. 21(C), pages 81-94.
    7. Kamber, Günes & Smith, Christie & Thoenissen, Christoph, 2015. "Financial frictions and the role of investment-specific technology shocks in the business cycle," Economic Modelling, Elsevier, vol. 51(C), pages 571-582.
    8. Almira Buzaushina & Michael Brei, 2009. "Matching International Financial Shocks in Emerging Markets," Bonn Econ Discussion Papers bgse2_2009, University of Bonn, Germany.
    9. Hale, Galina B & Razin, Assaf & Tong, Hui, 2008. "Creditor Protection, Contagion, and Stock Market Price Volatility," CEPR Discussion Papers 6658, C.E.P.R. Discussion Papers.
    10. Levan Efremidze & Akinori Tomohara, 2011. "Have the Implications of Twin Deficits Changed?: Sudden Stops over Decades," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(1), pages 66-76, February.
    11. Franz Hamann & Jesús Bejarano & Diego Rodríguez, 2015. "Monetary policy implications for an oil-exporting economy of lower long-run international oil prices," BORRADORES DE ECONOMIA 012615, BANCO DE LA REPÚBLICA.
    12. Jon Frost & Ruben van Tilburg, 2014. "Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises," DNB Working Papers 441, Netherlands Central Bank, Research Department.
    13. Michael Brei & Almira Buzaushina, 2015. "International Financial Shocks in Emerging Markets," EconomiX Working Papers 2015-11, University of Paris West - Nanterre la Défense, EconomiX.
    14. Galina Hale & Assaf Razin & Hui Tong, 2008. "Credit Crunch, Creditor Protection, and Asset Prices," Working Papers 162008, Hong Kong Institute for Monetary Research.
    15. S. Tolga Tiryaki, 2014. "Sectoral Asymmetries in a Small Open Economy," Working Papers 1433, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    16. Aliya Algozhina, 2012. "Monetary and Fiscal Policy Interactions in an Emerging Open Economy: a Non-Ricardian DSGE Approach," FIW Working Paper series 094, FIW, revised Dec 2012.
    17. Jaromir Benes & Andrew Berg & Rafael Portillo & Mai Dao & Alfredo Baldini, 2012. "Monetary Policy in Low Income Countries in the Face of the Global Crisis; The Case of Zambia," IMF Working Papers 12/94, International Monetary Fund.
    18. Central Bank of the United Arab Emirates, 2016. "Credit cycles and macroprudential policy framework in emerging countries," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy, volume 86, pages 17-25 Bank for International Settlements.
    19. Joyce, Joseph P. & Nabar, Malhar, 2009. "Sudden stops, banking crises and investment collapses in emerging markets," Journal of Development Economics, Elsevier, vol. 90(2), pages 314-322, November.
    20. Ronald U. Mendoza, 2007. "A Compendium of Policy Instruments to Enhance Financial Stability and Debt Management in Emerging Market Economies," Working Papers 48, United Nations, Department of Economics and Social Affairs.
    21. Hans Dewachter & Raf Wouters, 2012. "Endogenous risk in a DSGE model with capital-constrained financial intermediaries," Working Paper Research 235, National Bank of Belgium.
    22. Thierry Tressel & Thierry Verdier, 2007. "Financial Globalization and the Governance of Domestic Financial Intermediaries," IMF Working Papers 07/47, International Monetary Fund.
    23. Heymann, Daniel, 2007. "Macroeconomics of broken promises," Documentos de Proyectos 105, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    24. Uluc Aysun & Adam Honig, 2008. "Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops," Working papers 2008-41, University of Connecticut, Department of Economics.

  29. Enrique G. Mendoza & P. Marcelo Oviedo, 2006. "Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer," NBER Working Papers 12586, National Bureau of Economic Research, Inc.

    Cited by:

    1. Lacina Balma & Mthuli Ncube, 2015. "Macroeconomic Challenges of Structural Transformation; Public Investment, Growth and Debt Sustainability in Sierra Leone," IMF Working Papers 15/164, International Monetary Fund.
    2. Ianchovichina, Elena & Liu, Lili & Nagarajan, Mohan, 2006. "Subnational fiscal sustainability analysis : what can we learn from Tamil Nadu ?," Policy Research Working Paper Series 3947, The World Bank.
    3. Vulentin, Guillermo & Vegh, Carlos A & Frankel, Jeffrey A., 2012. "On Graduation from Fiscal Procyclicality," Scholarly Articles 8694931, Harvard Kennedy School of Government.
    4. Bauducco, Sofia & Caprioli, Francesco, 2014. "Optimal fiscal policy in a small open economy with limited commitment," Journal of International Economics, Elsevier, vol. 93(2), pages 302-315.
    5. Lee Robinson & Alice Nicole Sindzingre, 2012. "China’s Ambiguous Impacts on Commodity-Dependent Countries: the Example of Sub-Saharan Africa (with a Focus on Zambia)," EconomiX Working Papers 2012-39, University of Paris West - Nanterre la Défense, EconomiX.
    6. Huixin Bi & Wenyi Shen & Susan S. Yang, 2014. "Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries," IMF Working Papers 14/49, International Monetary Fund.
    7. Oviedo, P. Marcelo, 2006. "Sustainable Fiscal Policy with Rising Public Debt-To-Gdp Ratios," Staff General Research Papers Archive 12701, Iowa State University, Department of Economics.
    8. Valentinyi, Ákos & Pápa, Levente, 2008. "Költségvetési fenntarthatóság
      [Budget sustainability]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 395-426.
    9. Ceyhun Bora Durdu & Ricardo Nunes & Horacio Sapriza, 2010. "News and sovereign default risk in small open economies," International Finance Discussion Papers 997, Board of Governors of the Federal Reserve System (U.S.).
    10. Carneiro,Francisco Galrao & Hnatkovska,Viktoria, 2016. "Business cycles in the eastern Caribbean economies: the role of fiscal policy and interest rates," Policy Research Working Paper Series 7545, The World Bank.
    11. Carmen M. Reinhart & Miguel Angel Santos, 2015. "From Financial Repression to External Distress: The Case of Venezuela," NBER Working Papers 21333, National Bureau of Economic Research, Inc.
    12. Cruz-Rodríguez, Alexis, 2014. "Assessing fiscal sustainability in some selected countries," MPRA Paper 54975, University Library of Munich, Germany.
    13. Arze del Granado, Javier & Gupta, Sanjeev & Hajdenberg, Alejandro, 2013. "Is Social Spending Procyclical? Evidence for Developing Countries," World Development, Elsevier, vol. 42(C), pages 16-27.
    14. Frankel, Jeffrey A., 2011. "A Lesson from the South for Fiscal Policy in the US and Other Advanced Countries," Scholarly Articles 8705907, Harvard Kennedy School of Government.
    15. Ethan Ilzetzki & Carlos A. Vegh, 2008. "Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?," NBER Working Papers 14191, National Bureau of Economic Research, Inc.
    16. Jeffrey A. Frankel, 2011. "A Solution to Fiscal Procyclicality: The Structural Budget Institutions Pioneered by Chile," NBER Working Papers 16945, National Bureau of Economic Research, Inc.
    17. Frankel, Jeffrey A., 2011. "How Can Commodity Exporters Make Fiscal and Monetary Policy Less Procyclical?," Scholarly Articles 4735392, Harvard Kennedy School of Government.
    18. Frankel, Jeffrey A., 2012. "The Natural Resource Curse: A Survey of Diagnoses and Some Prescriptions," Working Paper Series rwp12-014, Harvard University, John F. Kennedy School of Government.
    19. Mendoza, Enrique G. & Ostry, Jonathan D., 2008. "International evidence on fiscal solvency: Is fiscal policy "responsible"?," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1081-1093, September.
    20. Ilzetzki, Ethan, 2006. "Rent seeing distortions and fiscal procyclicality," MPRA Paper 8726, University Library of Munich, Germany, revised 01 Dec 2007.
    21. Frankel, Jeffrey A., 2011. "Over-optimism in Forecasts by Official Budget Agencies and its Implications," Scholarly Articles 8705906, Harvard Kennedy School of Government.
    22. Frankel, Jeffrey, 2011. "A Solution to Overoptimistic Forecasts and Fiscal Procyclicality: The Structural Budget Institutions Pioneered by Chile," Working Paper Series 11-012, Harvard University, John F. Kennedy School of Government.
    23. Frankel, Jeffrey, 2010. "The Natural Resource Curse: A Survey," Working Paper Series rwp10-005, Harvard University, John F. Kennedy School of Government.
    24. Cuadra, Gabriel & Sapriza, Horacio, 2008. "Sovereign default, interest rates and political uncertainty in emerging markets," Journal of International Economics, Elsevier, vol. 76(1), pages 78-88, September.
    25. Roberta Moreira Wichmann & Marcelo Savino Portugal, 2014. "Política Fiscal Assimétrica: O Caso Do Brasil," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41th Brazilian Economics Meeting] 038, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    26. Wichmann, Roberta Moreira & Portugal, Marcelo Savino, 2013. "Política Fiscal Assimétrica: O Caso do Brasil," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 67(3), July.
    27. Karim Barhoumi & Reda Cherif & Nooman Rebei, 2016. "Stochastic Trends, Debt Sustainability and Fiscal Policy," IMF Working Papers 16/59, International Monetary Fund.
    28. Tari Lestari, 2014. "Can Indonesia’s Fiscal Policy be Sustained, with Exploding Debt?," Working Papers in Economics and Development Studies (WoPEDS) 201415, Department of Economics, Padjadjaran University, revised Nov 2014.
    29. Koehler-Geib,Fritzi & Hnatkovska,Viktoria, 2015. "Business cycles accounting for Paraguay," Policy Research Working Paper Series 7284, The World Bank.
    30. Christoph Trebesch & Michael G Papaioannou & Udaibir S Das, 2012. "Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts," IMF Working Papers 12/203, International Monetary Fund.
    31. Nasha Ananchotikul & Chayawadee Chai-anant & Krist Dacharux & Manop Udomkerdmongkol, 2009. "Thailand’s Medium-term Macroeconomic Policies: Major Challenges and Appropriate Responses," Working Papers 2009-05, Economic Research Department, Bank of Thailand.
    32. Patrick Carter, 2015. "Aid Econometrics: Lessons from a Stochastic Growth Model," Bristol Economics Discussion Papers 15/659, Department of Economics, University of Bristol, UK.
    33. Cruz-Rodriguez, Alexis, 2013. "La END, el plan nacional plurianual del sector público y la sostenibilidad fiscal en la República Dominicana
      [The Dominican National Development Strategy (END), the National Multi-Year Public Secto
      ," MPRA Paper 49376, University Library of Munich, Germany.
    34. Enrique G. Mendoza & P. Marcelo Oviedo, 2009. "Public Debt, Fiscal Solvency and Macroeconomic Uncertainty in Latin America The Cases of Brazil, Colombia, Costa Rica and Mexico," Economía Mexicana NUEVA ÉPOCA, , vol. 0(2), pages 133-173, July-Dece.
    35. Sakuragawa, Masaya & Hosono, Kaoru, 2011. "Fiscal sustainability in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 434-446.
    36. Evan C Tanner, 2013. "Fiscal Sustainability; A 21st Century Guide for the Perplexed," IMF Working Papers 13/89, International Monetary Fund.

  30. Enrique G. Mendoza, 2006. "Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q," NBER Working Papers 12564, National Bureau of Economic Research, Inc.

    Cited by:

    1. Brutti, Filippo, 2011. "Sovereign defaults and liquidity crises," Journal of International Economics, Elsevier, vol. 84(1), pages 65-72, May.
    2. Kosuke Aoki & Gianluca Benigno & Nobuhiro Kiyotaki, 2009. "Capital Flows and Asset Prices," CEP Discussion Papers dp0921, Centre for Economic Performance, LSE.
    3. Brzoza-Brzezina, Michał & Jacquinot, Pascal & Kolasa, Marcin, 2010. "Can we prevent boom-bust cycles during euro area accession?," Working Paper Series 1280, European Central Bank.
    4. Marco Terrones & Enrique G. Mendoza, 2008. "An Anatomy of Credit Booms; Evidence From Macro Aggregates and Micro Data," IMF Working Papers 08/226, International Monetary Fund.
    5. Tomoyuki Nakajima & Masaru Inaba & Keiichiro Kobayashi, 2007. "Collateral constraint and news-driven cycles," 2007 Meeting Papers 320, Society for Economic Dynamics.
    6. Guido Sandleris & Mark L. J. Wright, 2014. "The Costs of Financial Crises: Resource Misallocation, Productivity, and Welfare in the 2001 Argentine Crisis," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 87-127, 01.
    7. Nan Li, 2011. "Cyclical Wage Movements in Emerging Markets Compared to Developed Economies: the Role of Interest Rates," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(4), pages 686-704, October.
    8. Ester Faia & Eleni Iliopulos, 2010. "Financial Globalization, Financial Frictions and Optimal Monetary Policy," Documents de travail du Centre d'Economie de la Sorbonne 10053, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    9. Timothy J. Kehoe & Kim J. Ruhl, 2007. "Are shocks to the terms of trade shocks to productivity?," Staff Report 391, Federal Reserve Bank of Minneapolis.
    10. Yulia Vymyatnina & Mikhail Pakhnin, 2014. "Application of Minsky's Theory to State-Dominated Economies," EUSP Department of Economics Working Paper Series Ec-03/14, European University at St. Petersburg, Department of Economics.
    11. Michael B. Devereux & James Yetman, 2010. "Leverage Constraints and the International Transmission of Shocks," Working Papers 132010, Hong Kong Institute for Monetary Research.
    12. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate," NBER Working Papers 14395, National Bureau of Economic Research, Inc.
    13. Gauvin, L. & McLoughlin, C. & Reinhardt, D., 2013. "Policy Uncertainty Spillovers to Emerging Markets - Evidence from Capital Flows," Working papers 435, Banque de France.
    14. Vasco Cúrdia, 2007. "Monetary policy under sudden stops," Staff Reports 278, Federal Reserve Bank of New York.
    15. Ester Faia, 2011. "Macroeconomic and welfare implications of financial globalization," Journal of Applied Economics, Universidad del CEMA, vol. 14, pages 119-144, May.
    16. Laura Alfaro & Fabio Kanczuk, 2007. "Optimal Reserve Management and Sovereign Debt," NBER Working Papers 13216, National Bureau of Economic Research, Inc.
    17. Smith, Katherine A. & Valderrama, Diego, 2009. "The composition of capital inflows when emerging market firms face financing constraints," Journal of Development Economics, Elsevier, vol. 89(2), pages 223-234, July.
    18. Galina Hale & Carlos O. Arteta, 2007. "Currency crises and foreign credit in emerging markets: credit crunch or demand effect?," Working Paper Series 2007-02, Federal Reserve Bank of San Francisco.
    19. Timothy J. Kehoe & Kim Ruhl, 2008. "Data Appendix to "Are Shocks to the Terms of Trade Shocks to Productivity?"," Technical Appendices 07-40, Review of Economic Dynamics.
    20. Durdu, Ceyhun Bora & Mendoza, Enrique G. & Terrones, Marco E., 2009. "Precautionary demand for foreign assets in Sudden Stop economies: An assessment of the New Mercantilism," Journal of Development Economics, Elsevier, vol. 89(2), pages 194-209, July.
    21. Trejos, Alberto & Ferreira, Pedro Cavalcanti, 2008. "Trade in intermediate goods and total factor productivity," Economics Working Papers (Ensaios Economicos da EPGE) 676, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    22. Koehler-Geib, Friederike Norma, 2008. "The Effect of Uncertainty on the Occurrence and Spread of Financial Crises," Munich Dissertations in Economics 8067, University of Munich, Department of Economics.
    23. Piero Ferri & AnnaMaria Variato, 2010. "Financial Fragility, the Minskian Triad, and Economic Dynamics," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 39(2), pages 70-82, July.
    24. Kurmas Akdogan, 2010. "Foreign Exchange Reserves in a Credit Constrained Economy," Birkbeck Working Papers in Economics and Finance 1014, Birkbeck, Department of Economics, Mathematics & Statistics.
    25. Enrique Mendoza, 2006. "EconomicDynamics Interviews Enrique Mendoza on Financial Frictions, Sudden Stops and Global Imbalances," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 8(1), November.
    26. Catão, Luis A.V. & Fostel, Ana & Kapur, Sandeep, 2009. "Persistent gaps and default traps," Journal of Development Economics, Elsevier, vol. 89(2), pages 271-284, July.
    27. Mertens, Karel, 2007. "The Role of Expectations in Sudden Stops," Working Papers 07-10, Cornell University, Center for Analytic Economics.
    28. Uluc Aysun & Adam Honig, 2008. "Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops," Working papers 2008-41, University of Connecticut, Department of Economics.
    29. Brutti, Filippo, 2008. "Legal enforcement, public supply of liquidity and sovereign risk," MPRA Paper 13949, University Library of Munich, Germany.
    30. Ester Faia, 2007. "Welfare Implications of Capital Account Liberalization," CEIS Research Paper 92, Tor Vergata University, CEIS.
    31. Enrique G. Mandoza & Vivian Z. Yue, 2008. "A solution to the default risk-business cycle disconnect," International Finance Discussion Papers 924, Board of Governors of the Federal Reserve System (U.S.).
    32. Calderón, César & Fuentes, J. Rodrigo, 2014. "Have business cycles changed over the last two decades? An empirical investigation," Journal of Development Economics, Elsevier, vol. 109(C), pages 98-123.
    33. Cristina Arellano, 2008. "Default Risk and Income Fluctuations in Emerging Economies," American Economic Review, American Economic Association, vol. 98(3), pages 690-712, June.
    34. KOBAYASHI Keiichiro, 2009. "Asset-Price Collapse and Market Disruption - A model of financial crises -," Discussion papers 09045, Research Institute of Economy, Trade and Industry (RIETI).
    35. Arteta, Carlos & Hale, Galina, 2008. "Sovereign debt crises and credit to the private sector," Journal of International Economics, Elsevier, vol. 74(1), pages 53-69, January.
    36. Ruy Lama, 2009. "Accounting for Output Drops in Latin America," IMF Working Papers 09/67, International Monetary Fund.
    37. INABA Masaru & KOBAYASHI Keiichiro, 2009. "Quantitative Significance of Collateral Constraints as an Amplification Mechanism," Discussion papers 09035, Research Institute of Economy, Trade and Industry (RIETI).
    38. Benjamin, David M. & Meza, Felipe, 2007. "Total factor productivity and labor reallocation: the case of the 1997 Korea crisis," Discussion Paper Series In Economics And Econometrics 0701, Economics Division, School of Social Sciences, University of Southampton.
    39. Joyce, Joseph P. & Nabar, Malhar, 2009. "Sudden stops, banking crises and investment collapses in emerging markets," Journal of Development Economics, Elsevier, vol. 90(2), pages 314-322, November.
    40. Enrique G. Mendoza & Vivian Z. Yue, 2008. "A Solution to the Disconnect between Country Risk and Business Cycle Theories," NBER Working Papers 13861, National Bureau of Economic Research, Inc.
    41. Bertrand Gruss & Karel Mertens, 2009. "Regime Switching Interest Rates and Fluctuations in Emerging Markets," Economics Working Papers ECO2009/22, European University Institute.

  31. Enrique G. Mendoza & P. Marcelo Oviedo, 2006. "Fiscal Policy and Macroeconomic Uncertainty in Emerging Markets: The Tale of the Tormented Insurer," 2006 Meeting Papers 377, Society for Economic Dynamics.

    Cited by:

    1. Juan Equiza Goni, 2014. "Sovereign Debt in the U.S. and Growth Expectations," Working Papers ECARES ECARES 2014-25, ULB -- Universite Libre de Bruxelles.
    2. -, 2008. "Public debt sustainability in the Caribbean," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38710, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Pablo D'Erasmo & Enrique G. Mendoza & Jing Zhang, 2015. "What is a Sustainable Public Debt?," NBER Working Papers 21574, National Bureau of Economic Research, Inc.

  32. Enrique G. Mendoza, 2005. "Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies," NBER Working Papers 11691, National Bureau of Economic Research, Inc.

    Cited by:

    1. Papa N'Diaye & Ping Zhang & Wenlang Zhang, 2008. "Structural Reform, Intra-Regional Trade, and Medium-Term Growth Prospects of East Asia and the Pacific --- Perspectives from a new multi-region model," Working Papers 0817, Hong Kong Monetary Authority.
    2. Olivier Jeanne & Anton Korinek, 2010. "Managing Credit Booms and Busts: A Pigouvian Taxation Approach," Working Paper Series WP10-12, Peterson Institute for International Economics.
    3. Marco E. Terrones & Enrique G. Mendoza & Ceyhun Bora Durdu, 2008. "Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Mercantilism," 2008 Meeting Papers 56, Society for Economic Dynamics.
    4. Michael Kumhof & Douglas Laxton, 2009. "Chile’s Structural Fiscal Surplus Rule; A Model-Based Evaluation," IMF Working Papers 09/88, International Monetary Fund.
    5. Durdu, Ceyhun Bora, 2009. "Quantitative implications of indexed bonds in small open economies," Journal of Economic Dynamics and Control, Elsevier, vol. 33(4), pages 883-902, April.
    6. Kim Ruhl & Joseph Steinberg & Timothy Kehoe, 2013. "Global Imbalances and Structural Change in the United States," 2013 Meeting Papers 1089, Society for Economic Dynamics.
    7. Anton Korinek & Damiano Sandri, 2016. "Capital Controls or Macroprudential Regulation?," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015 National Bureau of Economic Research, Inc.
    8. Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, American Economic Association, vol. 96(2), pages 411-416, May.
    9. Thepthida Sopraseuth & Jean-Olivier Hairault, 2008. "Fluctuations internationales et dynamique du taux de change," Économie et Prévision, Programme National Persée, vol. 183(2), pages 65-91.
    10. Vanda Almeida & Gabriela Lopes de Castro & Ricardo Mourinho Félix, 2008. "Improving Competition in the Non-Tradable Goods and Labour Markets: The Portuguese Case," Working Papers w200816, Banco de Portugal, Economics and Research Department.
    11. Vanda Almeida & Gabriela Lopes de Castro & Ricardo Mourinho Félix & José R. Maria, 2011. "Fiscal Consolidation in a Small Euro Area Economy," Working Papers w201105, Banco de Portugal, Economics and Research Department.
    12. Tiryaki, S. Tolga, 2014. "Sectoral asymmetries in a small open economy," Economic Modelling, Elsevier, vol. 43(C), pages 465-475.
    13. Enrique G. Mendoza & Marco E. Terrones, 2008. "An anatomy of credit booms: evidence from macro aggregates and micro data," International Finance Discussion Papers 936, Board of Governors of the Federal Reserve System (U.S.).
    14. Ceyhun Bora Durdu & Serdar Sayan, 2010. "Emerging Market Business Cycles with Remittance Fluctuations," IMF Staff Papers, Palgrave Macmillan, vol. 57(2), pages 303-325, June.
    15. Kumhof, Michael & Yan, Isabel, 2016. "Balance-of-payments anti-crises," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 186-202.
    16. Michael Kumhof & Shujing Li & Isabel Yan, . "Balance of Payments Crises Under Inflation Targeting," Working Papers 00020, Stanford University, Department of Economics.
    17. Leif Lybecker Eskesen, 2009. "Countering the Cycle—The Effectiveness of Fiscal Policy in Korea," IMF Working Papers 09/249, International Monetary Fund.
    18. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Sudden stops, sectoral reallocations, and the real exchange rate," Staff Report 414, Federal Reserve Bank of Minneapolis.
    19. Vanda Almeida & Gabriela Lopes de Castro & Ricardo Mourinho Félix & Paulo Júlio & José R. Maria, 2013. "Inside PESSOA - A Detailed Description of the Model," Working Papers w201316, Banco de Portugal, Economics and Research Department.
    20. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    21. Julian Parra-Polania & Carmiña Vargas, 2015. "Optimal tax on capital inflows discriminated by debt-risk profile," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(1), pages 102-119, February.
    22. Michael Kumhof & Douglas Laxton, 2010. "Chile’s Structural Fiscal Surplus Rule: a Model-Based Evaluation," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 13(3), pages 5-32, December.
    23. Parsley, David & Popper, Helen, 2009. "Understanding Real Exchange Rate Movements with Trade in Intermediate Products," MPRA Paper 21117, University Library of Munich, Germany.
    24. Yan, Isabel K. & Kumhof, Michael, 2011. "Too much of a good thing? on the effects of limiting foreign reserve accumulation," MPRA Paper 35231, University Library of Munich, Germany.
    25. Seoane, Hernán D., 2016. "Parameter drifts, misspecification and the real exchange rate in emerging countries," Journal of International Economics, Elsevier, vol. 98(C), pages 204-215.

  33. Ceyhun Bora Durdu & Enrique G. Mendoza, 2005. "Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff," NBER Working Papers 11178, National Bureau of Economic Research, Inc.

    Cited by:

    1. Bianchi, Javier, 2009. "Overborrowing and Systemic Externalities in the Business Cycle," MPRA Paper 16270, University Library of Munich, Germany.
    2. Durdu, Ceyhun Bora, 2009. "Quantitative implications of indexed bonds in small open economies," Journal of Economic Dynamics and Control, Elsevier, vol. 33(4), pages 883-902, April.
    3. Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2007. "Precautionary demand for foreign assets in sudden stop economies: an assessment of the new mercantilism," International Finance Discussion Papers 911, Board of Governors of the Federal Reserve System (U.S.).
    4. Philippe Martin & Helene Rey, 2006. "Globalization and Emerging Markets: With or without Crash?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00176903, HAL.
    5. Emine Boz & Ceyhun Bora Durdu & Nan Li, 2012. "Emerging Market Business Cycles; The Role of Labor Market Frictions," IMF Working Papers 12/237, International Monetary Fund.
    6. Bianchi, Javier, 2016. "Efficient Bailouts?," Working Papers 730, Federal Reserve Bank of Minneapolis.
    7. C. Bora Durdu, 2011. "Review of "Emerging Markets Resilience and Growth Amid Global Turmoil by M. Ayhan Kose and Eswar S. Prasad"," Koç University-TUSIAD Economic Research Forum Working Papers 1111, Koc University-TUSIAD Economic Research Forum.
    8. Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, American Economic Association, vol. 96(2), pages 411-416, May.
    9. Urban J. Jermann, 2016. "Financial Markets’ Views about the Euro-Swiss Franc Floor," NBER Working Papers 21977, National Bureau of Economic Research, Inc.
    10. Michael M. Hutchison & Ilan Noy & Lidan Wang, 2007. "Fiscal and Monetary Policies and the Cost of Sudden Stops," Working Papers 200724, University of Hawaii at Manoa, Department of Economics.
    11. Guillermo A. Calvo, 2005. "Crises in Emerging Market Economies: A Global Perspective," NBER Working Papers 11305, National Bureau of Economic Research, Inc.

  34. Enrique G. Mendoza, 2005. "Sudden Stops in an Equilibrium Business Cycle Model with Credit Constraints: A Fisherian Deflation of Tobin's Q," 2005 Meeting Papers 307, Society for Economic Dynamics.

    Cited by:

    1. Galina Hale & Assaf Razin & Hui Tong, 2006. "Institutional Weakness and Stock Price Volatility," NBER Working Papers 12127, National Bureau of Economic Research, Inc.
    2. Enrique G. Mendoza, 2006. "Lessons From the Debt-Deflation Theory of Sudden Stops," NBER Working Papers 11966, National Bureau of Economic Research, Inc.
    3. Philippe Martin & Hélène Rey, 2005. "Globalization and Emerging Markets: With or Without Crash?," NBER Working Papers 11550, National Bureau of Economic Research, Inc.
    4. Philippe D Karam & Douglas Hostland, 2005. "Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods," IMF Working Papers 05/226, International Monetary Fund.
    5. Samuel Malone, 2005. "Managing Default Risk for Commodity Dependent Countries: Price Hedging in an Optimizing Model," Economics Series Working Papers 246, University of Oxford, Department of Economics.
    6. V.V. Chari & Patrick Kehoe & Ellen R. McGrattan, 2005. "Sudden Stops and Output Drops," NBER Working Papers 11133, National Bureau of Economic Research, Inc.
    7. Vasco Cúrdia, 2007. "Monetary policy under sudden stops," Staff Reports 278, Federal Reserve Bank of New York.
    8. Guillermo A. Calvo, 2005. "Crises in Emerging Market Economies: A Global Perspective," NBER Working Papers 11305, National Bureau of Economic Research, Inc.
    9. Laura Alfaro & Fabio Kanczuk, 2007. "Optimal Reserve Management and Sovereign Debt," NBER Working Papers 13216, National Bureau of Economic Research, Inc.
    10. Ceyhun Bora Durdu & Enrique G. Mendoza, 2005. "Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff," NBER Working Papers 11178, National Bureau of Economic Research, Inc.
    11. Hale, Galina B & Razin, Assaf & Tong, Hui, 2007. "Creditor Protection and Stock Price Volatility," CEPR Discussion Papers 6540, C.E.P.R. Discussion Papers.
    12. Nir Jaimovich & Sergio Rebelo, 2007. "News and Business Cycles in Open Economies," Discussion Papers 07-016, Stanford Institute for Economic Policy Research.
    13. Galina Hale & Assaf Razin & Hui Tong, 2007. "Credit Constraints and Stock Price Volatility," NBER Working Papers 13089, National Bureau of Economic Research, Inc.

  35. Marcelo Oviedo & Enrique G. Mendoza, 2004. "Public Debt, Fiscal Solvency & Macroeconomic Uncertainty in Emerging Markets: The Tale of the Tormented Insurer," 2004 Meeting Papers 14, Society for Economic Dynamics.

    Cited by:

    1. Ovalle, Raul & Ramírez, Francisco A., 2014. "Reglas versus Discreción en la Política Fiscal: Introducción al caso Dominicano
      [Rules vs Discretion in Fiscal Policy: An Introduction to the Case of the Dominican Republic]
      ," MPRA Paper 68332, University Library of Munich, Germany.

  36. Enrique G. Mendoza & Ceyhun Bora Durdu, 2004. "Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees," NBER Working Papers 10790, National Bureau of Economic Research, Inc.

    Cited by:

    1. Mendoza, Enrique G. & Smith, Katherine A., 2006. "Quantitative implications of a debt-deflation theory of Sudden Stops and asset prices," Journal of International Economics, Elsevier, vol. 70(1), pages 82-114, September.
    2. Ashot Tsharakyan & Martin Janíčko, 2010. "The Binding Credit Constraints and the Welfare Effects of Housing Price Appreciation," Prague Economic Papers, University of Economics, Prague, vol. 2010(4), pages 359-382.

  37. P. Marcelo Oviedo & Enrique Mendoza, 2004. "Public Debt, Fiscal Solvency, and Macroeconomic Uncertainty in Emerging Markets: The Tale of the Tormented Insurer," Econometric Society 2004 North American Summer Meetings 647, Econometric Society.

    Cited by:

    1. Philippe D Karam & Douglas Hostland, 2005. "Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods," IMF Working Papers 05/226, International Monetary Fund.
    2. Philippe D Karam & Douglas Hostland, 2006. "Specification of a Stochastic Simulation Model for Assessing Debt Sustainability in Emerging Market Economies," IMF Working Papers 06/268, International Monetary Fund.
    3. Humberto Mora Alvarez, 2004. "Assessing Fiscal Sustainability With Alternative Methodologies," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 22(46-1), pages 82-145, December.
    4. Ovalle, Raul & Ramírez, Francisco A., 2014. "Reglas versus Discreción en la Política Fiscal: Introducción al caso Dominicano
      [Rules vs Discretion in Fiscal Policy: An Introduction to the Case of the Dominican Republic]
      ," MPRA Paper 68332, University Library of Munich, Germany.

  38. Enrique G. Mendoza & Katherine A. Smith, 2004. "Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices," NBER Working Papers 10940, National Bureau of Economic Research, Inc.

    Cited by:

    1. Enrique G. Mendoza & Emine Boz, 2009. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," 2009 Meeting Papers 1273, Society for Economic Dynamics.
    2. Francisco Gallego & José Tessada, 2010. "Sudden Stops, Financial Frictions, and Labor Market Flows: Evidence from Latin America," Documentos de Trabajo 378, Instituto de Economia. Pontificia Universidad Católica de Chile..
    3. Ozge Senay & Alan Sutherland, 2016. "Country Portfolios, Collateral Constraints and Optimal Monetary Policy," Discussion Paper Series, Department of Economics 201604, Department of Economics, University of St. Andrews, revised 29 Jan 2016.
    4. Javier Guillermo Gómez, 2006. "Capital Flows and Monetary Policy," BORRADORES DE ECONOMIA 002097, BANCO DE LA REPÚBLICA.
    5. Fabian Valencia, 2008. "Banks’ Precautionary Capital and Persistent Credit Crunches," IMF Working Papers 08/248, International Monetary Fund.
    6. Yue ZHAO, 2013. "Role of Financial and Productivity Shocks in the US and Japan: A Two-Country Economy," KIER Working Papers 881, Kyoto University, Institute of Economic Research.
    7. Serdar Kabaca, 2014. "Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing," Staff Working Papers 14-47, Bank of Canada.
    8. Philippe Martin & Hélène Rey, 2006. "Globalization and Emerging Markets: With or Without Crash?," Sciences Po publications info:hdl:2441/9261, Sciences Po.
    9. Lin, Li & Tsomocos, Dimitrios P. & Vardoulakis, Alexandros P., 2015. "Debt deflation effects of monetary policy," Journal of Financial Stability, Elsevier, vol. 21(C), pages 81-94.
    10. Kehoe, Timothy J. & Ruhl, Kim J., 2009. "Sudden stops, sectoral reallocations, and the real exchange rate," Journal of Development Economics, Elsevier, vol. 89(2), pages 235-249, July.
    11. Akinci, Ozge & Chahrour, Ryan, 2015. "Good news is bad news: leverage cycles and sudden stops," Staff Reports 738, Federal Reserve Bank of New York.
    12. Jeanne, Olivier & Korinek, Anton, 2010. "Managing Credit Booms and Busts: A Pigouvian Taxation Approach," CEPR Discussion Papers 8015, C.E.P.R. Discussion Papers.
    13. Mendoza, Enrique G. & Smith, Katherine A., 2006. "Quantitative implications of a debt-deflation theory of Sudden Stops and asset prices," Journal of International Economics, Elsevier, vol. 70(1), pages 82-114, September.
    14. Tommaso Trani, 2011. "Trade in secured debt, adjustment in haircuts and international portfolios," IHEID Working Papers 13-2011, Economics Section, The Graduate Institute of International Studies.
    15. Koehler-Geib, Friederike Norma, 2008. "The Effect of Uncertainty on the Occurrence and Spread of Financial Crises," Munich Dissertations in Economics 8067, University of Munich, Department of Economics.
    16. Claudio Raddatz ; & Sergio L. Schmukler, 2012. "On the International Transmission of Shocks: Micro – Evidence From Mutual Fund Portfolios," Working Papers Central Bank of Chile 668, Central Bank of Chile.
    17. Bora Durdu & Emine Boz, 2011. "Emerging Market Business Cycles: The Role of Labor Market Frictions," 2011 Meeting Papers 1092, Society for Economic Dynamics.
    18. Cowan, Kevin & Raddatz, Claudio, 2013. "Sudden stops and financial frictions: Evidence from industry-level data," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 99-128.
    19. Jahan-Parvar, Mohammad R. & Liu, Xuan & Rothman, Philip, 2009. "Equity Returns and Business Cycles in Small Open Economies," MPRA Paper 15915, University Library of Munich, Germany.
    20. Ester Faia & Eleni Iliopulos, 2010. "Financial Globalization, Financial Frictions and Optimal Monetary Policy," Kiel Working Papers 1639, Kiel Institute for the World Economy.
    21. Devereux, Michael B., 2010. "Leverage constraints and the international transmission of shocks," Globalization and Monetary Policy Institute Working Paper 45, Federal Reserve Bank of Dallas.
    22. Boissay, Frederic & Collard, Fabrice & Smets, Frank, 2013. "Booms and systemic banking crises," Working Paper Series 1514, European Central Bank.
    23. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2014. "Degreasing The Wheels Of Finance," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55, pages 735-763, 08.
    24. Ceyhun Bora Durdu & Enrique G. Mendoza, 2005. "Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff," NBER Working Papers 11178, National Bureau of Economic Research, Inc.
    25. Piergiorgio Alessandri & Haroon Mumtaz, 2014. "Financial Regimes and Uncertainty Shocks," Working Papers 729, Queen Mary University of London, School of Economics and Finance.
    26. Mendicino, Caterina, 2008. "On the amplification role of collateral constraints," MPRA Paper 9425, University Library of Munich, Germany.
    27. Javier Bianchi & Enrique G. Mendoza, 2010. "Overborrowing, Financial Crises and 'Macro-prudential' Taxes," NBER Working Papers 16091, National Bureau of Economic Research, Inc.
    28. Emine Boz, 2009. "Can Miracles Lead to Crises? The Role of Optimism in Emerging Markets Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(6), pages 1189-1215, 09.
    29. Philippe Martin & Thomas Philippon, 2014. "Inspecting the Mechanism Leverage and the Great Recession in the Eurozone," Sciences Po publications 2014-16, Sciences Po.
    30. Smith, Katherine A. & Valderrama, Diego, 2009. "The composition of capital inflows when emerging market firms face financing constraints," Journal of Development Economics, Elsevier, vol. 89(2), pages 223-234, July.
    31. Emine Boz, 2006. "Can Miracles Lead to Crises? An Informational Frictions Explanation of Emerging Markets Crises," Computing in Economics and Finance 2006 19, Society for Computational Economics.
    32. Francis E. Warnock & Veronica C. Warnock, 2005. "International Capital Flows and U.S. Interest Rates," The Institute for International Integration Studies Discussion Paper Series iiisdp103, IIIS.
    33. Sudipto Bhattacharya & Charles Goodhart & Dimitrios Tsomocos & Alexandros Vardoulakis, 2011. "Minsky’s Financial Instability Hypothesis and the Leverage Cycle," FMG Special Papers sp202, Financial Markets Group.
    34. Markus K. Brunnermeier & Yuliy Sannikov, 2016. "The I Theory of Money," NBER Working Papers 22533, National Bureau of Economic Research, Inc.
    35. Betty Daniel, 2008. "Private Sector Risk and Financial Crises in Emerging Markets," Discussion Papers 08-10, University at Albany, SUNY, Department of Economics.
    36. Michael B Devereux & James Yetman, 2010. "Financial deleveraging and the international transmission of shocks," BIS Papers chapters, in: Bank for International Settlements (ed.), The international financial crisis and policy challenges in Asia and the Pacific, volume 52, pages 274-298 Bank for International Settlements.
    37. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    38. Mark Wright & Guido Sandleris, 2011. "The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis," 2011 Meeting Papers 900, Society for Economic Dynamics.
    39. Emine Boz, 2005. "Do Miracles Lead to Crises?: An Informational Frictions Explanation to Emerging Market Financial Crises," 2005 Meeting Papers 496, Society for Economic Dynamics.
    40. Ester Faia, 2011. "Macroeconomic and welfare implications of financial globalization," Journal of Applied Economics, Universidad del CEMA, vol. 14, pages 119-144, May.
    41. Gaël Giraud & Antonin Pottier, 2012. "Debt-Deflation versus the Liquidity Trap : the Dilemma of Nonconventional Monetary Policy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00747904, HAL.
    42. Tommaso Trani, 2012. "Funding under Borrowing Limits in International Portfolios," IHEID Working Papers 01-2012, Economics Section, The Graduate Institute of International Studies, revised 14 Feb 2012.
    43. Gerlach, Petra & Merola, Rossana, 2013. "Consumption and Credit Constraints: A Model and Evidence for Ireland," Papers WP471, Economic and Social Research Institute (ESRI).
    44. Chakraborty, Suparna, 2006. "Amplifying Business Cycles through Credit Constraints," MPRA Paper 1808, University Library of Munich, Germany.
    45. Silvia Sgherri & Bertrand Gruss, 2009. "The Volatility Costs of Procyclical Lending Standards; An Assessment Using a Dsge Model," IMF Working Papers 09/35, International Monetary Fund.
    46. Kim, Sangho & Lim, Hyunjoon & Park, Donghyun, 2010. "Productivity and Employment in a Developing Country: Some Evidence from Korea," World Development, Elsevier, vol. 38(4), pages 514-522, April.
    47. Enrique G. Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, American Economic Association, vol. 100(5), pages 1941-66, December.
    48. Choi, Woon Gyu & Cook, David, 2012. "Fire sales and the financial accelerator," Journal of Monetary Economics, Elsevier, vol. 59(4), pages 336-351.
    49. Daniel, Betty C. & Jones, John Bailey, 2007. "Financial liberalization and banking crises in emerging economies," Journal of International Economics, Elsevier, vol. 72(1), pages 202-221, May.
    50. Feng, Ling & Lin, Ching-Yi, 2013. "Financial shocks and exports," International Review of Economics & Finance, Elsevier, vol. 26(C), pages 39-55.
    51. Hutchison, Michael M. & Noy, Ilan & Wang, Lidan, 2010. "Fiscal and monetary policies and the cost of sudden stops," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 973-987, October.
    52. Enrique G. Mendoza & Javier Bianchi, 2011. "Overborrowing, Financial Crises and ‘Macro-prudential’ Policy," IMF Working Papers 11/24, International Monetary Fund.
    53. Katherine A. Smith & Enrique G. Mendoza, 2011. "Financial Globalization, Financial Crisis, and the External Capital Structure of Emerging Markets," 2011 Meeting Papers 235, Society for Economic Dynamics.
    54. Urban J. Jermann & Vincenzo Quadrini, 2006. "Financial innovations and macroeconomic volatility," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
    55. Urban Jermann & Vincenzo Quadrini, 2009. "Macroeconomic Effects of Financial Shocks," NBER Working Papers 15338, National Bureau of Economic Research, Inc.
    56. Antón Arturo & Leal-Ordoñez Julio C., 2015. "Aggregate Effects of a Universal Social Insurance Fiscal Reform," Working Papers 2015-04, Banco de México.
    57. Enrique G. Mendoza, 2005. "Sudden Stops in an Equilibrium Business Cycle Model with Credit Constraints: A Fisherian Deflation of Tobin's Q," 2005 Meeting Papers 307, Society for Economic Dynamics.
    58. Yannick Kalantzis, 2015. "Financial Fragility in Small Open Economies: Firm Balance Sheets and the Sectoral Structure," Review of Economic Studies, Oxford University Press, vol. 82(3), pages 1194-1222.
    59. Keiichiro Kobayashi & Masaru Inaba, 2006. "Borrowing constraints and protracted recessions," Discussion papers 06011, Research Institute of Economy, Trade and Industry (RIETI).
    60. Yue Zhao, 2013. "Financial shocks in Japan : A case for a small open economy," KIER Working Papers 849, Kyoto University, Institute of Economic Research.
    61. Joyce, Joseph P. & Nabar, Malhar, 2009. "Sudden stops, banking crises and investment collapses in emerging markets," Journal of Development Economics, Elsevier, vol. 90(2), pages 314-322, November.
    62. Keiichiro Kobayashi & Masaru Inaba, 2006. ""Irrational exuberance" in the Pigou cycle under collateral constraints," Discussion papers 06015, Research Institute of Economy, Trade and Industry (RIETI).
    63. Enrique G. Mendoza, 2008. "Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q," NBER Working Papers 14444, National Bureau of Economic Research, Inc.
    64. Katherine A. Smith, 2011. "Can Financing Constraints Explain The Asset Pricing Puzzles In Production Economies?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(3), pages 739-765, 08.
    65. Javier Bianchi & Enrique G Mendoza, 2015. "Optimal time-consistent macroprudential policy," BIS Working Papers 516, Bank for International Settlements.
    66. Devereux, Michael B. & Sutherland, Alan, 2011. "Evaluating international financial integration under leverage constraints," European Economic Review, Elsevier, vol. 55(3), pages 427-442, April.
    67. Gaël Giraud, 2012. "Coherent Multidimensional Poverty Measurement," Documents de travail du Centre d'Economie de la Sorbonne 12095, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    68. Chakraborty, Suparna, 2009. "Modeling sudden stops: The non-trivial role of preference specifications," Economics Letters, Elsevier, vol. 104(1), pages 1-4, July.
    69. Douglas Sutherland & Peter Hoeller & Rossana Merola & Volker Ziemann, 2012. "Debt and Macroeconomic Stability," OECD Economics Department Working Papers 1003, OECD Publishing.
    70. Emine Boz & Christian Daude & C. Bora Durdu, 2011. "Emerging Market Business Cycles Revisited: Learning about the Trend," Koç University-TUSIAD Economic Research Forum Working Papers 1110, Koc University-TUSIAD Economic Research Forum.
    71. Vincenzo Quadrini & Enrique G. Mendoza, 2010. "Financial Globalization, Financial Crises and Contagion," 2010 Meeting Papers 841, Society for Economic Dynamics.
    72. Aysun, Uluc & Honig, Adam, 2011. "Bankruptcy costs, liability dollarization, and vulnerability to sudden stops," Journal of Development Economics, Elsevier, vol. 95(2), pages 201-211, July.
    73. Javier Gómez Pineda, . "A Framework for Macroeconomic Stability in Emerging Market Economies," Borradores de Economia 320, Banco de la Republica de Colombia.
    74. Douglas Sutherland & Peter Hoeller, 2012. "Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics," OECD Economics Department Working Papers 1006, OECD Publishing.
    75. Enrique G. Mendoza & Katherine A. Smith, 2014. "Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 20-57, 01.
    76. Javier Bianchi & Enrique G. Mendoza, 2011. "Overborrowing, Financial Crises and 'Macro-prudential' Policy," 2011 Meeting Papers 175, Society for Economic Dynamics.
    77. Ester Faia, 2007. "Welfare Implications of Capital Account Liberalization," CEIS Research Paper 92, Tor Vergata University, CEIS.
    78. João Barata Ribeiro Blanco Barroso, 2012. "Optimal Capital Flow Taxes in Latin America," Working Papers Series 268, Central Bank of Brazil, Research Department.
    79. Liu, Xuan, 2007. "Trade Openness and the Cost of Sudden Stops: The Role of Financial Friction," MPRA Paper 18260, University Library of Munich, Germany, revised 26 Oct 2009.
    80. Mertens, Karel, 2007. "The Role of Expectations in Sudden Stops," Working Papers 07-10, Cornell University, Center for Analytic Economics.

  39. Enrique G. Mendoza & P. Marcelo Oviedo, 2004. "Public Debt, Fiscal Solvency and Macroeconomic Uncertainty in Latin America: The Cases of Brazil, Colombia, Costa Rica, and Mexico," NBER Working Papers 10637, National Bureau of Economic Research, Inc.

    Cited by:

    1. Enrique G. Mendoza & P. Marcelo Oviedo, 2006. "Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer," NBER Working Papers 12586, National Bureau of Economic Research, Inc.
    2. guo, Min & zhao, jizhi & huang, yixuan, 2014. "国家债务适度规模研究 —基于因子增强阈值模型
      [a Study of Moderate Scale of Public Debt - Based on Factor-Augmented Threshold Model]
      ," MPRA Paper 56067, University Library of Munich, Germany.
    3. -, 2008. "Public debt sustainability in the Caribbean," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38710, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Ovalle, Raul & Ramírez, Francisco A., 2014. "Reglas versus Discreción en la Política Fiscal: Introducción al caso Dominicano
      [Rules vs Discretion in Fiscal Policy: An Introduction to the Case of the Dominican Republic]
      ," MPRA Paper 68332, University Library of Munich, Germany.
    5. Gustavo Adler & Sebastian Sosa, 2016. "External Factors in Debt Sustainability Analysis: An Application to Latin America?," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 1(5), pages 81-120, June.
    6. Evan Tanner & Issouf Samake, 2008. "Probabilistic Sustainability of Public Debt: A Vector Autoregression Approach for Brazil, Mexico, and Turkey," IMF Staff Papers, Palgrave Macmillan, vol. 55(1), pages 149-182, April.
    7. Safdar Ullah Khan & Omar Farooq Saqib, 2007. "An Analysis of Pakistan s Vulnerability to Economic Crisis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 597-610.
    8. Jorge Restrepo & Carlos Garcia & Evan C Tanner, 2011. "Fiscal Rules in a Volatile World; A Welfare-Based Approach," IMF Working Papers 11/56, International Monetary Fund.
    9. Lassila, Jukka & Valkonen, Timo, 2008. "Population ageing and fiscal sustainability in Finland : a stochastic analysis," Research Discussion Papers 28/2008, Bank of Finland.
    10. Pablo D'Erasmo & Enrique G. Mendoza & Jing Zhang, 2015. "What is a Sustainable Public Debt?," NBER Working Papers 21574, National Bureau of Economic Research, Inc.
    11. Cruz-Rodríguez, Alexis, 2014. "Assessing fiscal sustainability in some selected countries," MPRA Paper 54975, University Library of Munich, Germany.
    12. Valentinyi, Ákos & Pápa, Levente, 2008. "Költségvetési fenntarthatóság
      [Budget sustainability]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 395-426.
    13. Safdar Ullah Khan & Omar Farooq Saqib, 2008. "An Analysis of Pakistan's Vulnerability to Crisis," SBP Working Paper Series 21, State Bank of Pakistan, Research Department.
    14. Paolo Mauro & Marcos d Chamon, 2005. "Pricing Growth-Indexed Bonds," IMF Working Papers 05/216, International Monetary Fund.
    15. E. H. Gardner & Julian Di Giovanni, 2008. "A Simple Stochastic Approach to Debt Sustainability Applied to Lebanon," IMF Working Papers 08/97, International Monetary Fund.
    16. Kopits, George & Ferrarini, Benno & Ramayandi, Arief, 2016. "Exploring Risk-Adjusted Fiscal Sustainability Analysis for Asian Economies," ADB Economics Working Paper Series 483, Asian Development Bank.
    17. Viviane Luporini, 2014. "Sustainability Of Brazilian Fiscalpolicy, Once Again: Corrective Policy Response Over Time," Anais do XL Encontro Nacional de Economia [Proceedings of the 40th Brazilian Economics Meeting] 064, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    18. Lassila, Jukka & Valkonen, Tarmo & Alho, Juha M., 2011. "Fiscal sustainability and policy rules under changing demographic forecasts," Discussion Papers 1265, The Research Institute of the Finnish Economy.
    19. Magnus Saxegaard, 2014. "Safe Debt and Uncertainty in Emerging Markets; An Application to South Africa," IMF Working Papers 14/231, International Monetary Fund.
    20. Oya Celasun & Xavier Debrun & Jonathan D. Ostry, 2006. "Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A "Fan-Chart" Approach," IMF Staff Papers, Palgrave Macmillan, vol. 53(3), pages 3.
    21. Evan C Tanner & Kevin J Carey, 2005. "The Perils of Tax Smoothing; Sustainable Fiscal Policy with Random Shocks to Permanent Output," IMF Working Papers 05/207, International Monetary Fund.
    22. Sakuragawa, Masaya & Hosono, Kaoru, 2011. "Fiscal sustainability in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 434-446.
    23. Flores Prieto, Pedro & Fullerton, Thomas M., Jr. & Andrade Olivas, Cesar, 2007. "Evidencia empirica sobre deuda externa, inversion, y crecimiento en Mexico, 1980-2003
      [Empirical evidence on foreign debt, investment, and growth in Mexico, 1980-2003]
      ," MPRA Paper 9497, University Library of Munich, Germany, revised Apr 2007.
    24. Diego Valderrama, 2005. "Fiscal sustainability and contingent liabilities from recent credit expansions in South Korea and Thailand," Economic Review, Federal Reserve Bank of San Francisco, pages 29-41.

  40. Enrique G. Mendoza & Linda L. Tesar, 2003. "A Quantitative Analysis of Tax Competition v. Tax Coordination under Perfect Capital Mobility," NBER Working Papers 9746, National Bureau of Economic Research, Inc.

    Cited by:

    1. Coenen, Günter & McAdam, Peter & Straub, Roland, 2008. "Tax reform and labour-market performance in the euro area: A simulation-based analysis using the New Area-Wide Model," Journal of Economic Dynamics and Control, Elsevier, vol. 32(8), pages 2543-2583, August.
    2. Eva de Francisco, 2005. "Limited Participation, Income Distribution and Capital Account Liberalization," Computing in Economics and Finance 2005 454, Society for Computational Economics.
    3. Desai, Mihir A. & Foley, C. Fritz & Hines, James Jr., 2006. "Do tax havens divert economic activity?," Economics Letters, Elsevier, vol. 90(2), pages 219-224, February.
    4. Enrique G. Mendoza & Linda L. Tesar, 2003. "Winners and Losers of Tax Competition in the European Union," NBER Working Papers 10051, National Bureau of Economic Research, Inc.
    5. Eva de Francisco, 2005. "Limited Participation, Income Distribution and Capital-Account Liberalization: Working Paper 2005-02," Working Papers 16302, Congressional Budget Office.
    6. Souleymane COULIBALY, 2008. "Empirical Assessment of the Existence of Taxable Agglomeration Rents," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 08.01, Université de Lausanne, Faculté des HEC, DEEP.
    7. Rehme, Günther, 2006. "Economic growth and (re-)distributive policies in a non-cooperative world," Darmstadt Discussion Papers in Economics 175, Darmstadt University of Technology, Department of Law and Economics.
    8. Eduardo Haddad & Alexandre A. Porsse & Eduardo P. Ribeiro, 2006. "Modeling Interjurisdictional Tax Competition in a Federal System," ERSA conference papers ersa06p359, European Regional Science Association.
    9. Dimitris Papageorgiou, 2009. "Macroeconomic Implications of Alternative Tax Regimes: The Case of Greece," Working Papers 97, Bank of Greece.
    10. Huizinga, Harry & Nielsen, Søren Bo, 2008. "Must losing taxes on saving be harmful?," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1183-1192, June.

  41. Enrique G. Mendoza & Linda L. Tesar, 2003. "Winners and Losers of Tax Competition in the European Union," NBER Working Papers 10051, National Bureau of Economic Research, Inc.

    Cited by:

    1. Rehme, Günther, 2006. "Economic growth and (re-)distributive policies in a non-cooperative world," Darmstadt Discussion Papers in Economics 175, Darmstadt University of Technology, Department of Law and Economics.

  42. Cristina Arellano & Enrique G. Mendoza, 2002. "Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises," NBER Working Papers 8880, National Bureau of Economic Research, Inc.

    Cited by:

    1. Enrique G. Mendoza & Ceyhun Bora Durdu, 2004. "Putting the brakes on Sudden Stops: the financial frictions-moral hazard tradeoff of asset price guarantees," Working Paper Series 2004-33, Federal Reserve Bank of San Francisco.
    2. Hélène Rey & Philippe Martin, 2006. "Globalization and Emerging Markets: With or Without Crash?," American Economic Review, American Economic Association, vol. 96(5), pages 1631-1651, December.
    3. Franz Hamann, . "Sovereign Risk and Real Business Cycles in a Small Open Economy," Borradores de Economia 226, Banco de la Republica de Colombia.
    4. Vasco Cúrdia, 2007. "Monetary policy under sudden stops," Staff Reports 278, Federal Reserve Bank of New York.
    5. Gerlach, Petra & Merola, Rossana, 2013. "Consumption and Credit Constraints: A Model and Evidence for Ireland," Papers WP471, Economic and Social Research Institute (ESRI).
    6. Pritha Mitra, 2006. "Post-Crisis Recovery; When Does Increased Fiscal Discipline Work?," IMF Working Papers 06/219, International Monetary Fund.
    7. Benigno, Gianluca & Chen, Huigang & Otrok, Christopher & Rebucci, Alessandro & Young, Eric R., 2013. "Financial crises and macro-prudential policies," Journal of International Economics, Elsevier, vol. 89(2), pages 453-470.
    8. Carlos Capistrán & Gabriel Cuadra & Manuel Ramos Francia, 2011. "Policy Response to External Shocks: Lessons from the Crisis," Working Papers 2011-14, Banco de México.
    9. Cook, David & Devereux, Michael B, 2004. "External Currency Pricing and the East Asian Crisis," CEPR Discussion Papers 4642, C.E.P.R. Discussion Papers.
    10. Karine Gente & Miguel A. León-Ledesma & Carine Nourry, 2013. "External Constraints and Endogenous Growth: Why Didn’t Some Countries Benefit from Capital Flows?," AMSE Working Papers 1329, Aix-Marseille School of Economics, Marseille, France, revised Mar 2013.
    11. Michael Hutchison & Ilan Noy (Neuberger), 2002. "Sudden stops and the Mexican wave: currency crises, capital flow reversals and output loss in emerging markets," Pacific Basin Working Paper Series 2002-03, Federal Reserve Bank of San Francisco.
    12. Gopinath, Gita, 2004. "Lending booms, sharp reversals and real exchange rate dynamics," Journal of International Economics, Elsevier, vol. 62(1), pages 1-23, January.
    13. Michele Cavallo & Kate Kisselev & Fabrizio Perri & Nouriel Roubini, 2005. "Exchange rate overshooting and the costs of floating," Working Paper Series 2005-07, Federal Reserve Bank of San Francisco.
    14. Hutchison, Michael M. & Noy, Ilan & Wang, Lidan, 2010. "Fiscal and monetary policies and the cost of sudden stops," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 973-987, October.
    15. Philippe D Karam & Douglas Hostland, 2005. "Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods," IMF Working Papers 05/226, International Monetary Fund.
    16. Uribe, Martin & Yue, Vivian Z., 2006. "Country spreads and emerging countries: Who drives whom?," Journal of International Economics, Elsevier, vol. 69(1), pages 6-36, June.
    17. Gabriel Cuadra & Horacio Sapriza, 2006. "Sovereign Default, Interest Rates and Political Uncertainty in Emerging Markets," Working Papers 2006-02, Banco de México.
    18. 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.
    19. José Sidaoui & Manuel Ramos-Francia & Gabriel Cuadra, 2011. "Global liquidity, capital flows and challenges for policymakers: the Mexican experience," BIS Papers chapters, in: Bank for International Settlements (ed.), Capital flows, commodity price movements and foreign exchange intervention, volume 57, pages 239-260 Bank for International Settlements.
    20. Enrique G. Mendoza, 2006. "Lessons From the Debt-Deflation Theory of Sudden Stops," NBER Working Papers 11966, National Bureau of Economic Research, Inc.
    21. David Cook & Michael B. Devereux, 2004. "Dollar bloc or dollar block: external currency pricing and the East Asian crisis," Working Paper Series 2004-35, Federal Reserve Bank of San Francisco.
    22. Choi, Woon Gyu & Cook, David, 2004. "Liability dollarization and the bank balance sheet channel," Journal of International Economics, Elsevier, vol. 64(2), pages 247-275, December.
    23. Radovan Vadovic, 2009. "Early, Late, and Multiple Bidding in Internet Auctions," Working Papers 0904, Centro de Investigacion Economica, ITAM.
    24. Kurmas Akdogan, 2010. "Foreign Exchange Reserves in a Credit Constrained Economy," Birkbeck Working Papers in Economics and Finance 1014, Birkbeck, Department of Economics, Mathematics & Statistics.
    25. Carlos Esteban Posada Posada & Wilman Gómez, 2004. "Un choque del activo externo neto y el ciclo económico Colombiano 1994-2001," BORRADORES DE ECONOMIA 003674, BANCO DE LA REPÚBLICA.
    26. Marco Terrones & Eswar S Prasad & Ayhan Kose, 2003. "Financial Integration and Macroeconomic Volatility," IMF Working Papers 03/50, International Monetary Fund.
    27. Loayza, Norman V. & Raddatz, Claudio, 2006. "The structural determinants of external vulnerability," Policy Research Working Paper Series 4089, The World Bank.
    28. Pablo A. Acosta & Emmanuel K. K. Lartey & Federico S. Mandelman, 2007. "Remittances and the Dutch disease," FRB Atlanta Working Paper 2007-08, Federal Reserve Bank of Atlanta.
    29. Mendoza, Enrique G. & Smith, Katherine A., 2006. "Quantitative implications of a debt-deflation theory of Sudden Stops and asset prices," Journal of International Economics, Elsevier, vol. 70(1), pages 82-114, September.
    30. Federico S. Mandelman, 2011. "Monetary and exchange rate policy under remittance fluctuations," FRB Atlanta Working Paper 2011-07, Federal Reserve Bank of Atlanta.
    31. Enrique Mendoza, 2002. "Why Should Emerging Economies Give Up National Currencies? A Case for Institutions Substitution," Research Department Publications 4309, Inter-American Development Bank, Research Department.
    32. Franz Hamann, 2002. "Sovereign Risk and Macroeconomic Fluctuations," BORRADORES DE ECONOMIA 003520, BANCO DE LA REPÚBLICA.
    33. Mark Aguiar & Gita Gopinath, 2004. "Emerging market business cycles: the cycle is the trend," Working Papers 04-4, Federal Reserve Bank of Boston.
    34. Lizarazo, Sandra, 2010. "Default Risk and Risk Averse International Investors," MPRA Paper 20794, University Library of Munich, Germany.
    35. Gopinath, Gita, 2003. "Lending Booms, Sharp Reversals and Real Exchange Rate Dynamics," Scholarly Articles 11988005, Harvard University Department of Economics.
    36. Laura Alfaro & Fabio Kanczuk, 2007. "Optimal reserve management and sovereign debt," Working Paper Series 2007-29, Federal Reserve Bank of San Francisco.
    37. Ceyhun Bora Durdu & Enrique G. Mendoza, 2005. "Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff," NBER Working Papers 11178, National Bureau of Economic Research, Inc.
    38. Enrique G. Mendoza, 2005. "Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies," NBER Working Papers 11691, National Bureau of Economic Research, Inc.
    39. Nouriel Roubini & Michele Cavallo & Kate Kisselev, 2004. "Exchange rate overshooting and the costs of floating," Computing in Economics and Finance 2004 62, Society for Computational Economics.
    40. Kuralbayeva, Karlygash & Vines, David, 2006. "Terms of Trade Shocks in an Intertemporal Model: Should We Worry about the Dutch Disease or Excessive Borrowing?," CEPR Discussion Papers 5857, C.E.P.R. Discussion Papers.
    41. Enrique Mendoza, 2002. "¿Por qué deben las economías emergentes renunciar a su moneda nacional? El argumento a favor," Research Department Publications 4310, Inter-American Development Bank, Research Department.
    42. Li, Shuyun May & Dressler, Scott, 2011. "Business cycle asymmetry via occasionally binding international borrowing constraints," Journal of Macroeconomics, Elsevier, vol. 33(1), pages 33-41, March.
    43. Sumru Altuğ & Melike Bildirici, 2010. "Business Cycles around the Globe: A Regime Switching Approach," Working Papers 0032, Yildiz Technical University, Department of Economics, revised Mar 2010.
    44. Aysun, Uluc & Honig, Adam, 2011. "Bankruptcy costs, liability dollarization, and vulnerability to sudden stops," Journal of Development Economics, Elsevier, vol. 95(2), pages 201-211, July.
    45. Javier Gómez Pineda, . "A Framework for Macroeconomic Stability in Emerging Market Economies," Borradores de Economia 320, Banco de la Republica de Colombia.
    46. Karlygash Kuralbayeva, 2007. "Inflation persistence: Implications for a design of monetary policy in a small open economy subject to external shocks," CEIS Research Paper 93, Tor Vergata University, CEIS.
    47. Heymann, Daniel, 2007. "Macroeconomics of broken promises," Documentos de Proyectos 105, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    48. Enrico Vasconcelos & Maria Cristina Terra, 2008. "Trade Openness Effect in Sudden Stops," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211046210, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    49. Zhao, Yan, 2011. "Borrowing constraints and the trade balance-output comovement," MPRA Paper 36902, University Library of Munich, Germany.
    50. Joyce, Joseph P. & Nabar, Malhar, 2009. "Sudden stops, banking crises and investment collapses in emerging markets," Journal of Development Economics, Elsevier, vol. 90(2), pages 314-322, November.
    51. International Monetary Fund, 2007. "Vulnerabilities in Emerging Southeastern Europe—How Much Cause for Concern?," IMF Working Papers 07/236, International Monetary Fund.
    52. Mirela Sorina Miescu, 2016. "IMF Programs and Sensitivity to External Shocks: An Empirical Application," Working Papers 791, Queen Mary University of London, School of Economics and Finance.
    53. Karlygash Kuralbayeva & David Vines, 2008. "Shocks to Terms of Trade and Risk-premium in an Intertemporal Model: The Dutch Disease and a Dutch Party," Open Economies Review, Springer, vol. 19(3), pages 277-303, July.
    54. Wilman Gómez & Carlos Esteban Posada, . "Un "Choque" del Activo Externo Neto y el Ciclo Económico Colombiano," Borradores de Economia 285, Banco de la Republica de Colombia.
    55. Oviedo, P. Marcelo, 2005. "World Interest Rate, Business Cycles, and Financial Intermediation in Small Open Economies," Staff General Research Papers Archive 12360, Iowa State University, Department of Economics.

  43. Enrique G. Mendoza, 2002. "Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'," NBER Working Papers 8950, National Bureau of Economic Research, Inc.

    Cited by:

    1. César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel., 2010. "Institutions and Cyclical Properties of Macroeconomic Policies in the Global Economy," Documentos de Trabajo 372, Instituto de Economia. Pontificia Universidad Católica de Chile..
    2. César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2003. "The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies," Working Papers Central Bank of Chile 237, Central Bank of Chile.
    3. Lane, Philip R, 2003. "Business Cycles and Macroeconomic Policy in Emerging Market Economies," International Finance, Wiley Blackwell, vol. 6(1), pages 89-108, Spring.
    4. César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2014. "Do Good Institutions Promote Counter-cyclical Macroeconomic Policies?," Working Papers 2014-3, Peruvian Economic Association.
    5. Fabrizio Onida, 2004. "Crescita e vincolo esterno: quali strategie per promuovere stabilità macroeconomica, competitività e investimenti," KITeS Working Papers 157, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Jul 2004.
    6. Philipp Paulus, 2004. "The fiscal stability impact of monetary unions - looking beneath the Stability Pact debate," Otto-Wolff-Institut Discussion Paper Series 05/2004, Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland.
    7. Alexis Cruz-Rodriguez, 2013. "Choosing and Assessing Exchange Rate Regimes: a Survey of the Literature," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 28(2), pages 37-61, October.
    8. Roberto Duncan, 2003. "Exploring the Implications of Official Dollarization on Macroeconomic Volatility," Working Papers Central Bank of Chile 200, Central Bank of Chile.
    9. Roberto Duncan, 2003. "Floating, Official Dollarization, and Macroeconomic Volatility:An Analysis for the Chilean Economy," Working Papers Central Bank of Chile 249, Central Bank of Chile.
    10. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
    11. Brahima Coulibaly, 2012. "Monetary policy in emerging market economies: what lessons from the global financial crisis?," International Finance Discussion Papers 1042, Board of Governors of the Federal Reserve System (U.S.).
    12. Svitlana Maksymenko, 2015. "The Cost of Euro Adoption in Poland," Working Paper 5779, Department of Economics, University of Pittsburgh.

  44. Enrique G. Mendoza & Katherine A. Smith, 2002. "Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon," NBER Working Papers 9286, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hélène Rey & Philippe Martin, 2006. "Globalization and Emerging Markets: With or Without Crash?," American Economic Review, American Economic Association, vol. 96(5), pages 1631-1651, December.
    2. Enrique G. Mendoza & Ceyhun Bora Durdu, 2004. "Putting the brakes on Sudden Stops: the financial frictions-moral hazard tradeoff of asset price guarantees," Working Paper Series 2004-33, Federal Reserve Bank of San Francisco.
    3. Ran Bi, 2008. "“Beneficial†Delays in Debt Restructuring Negotiations," IMF Working Papers 08/38, International Monetary Fund.
    4. Malgorzata Sulimierska, 2008. "Capital Account Liberalization and Currency Crisis - The Case of Central Eastern European Countries," International Trade and Finance Association Conference Papers 1140, International Trade and Finance Association.
    5. Vasco Cúrdia, 2007. "Monetary policy under sudden stops," Staff Reports 278, Federal Reserve Bank of New York.
    6. Franz Hamann, . "Sovereign Risk and Real Business Cycles in a Small Open Economy," Borradores de Economia 226, Banco de la Republica de Colombia.
    7. Pablo Neumeyer & Fabrizio Perri, 2004. "Business cycles in emerging economies: the role of interest rates," Staff Report 335, Federal Reserve Bank of Minneapolis.
    8. Cowan, Kevin & Raddatz, Claudio, 2011. "Sudden stops and financial frictions : evidence from industry level data," Policy Research Working Paper Series 5605, The World Bank.
    9. Cristina Arellano & Enrique G. Mendoza, 2002. "Credit Frictions and "Sudden Stop" in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises," IDB Publications (Working Papers) 6499, Inter-American Development Bank.
    10. Michael Hutchison & Ilan Noy (Neuberger), 2002. "Sudden stops and the Mexican wave: currency crises, capital flow reversals and output loss in emerging markets," Pacific Basin Working Paper Series 2002-03, Federal Reserve Bank of San Francisco.
    11. Sau Lino, 2004. "La deflazione da debiti di Irving Fisher nell'era della globalizzazione," CESMEP Working Papers 200405, University of Turin.
    12. Alejandro Izquierdo & Ernesto Talvi & Guillermo A Calvo, 2006. "Phoenix miracles in emerging markets: recovering without credit from systemic financial crises," BIS Working Papers 221, Bank for International Settlements.
    13. Kathryn M. E. Dominguez & Linda L. Tesar, 2007. "International Borrowing and Macroeconomic Performance in Argentina," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 297-348 National Bureau of Economic Research, Inc.
    14. Michele Cavallo & Kate Kisselev & Fabrizio Perri & Nouriel Roubini, 2005. "Exchange rate overshooting and the costs of floating," Working Paper Series 2005-07, Federal Reserve Bank of San Francisco.
    15. Anna Pavlova & Roberto Rigobon, 2005. "Wealth Transfers, Contagion, and Portfolio Constraints," NBER Working Papers 11440, National Bureau of Economic Research, Inc.
    16. Javier Gómez Pineda, . "Capital Flows and Monetary Policy," Borradores de Economia 395, Banco de la Republica de Colombia.
    17. Fricke, Hans & Süssmuth, Bernd, 2014. "Growth and Volatility of Tax Revenues in Latin America," World Development, Elsevier, vol. 54(C), pages 114-138.
    18. Luis-Felipe Zanna, 2006. "Fighting against currency depreciation, macroeconomic instability and sudden stops," International Finance Discussion Papers 848, Board of Governors of the Federal Reserve System (U.S.).
    19. Lawrence J. Christiano & Christopher J. Gust & Jorge Roldos, 2002. "Monetary policy in a financial crisis," Working Paper 0204, Federal Reserve Bank of Cleveland.
    20. Philippe Martin & Helene Rey, 2002. "Financial Globalization and Emerging Markets: With or Without Crash?," NBER Working Papers 9288, National Bureau of Economic Research, Inc.
    21. Izquierdo, Alejandro & Morisset, Jacques & Olarreaga, Marcelo, 2003. "Information Diffusion in International Markets," CEPR Discussion Papers 3872, C.E.P.R. Discussion Papers.
    22. Saubhik Deb, 2006. "Output Growth, Capital Flow Reversals and Sudden stop Crises," Departmental Working Papers 200606, Rutgers University, Department of Economics.
    23. Ceyhun Bora Durdu, 2007. "Quantitative Implications of Indexed Bonds in Small Open Economies," 2007 Meeting Papers 482, Society for Economic Dynamics.
    24. C. Bora Durdu, 2006. "Are Indexed Bonds a Remedy for Sudden Stops?," Computing in Economics and Finance 2006 11, Society for Computational Economics.
    25. Wen Yao, 2012. "International Business Cycles and Financial Frictions," Staff Working Papers 12-19, Bank of Canada.
    26. Franz Hamann, 2002. "Sovereign Risk and Macroeconomic Fluctuations," BORRADORES DE ECONOMIA 003520, BANCO DE LA REPÚBLICA.
    27. Enrique Mendoza, 2002. "Why Should Emerging Economies Give Up National Currencies? A Case for Institutions Substitution," Research Department Publications 4309, Inter-American Development Bank, Research Department.
    28. C. Bora Durdu, 2006. "Quantitative Implications of Indexed Bonds in Small Open Economies: Working Paper 2006-12," Working Papers 18245, Congressional Budget Office.
    29. Rodrigo Cerda & Rodrigo Vergara, 2006. "Unemployment Insurance in Chile: Does it Stabilize the Business Cycle?," Working Papers 17, Superintendencia de Pensiones, revised May 2007.
    30. Alejandro Izquierdo & Jacques Morriset & Marcelo Olarreaga, 2003. "Difusión de la información en mercados internacionales," Research Department Publications 4336, Inter-American Development Bank, Research Department.
    31. Nouriel Roubini & Michele Cavallo & Kate Kisselev, 2004. "Exchange rate overshooting and the costs of floating," Computing in Economics and Finance 2004 62, Society for Computational Economics.
    32. Enrique Mendoza, 2002. "¿Por qué deben las economías emergentes renunciar a su moneda nacional? El argumento a favor," Research Department Publications 4310, Inter-American Development Bank, Research Department.
    33. Anna Pavlova & Roberto Rigobon, 2008. "The Role of Portfolio Constraints in the International Propagation of Shocks," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1215-1256.
    34. Ricardo Caballero & César Calderón & Luis Felipe Céspedes, 2006. "External Vulnerability and Preventive Policies: An Overview," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus Sc (ed.), External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 1, pages 001-014 Central Bank of Chile.
    35. Javier Gómez Pineda, . "A Framework for Macroeconomic Stability in Emerging Market Economies," Borradores de Economia 320, Banco de la Republica de Colombia.
    36. Haibin Zhu, 2003. "Credit constraints, financial liberalisation and twin crises," BIS Working Papers 124, Bank for International Settlements.
    37. Alvaro Aguirre & César Calderón, 2005. "Financial Frictions and Real Devaluations," Working Papers Central Bank of Chile 318, Central Bank of Chile.
    38. Liu, Xuan, 2007. "Trade Openness and the Cost of Sudden Stops: The Role of Financial Friction," MPRA Paper 18260, University Library of Munich, Germany, revised 26 Oct 2009.
    39. Rachel Male, 2010. "Developing Country Business Cycles: Characterising the Cycle," Working Papers 663, Queen Mary University of London, School of Economics and Finance.
    40. Richard E. Ericson & Xuan Liu, 2012. "Welfare effect of interest rate shocks and policy implications," Applied Financial Economics, Taylor & Francis Journals, vol. 22(22), pages 1899-1917, November.

  45. Enrique G. Mendoza, 2001. "Credit, Prices, and Crashes: Business Cycles with a Sudden Stop," NBER Working Papers 8338, National Bureau of Economic Research, Inc.

    Cited by:

    1. Enrique G. Mendoza, 2002. "Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'," NBER Working Papers 8950, National Bureau of Economic Research, Inc.
    2. Elsa Orgiazzi & Paul Maarek, 2010. "Which factor bears the cost of currency crises?," 2010 Meeting Papers 810, Society for Economic Dynamics.
    3. Bianchi, Javier, 2009. "Overborrowing and Systemic Externalities in the Business Cycle," MPRA Paper 16270, University Library of Munich, Germany.
    4. Lim, G.C. & McNelis, Paul D., 2007. "Central bank learning, terms of trade shocks and currency risk: Should only inflation matter for monetary policy?," Journal of International Money and Finance, Elsevier, vol. 26(6), pages 865-886, October.
    5. Martin Uribe & Vivian Z. Yue, 2004. "Country spreads and emerging countries: who drives whom?," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    6. Gongpil Choi, 2003. "The Choice of Monetary Regime for Post-Crisis Asia. The Case of South Korea," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 1137-1160.
    7. James M. Nason and John H. Rogers, 2001. "The Present Value Model of the Current Account Has Been Rejected: Round Up the Usual Subjects," Computing in Economics and Finance 2001 102, Society for Computational Economics.
    8. Durdu, Ceyhun Bora, 2009. "Quantitative implications of indexed bonds in small open economies," Journal of Economic Dynamics and Control, Elsevier, vol. 33(4), pages 883-902, April.
    9. Jeffrey A. Frankel, 2005. "Contractionary Currency Crashes in Developing Countries," NBER Working Papers 11508, National Bureau of Economic Research, Inc.
    10. Peter Montiel & Luis Servén, 2006. "Macroeconomic Stability in Developing Countries: How Much Is Enough?," World Bank Research Observer, World Bank Group, vol. 21(2), pages 151-178.
    11. Javier Bianchi & Chenxin Liu & Enrique G. Mendoza, 2016. "Fundamentals News, Global Liquidity, and Macroprudential Policy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015 National Bureau of Economic Research, Inc.
    12. Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2007. "Precautionary demand for foreign assets in sudden stop economies: an assessment of the new mercantilism," International Finance Discussion Papers 911, Board of Governors of the Federal Reserve System (U.S.).
    13. Stephanie Schmitt-Grohé & Martín Uribe, 2016. "Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited," NBER Working Papers 22264, National Bureau of Economic Research, Inc.
    14. Philippe Martin & Helene Rey, 2006. "Globalization and Emerging Markets: With or without Crash?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00176903, HAL.
    15. Cristina Arellano & Enrique G. Mendoza, 2002. "Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises," NBER Working Papers 8880, National Bureau of Economic Research, Inc.
    16. Liu, Xuan, 2007. "Trade Openness and the Cost of Sudden Stops: The Role of Financial Friction," MPRA Paper 18260, University Library of Munich, Germany, revised 26 Oct 2009.
    17. Diego Valderrama, 2002. "Statistical nonlinearities in the business cycle: a challenge for the canonical RBC model," Working Paper Series 2002-13, Federal Reserve Bank of San Francisco.
    18. Ajit Singh, 2002. "Capital account liberalization, free long-term capital flows, financial crises and economic development," ESRC Centre for Business Research - Working Papers wp245, ESRC Centre for Business Research.
    19. Julian A. Parra-Polania & Carmiña O. Vargas, 2014. "Financial crises, debt volatility and optimal taxes," Borradores de Economia 839, Banco de la Republica de Colombia.
    20. Cook, David & Devereux, Michael B., 2006. "Accounting for the East Asian Crisis: A Quantitative Model of Capital Outflows in Small Open Economies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(3), pages 721-749, April.
    21. Enrico Vasconcelos & Maria Cristina Terra, 2008. "Trade Openness Effect in Sudden Stops," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211046210, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    22. Zhao, Yan, 2011. "Borrowing constraints and the trade balance-output comovement," MPRA Paper 36902, University Library of Munich, Germany.
    23. Olivier Jeanne & Romain Rancière, 2011. "The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications," Post-Print halshs-00754518, HAL.
    24. Luca Fornaro, 2012. "Financial Crises and Exchange Rate Policy," 2012 Meeting Papers 726, Society for Economic Dynamics.
    25. Santiago Gutiérrez V. & Michel Formisano P., 2003. "La culpa es del Yankee: Correlaciones e ineficiencias en el mercado de dinero," APUNTES DE BANCA Y FINANZAS 002959, ASOBANCARIA.
    26. Nouriel Roubini & Michele Cavallo & Kate Kisselev, 2004. "Exchange rate overshooting and the costs of floating," 2004 Meeting Papers 766, Society for Economic Dynamics.
    27. Joshua Aizenman & Brian Pinto & Vladyslav Sushko, 2013. "Financial sector ups and downs and the real sector in the open economy: Up by the stairs, down by the parachute," BIS Working Papers 411, Bank for International Settlements.
    28. Magud, Nicolas E., 2010. "Currency mismatch, openness and exchange rate regime choice," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 68-89, March.
    29. Zhen Huo & José-Víctor Ríos-Rull, 2013. "Paradox of Thrift Recessions," NBER Working Papers 19443, National Bureau of Economic Research, Inc.
    30. Lorenzoni, Guido, 2014. "International Financial Crises," Handbook of International Economics, Elsevier.
    31. Young, Eric R., 2012. "Robust policymaking in the face of sudden stops," Journal of Monetary Economics, Elsevier, vol. 59(5), pages 512-527.
    32. Akiko Terada-hagiwara, 2005. "Explaining the Real Exchange Rate during Sudden Stops and Tranquil Periods," International Finance 0504006, EconWPA.
    33. Zhen Huo & Jose-Victor Rios-Rull, 2012. "Engineering a paradox of thrift recession," Staff Report 478, Federal Reserve Bank of Minneapolis.
    34. Roberto Piazza, 2010. "Growth and Crisis, Unavoidable Connection?," IMF Working Papers 10/267, International Monetary Fund.
    35. Cristina Arellano & Enrique Mendoza, 2002. "Fricciones crediticias y 'paradas repentinas' en pequeñas economías abiertas: un marco de equilibrio del ciclo económico para crisis en mercados emergentes," Research Department Publications 4308, Inter-American Development Bank, Research Department.
    36. Ceyhun Bora Durdu & Serdar Sayan, 2010. "Emerging Market Business Cycles with Remittance Fluctuations," IMF Staff Papers, Palgrave Macmillan, vol. 57(2), pages 303-325, June.
    37. Imbs, Jean, 2003. "Trade, Finance, Specialization and Synchronization," CEPR Discussion Papers 3779, C.E.P.R. Discussion Papers.
    38. Kenza Benhima, 2012. "Exchange Rate Volatility and Productivity Growth: The Role of Liability Dollarization," Open Economies Review, Springer, vol. 23(3), pages 501-529, July.
    39. Meixing Dai, 2012. "External Constraint and Financial Crises with Balance Sheet Effects," International Economic Journal, Taylor & Francis Journals, vol. 26(4), pages 567-585, March.
    40. Enrique G. Mendoza & Katherine A. Smith, 2004. "Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices," NBER Working Papers 10940, National Bureau of Economic Research, Inc.
    41. Chang, Koyin & Kim, Yoonbai & Tomljanovich, Marc & Ying, Yung-Hsiang, 2013. "Do political parties foster business cycles? An examination of developed economies," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 212-226.
    42. Martin, Philippe & Rey, Hélène, 2002. "Financial Globalization and Emerging Markets: With or Without Crash?," CEPR Discussion Papers 3378, C.E.P.R. Discussion Papers.
    43. Wilman Gómez & Carlos Esteban Posada, . "Un "Choque" del Activo Externo Neto y el Ciclo Económico Colombiano," Borradores de Economia 285, Banco de la Republica de Colombia.
    44. Jaime Guajardo, 2004. "Financial Frictions and Business Cycles in Developing Countries," Econometric Society 2004 Latin American Meetings 307, Econometric Society.
    45. Meixing Dai, 2009. "Public debt and currency crisis: how central bank opacity can make things bad?," Economics Bulletin, AccessEcon, vol. 29(1), pages 190-198.
    46. Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, American Economic Association, vol. 96(2), pages 411-416, May.
    47. Alexander Zapata Galindo, 2003. "Los Servicios Financieros En El Índice De Precios Al Consumidor De Colombia," APUNTES DE BANCA Y FINANZAS 001896, ASOBANCARIA.
    48. Michael M. Hutchison & Ilan Noy & Lidan Wang, 2007. "Fiscal and Monetary Policies and the Cost of Sudden Stops," Working Papers 200724, University of Hawaii at Manoa, Department of Economics.
    49. Eduardo A. Cavallo, 2006. "Trade, Gravity and Sudden Stops: On How Commercial Trade Can Increase the Stability of Capital Flows," Research Department Publications 4491, Inter-American Development Bank, Research Department.
    50. Soyoung Kim & Sunghyun H. Kim, 2013. "International Capital Flows, Boom-Bust Cycles, And Business Cycle Synchronization In The Asia Pacific Region," Contemporary Economic Policy, Western Economic Association International, vol. 31(1), pages 191-211, 01.
    51. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric R. Young, 2011. "Financial Crises and Macro-Prudential Policies," IDB Publications (Working Papers) 27738, Inter-American Development Bank.
    52. Hutchison, Michael M. & Noy, Ilan, 2004. "Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets," Santa Cruz Center for International Economics, Working Paper Series qt38j2b036, Center for International Economics, UC Santa Cruz.
    53. Tiryaki, S. Tolga, 2014. "Sectoral asymmetries in a small open economy," Economic Modelling, Elsevier, vol. 43(C), pages 465-475.
    54. Gopinath, Gita, 2004. "Lending booms, sharp reversals and real exchange rate dynamics," Journal of International Economics, Elsevier, vol. 62(1), pages 1-23, January.
    55. Michele Cavallo & Kate Kisselev & Fabrizio Perri & Nouriel Roubini, 2005. "Exchange rate overshooting and the costs of floating," Working Paper Series 2005-07, Federal Reserve Bank of San Francisco.
    56. Timothy Chue & David Cook, 2004. "Sudden Stops and Liability Dollarization: Evidence from East Asian Financial Intermediaries," Econometric Society 2004 Far Eastern Meetings 646, Econometric Society.
    57. Chue, Timothy K. & Cook, David, 2008. "Sudden stops and liability dollarization: Evidence from Asia's financial intermediaries," Pacific-Basin Finance Journal, Elsevier, vol. 16(4), pages 436-452, September.
    58. Henry Kim & Soyoung Kim & Yunjong Wang, 2005. "International Capital Flows and Boom-Bust Cycles in the Asia Pacific Region," Discussion Papers Series, Department of Economics, Tufts University 0506, Department of Economics, Tufts University.
    59. Singh, Ajit, 1994. "How did East Asia grow so fast? Slow progress towards an analytical consensus," MPRA Paper 53435, University Library of Munich, Germany.
    60. Cook, David & Devereux, Michael B., 2006. "External currency pricing and the East Asian crisis," Journal of International Economics, Elsevier, vol. 69(1), pages 37-63, June.
    61. Stephanie Schmitt-Grohé & Martín Uribe, 2016. "Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?," NBER Working Papers 22481, National Bureau of Economic Research, Inc.
    62. David Cook & Michael B. Devereux, 2004. "Dollar bloc or dollar block: external currency pricing and the East Asian crisis," Working Paper Series 2004-35, Federal Reserve Bank of San Francisco.
    63. Malgorzata Sulimierska, 2008. "Capital Account Liberalization and Currency Crisis - The Case of Central Eastern European Countries," International Trade and Finance Association Conference Papers 1140, International Trade and Finance Association.
    64. Korinek, Anton, 2011. "Foreign currency debt, risk premia and macroeconomic volatility," European Economic Review, Elsevier, vol. 55(3), pages 371-385, April.
    65. Pritha Mitra, 2006. "Post-Crisis Recovery; When Does Increased Fiscal Discipline Work?," IMF Working Papers 06/219, International Monetary Fund.
    66. Cowan, Kevin & Raddatz, Claudio, 2011. "Sudden stops and financial frictions : evidence from industry level data," Policy Research Working Paper Series 5605, The World Bank.
    67. Julian Parra-Polania & Carmiña Vargas, 2015. "Optimal tax on capital inflows discriminated by debt-risk profile," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(1), pages 102-119, February.
    68. Julian A. Parra-Polania & Carmiña O. Vargas, 2015. "Macroprudential vs. Ex-post Policy Interventions: when Domestic Taxes are Relevant for International Lenders," Borradores de Economia 879, Banco de la Republica de Colombia.
    69. Felipe Meza & Erwan Quintin, 2005. "Financial crises and total factor productivity," Center for Latin America Working Papers 0105, Federal Reserve Bank of Dallas.
    70. Julian A. Parra-Polania & Carmiña O. Vargas, 2016. "Relevance of the fiscal-policy setup in the analysis of macroprudential and ex-post financial crisis interventions," Borradores de Economia 945, Banco de la Republica de Colombia.
    71. Claudia S. Gómez-López & Luis A. Puch, 2008. "Uso de Energía en Economías Exportadoras de Petróleo," Economic Reports 24-08, FEDEA.
    72. Andrés Felipe Arias, 2001. "Banking Productivity And Economic Fluctuations: Colombia 1998-2000," BORRADORES DE ECONOMIA 002050, BANCO DE LA REPÚBLICA.
    73. Andrés F. Arias, . "Banking Productivity and Economic Fluctuations: Colombia 1998-2000," Borradores de Economia 192, Banco de la Republica de Colombia.
    74. Gopinath, Gita, 2003. "Lending Booms, Sharp Reversals and Real Exchange Rate Dynamics," Scholarly Articles 11988005, Harvard University Department of Economics.
    75. Kuralbayeva, Karlygash & Vines, David, 2006. "Terms of Trade Shocks in an Intertemporal Model: Should We Worry about the Dutch Disease or Excessive Borrowing?," CEPR Discussion Papers 5857, C.E.P.R. Discussion Papers.
    76. Enrique Mendoza, 2002. "¿Por qué deben las economías emergentes renunciar a su moneda nacional? El argumento a favor," Research Department Publications 4310, Inter-American Development Bank, Research Department.
    77. Saubhik Deb, 2006. "Output Growth, Capital Flow Reversals and Sudden stop Crises," Departmental Working Papers 200606, Rutgers University, Department of Economics.
    78. Brad Setser & Nouriel Roubini & Christian Keller & Mark Allen & Christoph B. Rosenberg, 2002. "A Balance Sheet Approach to Financial Crisis," IMF Working Papers 02/210, International Monetary Fund.
    79. C. Bora Durdu, 2006. "Are Indexed Bonds a Remedy for Sudden Stops?," Computing in Economics and Finance 2006 11, Society for Computational Economics.
    80. Andrés Arias, 2003. "U.S. Business Cycle Volatility And Banking Productivity," DOCUMENTOS CEDE 003668, UNIVERSIDAD DE LOS ANDES-CEDE.
    81. Anton Korinek, 2011. "The New Economics of Capital Controls Imposed for Prudential Reasons+L4888," IMF Working Papers 11/298, International Monetary Fund.

  46. Enrique G. Mendoza, 2001. "The International Macroeconomics of Taxation and the Case Against European Tax Harmonization," NBER Working Papers 8217, National Bureau of Economic Research, Inc.

    Cited by:

    1. Thierry Warin & André Fourçans, 2006. "Tax Competition and Information Sharing in Europe: A Signaling Game," Middlebury College Working Paper Series 0605, Middlebury College, Department of Economics.
    2. Faik Koray & K. Peren Arin, . "International Transmission of Fiscal Shocks: An Empirical Investigation," Departmental Working Papers 2006-03, Department of Economics, Louisiana State University.
    3. Zodrow, George R, 2003. "Tax Competition and Tax Coordination in the European Union," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 10(6), pages 651-71, November.
    4. Thierry Warin, 2005. "A Note on the Anglo-Saxon and Continental Approaches to Europe: Identical in Spirit, not in Practice," Middlebury College Working Paper Series 0509r, Middlebury College, Department of Economics.
    5. Sorensen, Peter Birch, 2004. "International tax coordination: regionalism versus globalism," Journal of Public Economics, Elsevier, vol. 88(6), pages 1187-1214, June.
    6. Budryte, Alge, 2005. "Corporate income taxation in Lithuania in the context of the EU," Research in International Business and Finance, Elsevier, vol. 19(2), pages 200-228, June.

  47. Mendoza, Enrique G., 2000. "On the Benefits of Dollarization when Stabilization Policy Is Not Credible and Financial Markets are Imperfect," Working Papers 00-01, Duke University, Department of Economics.

    Cited by:

    1. Patrick Artus, 2003. "Local Currency or Foreign Currency Debt?," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 1013-1031.
    2. Artus P., 2001. "What Exchange - Rate System For Emerging Countries?," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 27-60, January -.
    3. Cruz-Rodríguez, Alexis, 2005. "¿Es la dolarización oficial una opción real para las economías emergentes?
      [Is Official Dollarization a real option for emerging countries?]
      ," MPRA Paper 54353, University Library of Munich, Germany.
    4. Ahmet Faruk Aysan, 2006. "Distributional Effects of Boom-Bust Cycles in Developing Countries with FinancialFrictions," Working Papers 2006/10, Bogazici University, Department of Economics.
    5. Guillermo Calvo & Michael Kumhof & Oya Celasun, 2002. "Nominal Exchange Rate Anchoring Under Inflation Inertia," IMF Working Papers 02/30, International Monetary Fund.
    6. Mendoza, Enrique G., 2000. "On the Instability of Variance Decompositions of the Real Exchange Rate Across Exchange- Rate-Regimes: Evidence from Mexico and the United States," Working Papers 00-05, Duke University, Department of Economics.
    7. Aysan, Ahmet Faruk, 2006. "The Role of Distribution of the Income Shares of Individuals in Tradables and Nontradables on Exchange Rate Fluctuations and Delay of Stabilizations," MPRA Paper 5485, University Library of Munich, Germany.
    8. Araújo, Aloísio Pessoa de & Leon, Márcia Saraiva, 2002. "Speculative attacks on debts, dollarization and optimum currency areas," Economics Working Papers (Ensaios Economicos da EPGE) 446, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    9. Carlos Gustavo Machicado, 2006. "Welfare Gains from Optimal Policy in a Partially Dollarized Economy," Development Research Working Paper Series 10/2006, Institute for Advanced Development Studies.
    10. Paasche, Bernhard, 2001. "Credit constraints and international financial crises," Journal of Monetary Economics, Elsevier, vol. 48(3), pages 623-650, December.
    11. Roger Craine, 2001. "Dollarization: An Irreversible Decision," International Finance 0103003, EconWPA.

  48. Mendoza, Enrique G., 2000. "On the Instability of Variance Decompositions of the Real Exchange Rate Across Exchange- Rate-Regimes: Evidence from Mexico and the United States," Working Papers 00-05, Duke University, Department of Economics.

    Cited by:

    1. Gilberto E. Arce & Edgar Robles C., 2004. "The Elasticity of Substitution in Demand for Non-Tradable Goods in Costa Rica," Research Department Publications 3183, Inter-American Development Bank, Research Department.
    2. Chen, Lein-Lein & Choi, Seungmook & Devereux, John, 2015. "Accounting for real exchange rate changes at long time horizons," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 264-277.
    3. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate," NBER Working Papers 14395, National Bureau of Economic Research, Inc.
    4. Burstein, Ariel Tomas & Eichenbaum, Martin & Rebelo, Sérgio, 2004. "Large Devaluations and the Real Exchange Rate," CEPR Discussion Papers 4810, C.E.P.R. Discussion Papers.
    5. Naknoi, Kanda, 2008. "Real exchange rate fluctuations, endogenous tradability and exchange rate regimes," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 645-663, April.
    6. Hernández Marco A., 2015. "Endogenous Trade, Nontraded Goods and Real Exchange Rate Variations," Working Papers 2015-07, Banco de México.
    7. Enrique G. Mendoza, 2005. "Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies," NBER Working Papers 11691, National Bureau of Economic Research, Inc.
    8. Parsley, David & Wei, Shang-Jin, 2004. "A Prism into the PPP Puzzles: The Micro-Foundations of Big Mac Real Exchange Rates," CEPR Discussion Papers 4486, C.E.P.R. Discussion Papers.
    9. Parsley, David C., 2007. "Accounting for real exchange rate changes in East Asia," Journal of International Money and Finance, Elsevier, vol. 26(8), pages 1355-1377, December.
    10. John H. Rogers & Hayden P. Smith, 2001. "Border effects within the NAFTA countries," International Finance Discussion Papers 698, Board of Governors of the Federal Reserve System (U.S.).
    11. Caroline M. Betts & Timothy J. Kehoe, 2008. "Real Exchange Rate Movements and the Relative Price of Non-traded Goods," NBER Working Papers 14437, National Bureau of Economic Research, Inc.
    12. Alessio Emanuele BIONDO, 2010. "The Law of One Price: Survey of a Failure," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(2), pages 168 - 182, December.
    13. Kanda Naknoi, 2005. "Real Exchange Rate Fluctuations and Endogenous Tradability," 2005 Meeting Papers 857, Society for Economic Dynamics.
    14. David C. Parsley & Shang-Jin Wei, 2003. "The Micro-foundations of Big Mac Real Exchange Rates," IEHAS Discussion Papers 0306, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
    15. Marco A. Hernandez Vega, 2012. "Real Exchange Rate Variations, Nontraded Goods and Disaggregated CPI Data," Working Papers 2012-05, Banco de México.
    16. Ouyang, Alice Y. & Rajan, Ramkishen S., 2013. "Real exchange rate fluctuations and the relative importance of nontradables," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 844-855.

  49. Enrique G. Mendoza & Martin Uribe, 1999. "The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework," NBER Working Papers 7045, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kumhof, Michael & Li, Shujing & Yan, Isabel, 2007. "Balance of payments crises under inflation targeting," Journal of International Economics, Elsevier, vol. 72(1), pages 242-264, May.
    2. Yan Zhang, 2008. "Does the Utility Function Form Matter for Indeterminacy in a Two Sector Small Open Economy," Annals of Economics and Finance, Society for AEF, vol. 9(1), pages 91-101, May.
    3. Jinill Kim, Sunghyun Kim, and Andrew Levin, 2001. "Patience, Persistence, and Welfare Costs of Incomplete Markets in Open Economies," Computing in Economics and Finance 2001 7, Society for Computational Economics.
    4. Mariassunta Giannetti, 2004. "Old and Modern Currency Crises: Short-Term Liabilities, Speculative Attacks and Business Cycles," Econometric Society 2004 North American Summer Meetings 133, Econometric Society.
    5. Liu, Xuan, 2007. "Trade Openness and the Cost of Sudden Stops: The Role of Financial Friction," MPRA Paper 18260, University Library of Munich, Germany, revised 26 Oct 2009.

  50. Guillermo A. Calvo & Enrique G. Mendoza, 1999. "Regional Contagion and the Globalization of Securities Markets," NBER Working Papers 7153, National Bureau of Economic Research, Inc.

    Cited by:

    1. Albert S. Kyle, 2001. "Contagion as a Wealth Effect," Journal of Finance, American Finance Association, vol. 56(4), pages 1401-1440, 08.
    2. Giampaolo Gabbi & Alesia Kalbaska & Alessandro Vercelli, 2014. "Factors generating and transmitting the financial crisis: The role of incentives: securitization and contagion," Working papers wpaper56, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Frenkel, Michael & Menkhoff, Lukas, 2003. "Are Foreign Institutional Investors Good for Emerging Markets?," Hannover Economic Papers (HEP) dp-283, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    4. Yan Carrière–Swallow & Luis Felipe Céspedes, 2011. "The Impact of Uncertainty Shocks in Emerging Economies," Working Papers Central Bank of Chile 646, Central Bank of Chile.
    5. Matthieu Bussière, 2013. "Balance of payment crises in emerging markets: how early were the ‘early’ warning signals?," Applied Economics, Taylor & Francis Journals, vol. 45(12), pages 1601-1623, April.
    6. Stijn Van Nieuwerburgh & Laura Veldkamp, 2007. "Information Immobility and the Home Bias Puzzle," NBER Working Papers 13366, National Bureau of Economic Research, Inc.
    7. Augusto de la Torre & Sergio L. Schmukler, 2007. "Emerging Capital Markets and Globalization : The Latin American Experience," World Bank Publications, The World Bank, number 7187, June.
    8. Burdekin, Richard C.K. & Siklos, Pierre L., 2012. "Enter the dragon: Interactions between Chinese, US and Asia-Pacific equity markets, 1995–2010," Pacific-Basin Finance Journal, Elsevier, vol. 20(3), pages 521-541.
    9. Muendler, Marc-Andreas, 2005. "Rational Information Choice in Financial Market Equilibrium," University of California at San Diego, Economics Working Paper Series qt5q4764nj, Department of Economics, UC San Diego.
    10. Fratzscher, Marcel, 2002. "On currency crises and contagion," Working Paper Series 0139, European Central Bank.
    11. Mardi Dungey & Renée Fry & Vance L. Martin, 2006. "Correlation, Contagion, and Asian Evidence," Asian Economic Papers, MIT Press, vol. 5(2), pages 32-72, June.
    12. Fratzscher, Marcel & Matthieu Bussiere, 2003. "Towards A New Early Warning System of Financial Crises," Royal Economic Society Annual Conference 2003 81, Royal Economic Society.
    13. Andrade, Sandro C. & Kohlscheen, Emanuel, 2010. "Pessimistic Foreign Investors and Turmoil in Emerging Markets : The Case of Brazil in 2002," The Warwick Economics Research Paper Series (TWERPS) 926, University of Warwick, Department of Economics.
    14. Pami Dua & Divya Tuteja, 2016. "Contagion in International Stock and Currency Markets During Recent Crisis Episodes," Working papers 258, Centre for Development Economics, Delhi School of Economics.
    15. Thomas Gehrig & Lukas Menkhoff, 2005. "The Rise of Fund Managers in Foreign Exchange:Will Fundamentals Ultimately Dominate?," The World Economy, Wiley Blackwell, vol. 28(4), pages 519-540, 04.
    16. Guimaraes, Bernardo & Morris, Stephen, 2007. "Risk and wealth in a model of self-fulfilling currency attacks," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2205-2230, November.
    17. Gębka, Bartosz & Wohar, Mark E., 2013. "International herding: Does it differ across sectors?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 23(C), pages 55-84.
    18. Sandro Brusco & Fabio Castiglionesi, 2007. "Liquidity Coinsurance, Moral Hazard, and Financial Contagion," Journal of Finance, American Finance Association, vol. 62(5), pages 2275-2302, October.
    19. Philip Lane & Gian Maria Milesi-Ferretti, 2001. "THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries," Trinity Economics Papers 20014, Trinity College Dublin, Department of Economics.
    20. Chambet, Anthony & Gibson, Rajna, 2008. "Financial integration, economic instability and trade structure in emerging markets," Journal of International Money and Finance, Elsevier, vol. 27(4), pages 654-675, June.
    21. Claudio Raddatz & Sergio L. Schmukler & Tomas Williams, 2015. "International Asset Allocations and Capital Flows: The Benchmark Effect," Working Papers 042015, Hong Kong Institute for Monetary Research.
    22. José Eduardo Gómez-González & Luisa Silva & Sergio Restrepo & Mauricio Salazar, 2012. "Flujos de capital y fragilidad financiera en Colombia," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(69), pages 68-109, Diciembre.
    23. Mody, Ashoka & Taylor, Mark P, 2003. "Common Vulnerabilities," CEPR Discussion Papers 3759, C.E.P.R. Discussion Papers.
    24. Simone Manganelli & Lorenzo Cappiello & Bruno Gerard, 2004. "The Contagion Box: Measuring Co-Movements in Financial Markets by Regression Quantiles," Econometric Society 2004 Latin American Meetings 77, Econometric Society.
    25. Jordi Mondria, 2006. "Financial Contagion and Attention Allocation," Working Papers tecipa-254, University of Toronto, Department of Economics.
    26. Reinhart, Carmen & Kaminsky, Graciela, 2001. "Bank Lending and Contagion: Evidence from the Asian Crisis," MPRA Paper 7580, University Library of Munich, Germany.
    27. Gai, Prasanna & Kapadia, Sujit, 2010. "Contagion in financial networks," Bank of England working papers 383, Bank of England.
    28. Raddatz, Claudio, 2010. "When the rivers run dry : liquidity and the use of wholesale funds in the transmission of the U.S. subprime crisis," Policy Research Working Paper Series 5203, The World Bank.
    29. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2003. "The Unholy Trinity of Financial Contagion," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 51-74, Fall.
    30. Xiaojing Zhang & Tao Sun, 2009. "Spillovers of the U.S. Subprime Financial Turmoil to Mainland China and Hong Kong SAR; Evidence from Stock Markets," IMF Working Papers 09/166, International Monetary Fund.
    31. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2007. "Capital Flows in a Globalized World: The Role of Policies and Institutions," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 19-72 National Bureau of Economic Research, Inc.
    32. Arturo Galindo & Alejandro Micco & Andrew Powell, 2005. "Loyal Lenders or Fickle Financiers: Foreign Banks in Latin America," IDB Publications (Working Papers) 6832, Inter-American Development Bank.
    33. Ganesh Kumar Shrestha, 2004. "Financial Sector Reforms in Nepal," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 16, pages 75-90, April.
    34. Ian Woolford, 2001. "Macro-financial stability and macroprudential analysis," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, September.
    35. Martin, V. & Dungey & M., 2004. "Empirical Modelling of Contagion: A Review of Methodologies," Econometric Society 2004 Far Eastern Meetings 574, Econometric Society.
    36. Guyot, Alexis & Lagoarde-Segot, Thomas & Neaime, Simon, 2014. "Foreign shocks and international cost of equity destabilization. Evidence from the MENA region," Emerging Markets Review, Elsevier, vol. 18(C), pages 101-122.
    37. Vahagn Galstyan & Philip Lane, 2011. "Bilateral Portfolio Dynamics During the Global Financial Crisis," The Institute for International Integration Studies Discussion Paper Series iiisdp366, IIIS.
    38. Kaminsky, Graciela & Schmukler, Sergio, 2001. "Emerging markets instability: do sovereign ratings affect country risk and stock returns?," Policy Research Working Paper Series 2678, The World Bank.
    39. Chan-Lau, Jorge A. & Ivaschenko, Iryna, 2003. "Asian Flu or Wall Street virus? Tech and non-tech spillovers in the United States and Asia," Journal of Multinational Financial Management, Elsevier, vol. 13(4-5), pages 303-322, December.
    40. Didier, Tatiana & Mauro, Paolo & Schmukler, Sergio L., 2008. "Vanishing financial contagion?," Journal of Policy Modeling, Elsevier, vol. 30(5), pages 775-791.
    41. Gian Maria Milesi Ferretti & Assaf Razin, 2000. "Current Account Reversals and Currency Crises: Empirical Regularities," NBER Chapters, in: Currency Crises, pages 285-323 National Bureau of Economic Research, Inc.
    42. Durdu, Ceyhun Bora & Mendoza, Enrique G., 2006. "Are asset price guarantees useful for preventing Sudden Stops?: A quantitative investigation of the globalization hazard-moral hazard tradeoff," Journal of International Economics, Elsevier, vol. 69(1), pages 84-119, June.
    43. Philipp Paulus, 2006. "Brüssel, Frankfurt oder Basel - Wo muss das Problem steigender Staatsschulden in der Europäischen Währungsunion gelöst werden?," Otto-Wolff-Institut Discussion Paper Series 01/2006, Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland.
    44. Helmut Wagner & Wolfram Berger, 2003. "Financial Globalization and Monetary Policy," DNB Staff Reports (discontinued) 95, Netherlands Central Bank.
    45. Izquierdo, Alejandro & Morisset, Jacques & Olarreaga, Marcelo, 2003. "Information diffusion in international markets," Policy Research Working Paper Series 3032, The World Bank.
    46. David Hirshleifer & Siew Hong Teoh, 2003. "Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis," European Financial Management, European Financial Management Association, vol. 9(1), pages 25-66.
    47. Graciela L. Kaminsky, 2008. "Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets," IMES Discussion Paper Series 08-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
    48. Enrique G. Mendoza, 2002. "Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'," NBER Working Papers 8950, National Bureau of Economic Research, Inc.
    49. Marie Briere & Ariane Chapelle & Ariane Szafarz, 2012. "No contagion, only globalization and flight to quality," Working Papers CEB 12-010, ULB -- Universite Libre de Bruxelles.
    50. Claudia M. Buch, 2001. "Distance and International Banking," Kiel Working Papers 1043, Kiel Institute for the World Economy.
    51. Graciela Kaminsky & Richard K. Lyons & Sergio Schmukler, 2000. "Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets," NBER Working Papers 7855, National Bureau of Economic Research, Inc.
    52. Cifarelli, Giulio & Paladino, Giovanna, 2006. "Volatility co-movements between emerging sovereign bonds: Is there segmentation between geographical areas?," Global Finance Journal, Elsevier, vol. 16(3), pages 245-263, March.
    53. Sophie Brana & Delphine Lahet, 2005. "La propagation des crises financieres dans les pays emergents : la contagion est-elle discriminante ?," Economie Internationale, CEPII research center, issue 103, pages 73-96.
    54. Reinhart, Carmen & Kaminsky, Graciela, 2008. "The center and the periphery: The globalization of financial turmoil," MPRA Paper 14100, University Library of Munich, Germany.
    55. Martin Uribe & Vivian Z. Yue, 2004. "Country spreads and emerging countries: who drives whom?," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    56. Geert Bekaert & Michael Ehrmann & Marcel Fratzscher & Arnaud Mehl, 2014. "The Global Crisis and Equity Market Contagion," Journal of Finance, American Finance Association, vol. 69(6), pages 2597-2649, December.
    57. Fernando Broner & Guido Lorenzoni & Sergio L. Schmukler, 2003. "Why do emerging economies borrow short term?," Economics Working Papers 838, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2011.
    58. Jens Hilscher & Yves Nosbusch, 2007. "Determinants of Sovereign Risk: Macroeconomic Fundamentals and the Pricing of Sovereign Debt," Money Macro and Finance (MMF) Research Group Conference 2006 114, Money Macro and Finance Research Group, revised 24 Apr 2007.
    59. K L Chawla & Pankaj Kumar Gupta, 2014. "Financial Perspectives of Globalization in Emerging Economies – Concerns for India," Proceedings of Economics and Finance Conferences 0401601, International Institute of Social and Economic Sciences.
    60. Raffaela Giordano & Marcello Pericoli & Pietro Tommasino, 2013. "Pure or wake-up-call contagion? Another look at the EMU sovereign debt crisis," Temi di discussione (Economic working papers) 904, Bank of Italy, Economic Research and International Relations Area.
    61. Edgardo Cayón, 2014. "The Effects of Contagion During the Global Financial Crisis in Government-Regulated and Sponsored Assets in Emerging Markets," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 30.
    62. Helmut Wagner & Wolfram Berger, 2004. "Globalization, Financial Volatility and Monetary Policy," Economic Change and Restructuring, Springer, vol. 31(2), pages 163-184, June.
    63. Muhd-Zulkhibri Abdul Majid, 2004. "Sources Of Asian Currency Crisis," International Finance 0405020, EconWPA.
    64. Assaf Razin & Itay Goldstein, 2012. "Review Of Theories of Financial Crises," 2012 Meeting Papers 214, Society for Economic Dynamics.
    65. JOOCHEOl KIM & SUNGHO KIM, 2014. "Multivariate Tail Dependence in Financial Markets," Working papers 2014rwp-71, Yonsei University, Yonsei Economics Research Institute.
    66. Krebs, Tom, 2005. "Fundamentals, information, and international capital flows: A welfare analysis," European Economic Review, Elsevier, vol. 49(3), pages 579-598, April.
    67. Stijn Claessens & Thomas Glaessner & Daniela Klingebiel, 2002. "Electronic Finance: Reshaping the Financial Landscape Around the World," Journal of Financial Services Research, Springer;Western Finance Association, vol. 22(1), pages 29-61, August.
    68. Bernardo Guimaraes & Stephen Morris, 2003. "Risk and Wealth in a Model of Self-fulfilling Currency Crises," Cowles Foundation Discussion Papers 1433, Cowles Foundation for Research in Economics, Yale University.
    69. Mody, Ashoka & Taylor, Mark P., 2007. "Regional vulnerability: The case of East Asia," Journal of International Money and Finance, Elsevier, vol. 26(8), pages 1292-1310, December.
    70. Cristina Arellano & Enrique G. Mendoza, 2002. "Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises," NBER Working Papers 8880, National Bureau of Economic Research, Inc.
    71. Anna Ilyina, 2005. "Investment Restrictions and Contagion in Emerging Markets," IMF Working Papers 05/190, International Monetary Fund.
    72. Rachel Male, 2011. "Developing Country Business Cycles: Characterizing the Cycle," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(0), pages 20-39, May.
    73. Goldfajn, Ilan & Silveira, Marcos Antonio, 2002. "Should government smooth exchange rate risk?," Journal of Development Economics, Elsevier, vol. 69(2), pages 393-421, December.
    74. Claude Fluet & Paolo G. Garella, 2014. "Debt Rescheduling with Multiple Lenders: Relying on the Information of Others," Economica, London School of Economics and Political Science, vol. 81(324), pages 698-720, October.
    75. Kannan, Prakash & Kohler-Geib, Fritzi, 2009. "The uncertainty channel of contagion," Policy Research Working Paper Series 4995, The World Bank.
    76. Mark Aguiar & Gita Gopinath, 2004. "Defaultable debt, interest rates, and the current account," Working Papers 04-5, Federal Reserve Bank of Boston.
    77. Cook, David & Devereux, Michael B., 2006. "Accounting for the East Asian Crisis: A Quantitative Model of Capital Outflows in Small Open Economies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(3), pages 721-749, April.
    78. Chan, Kalok & Menkveld, Albert J. & Yang, Zhishu, 2006. "Are Domestic Investors Better Informed than Foreign Investors? : Evidence from the Perfectly Segmented Market in China," Serie Research Memoranda 0004, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    79. Peress, Joel, 2010. "The tradeoff between risk sharing and information production in financial markets," Journal of Economic Theory, Elsevier, vol. 145(1), pages 124-155, January.
    80. Mody, Ashoka & Taylor, Mark P, 2003. "International Capital Crunches: The Time-Varying Role of Informational Asymmetries," CEPR Discussion Papers 3757, C.E.P.R. Discussion Papers.
    81. Abdullah Yalama, 2012. "International Financial Contagion: The Role of the UK," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 26(2), pages 115-129.
    82. Gus, Garita & Chen, Zhou, 2011. "Averting Currency Crises: The Pros and Cons of Financial Openness," MPRA Paper 30218, University Library of Munich, Germany.
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    84. Kohonen, Anssi, 2012. "Transmission of Government Default Risk in the Eurozone," MPRA Paper 43823, University Library of Munich, Germany.
    85. Trenca Ioan & Petria Nicolae & Dezsi Eva, 2013. "An Inquiry Into Contagion Transmission And Spillover Effects In Stock Markets," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 472-482, December.
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