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

  • Ronald U. Mendoza

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

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File URL: http://www.un.org/esa/desa/papers/2007/wp48_2007.pdf
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Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 48.

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Length: 28 pages
Date of creation: Jul 2007
Date of revision:
Handle: RePEc:une:wpaper:48
Contact details of provider: Web page: http://www.un.org/en/development/desa/working-papers.htmlEmail:


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  1. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2004. "When it rains, it pours: Procyclical capital flows and macroeconomic policies," MPRA Paper 13883, University Library of Munich, Germany.
  2. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
  3. Tito Cordella & Eduardo Levy Yeyati, 2005. "Country Insurance," IMF Staff Papers, Palgrave Macmillan, vol. 52(si), pages 6.
  4. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  5. Guillermo A. Calvo, 2008. "Crises in Emerging Markets Economies: A Global Perspective," Central Banking, Analysis, and Economic Policies Book Series, in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.), Current Account and External Financing, edition 1, volume 12, chapter 3, pages 085-115 Central Bank of Chile.
  6. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19, May.
  7. Enrique G. Mendoza, 2006. "Lessons From the Debt-Deflation Theory of Sudden Stops," NBER Working Papers 11966, National Bureau of Economic Research, Inc.
  8. Michael Gavin & Roberto Perotti, 1997. "Fiscal Policy in Latin America," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 11-72 National Bureau of Economic Research, Inc.
  9. Randall DODD & Shari SPIEGEL, 2005. "Up From Sin: A Portfolio Approach To Financial Salvation," G-24 Discussion Papers 34, United Nations Conference on Trade and Development.
  10. Nancy Birdsall, 2006. "A Stability and Social Investment Facility for High Debt Countries," Working Papers 77, Center for Global Development.
  11. John Williamson, 2005. "Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa75, 03.
  12. Prasanna Gai & Nicholas Vause, 2006. "Measuring Investors' Risk Appetite," International Journal of Central Banking, International Journal of Central Banking, vol. 2(1), March.
  13. John D. Burger & Francis E. Warnock, 2006. "Local Currency Bond Markets," IMF Staff Papers, Palgrave Macmillan, vol. 53(si), pages 7.
  14. Talvi, Ernesto & Vegh, Carlos A., 2005. "Tax base variability and procyclical fiscal policy in developing countries," Journal of Development Economics, Elsevier, vol. 78(1), pages 156-190, October.
  15. Kaul, Inge & Conceicao, Pedro, 2006. "The New Public Finance: Responding to Global Challenges," OUP Catalogue, Oxford University Press, number 9780195179972, March.
  16. Guillermo A. Calvo, 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 35-54, November.
  17. Mendoza, Ronald U., 2004. "International reserve-holding in the developing world: self insurance in a crisis-prone era?," Emerging Markets Review, Elsevier, vol. 5(1), pages 61-82, March.
  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. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373, May.
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