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Titolo:
A model of crises in emerging markets
Autore:
Dooley, MP;
Indirizzi:
Univ Calif Santa Cruz, Santa Cruz, CA 95064 USA Univ Calif Santa Cruz Santa Cruz CA USA 95064 z, Santa Cruz, CA 95064 USA
Titolo Testata:
ECONOMIC JOURNAL
fascicolo: 460, volume: 110, anno: 2000,
pagine: 256 - 272
SICI:
0013-0133(200001)110:460<256:AMOCIE>2.0.ZU;2-G
Fonte:
ISI
Lingua:
ENG
Soggetto:
PAYMENTS CRISES; CAPITAL INFLOWS; BALANCE;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
Citazioni:
42
Recensione:
Indirizzi per estratti:
Indirizzo: Dooley, MP Univ Calif Santa Cruz, Santa Cruz, CA 95064 USA Univ Calif Santa Cruz Santa Cruz CA USA 95064 uz, CA 95064 USA
Citazione:
M.P. Dooley, "A model of crises in emerging markets", ECON J, 110(460), 2000, pp. 256-272

Abstract

This paper presents a perfect foresight model of speculative attacks on emerging markets. Credit constrained governments are assumed to have two objectives: to accumulate liquid assets in order to self-insure against shocks to national consumption and to insure poorly regulated domestic financial markets. This policy regime generates endogenous fiscal deficits defined to include the growth of contingent liabilities. The model sets our a sequenceof yield differentials consistent with capital inflows followed by anticipated speculative attacks. The model suggests that a common shock generated capital inflows to emerging markets in Asia and Latin America after 1989.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 21/09/20 alle ore 03:00:10