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Working Paper
The impact of financial frictions on a small open economy: when current account borrowing hits a limit
Valderrama, Diego (2002)
The evidence of the last 20 years of recurring output busts and rapid reversals of the current account in emerging markets indicates that domestic agents may not be able to borrow in international capital markets to fully insure themselves against internal and external shocks. This paper models this phenomenon as a form of excess volatility by introducing a financial friction into a stochastic model of a small open economy. The financial friction limits the current account deficit to a fixed fraction of gross domestic product. The paper shows that conditional volatility and asymmetry are ...
Working Paper Series , Paper 2002-15

Working Paper
Globalization, locational innovation and East Asian development
Kasper, Wolfgang (1991)
Pacific Basin Working Paper Series , Paper 91-02

Working Paper
A public finance analysis of multiple reserve requirements
Espinosa-Vega, Marco A.; Russell, Steven (1999)
This paper analyzes multiple reserve requirements of the type that have been imposed by a number of developing countries. We show that previous theoretical work on this topic has not succeeded in providing a social welfare rationale for the existence of multiple reserve requirements. We go on to present a model in which it is possible for a multiple reserves regime to improve social welfare relative to simpler regimes involving reserve requirements and/or deposit taxes. We demonstrate the empirical plausibility of our approach by providing a case study of Mexico, a country with extensive ...
FRB Atlanta Working Paper , Paper 99-19

Working Paper
Exchange rate rules in support of disinflation programs in developing countries
Kamin, Steven B. (1991)
This paper analyzes how exchange rate policies can best support the sustainability of disinflation programs. Freezing the nominal exchange rate frequently has been recommended as a means of suppressing inertial inflation and accelerating the disinflation process. However, because any resultant real exchange rate appreciation often must be corrected through a subsequent devaluation, targeting the nominal exchange rate may merely postpone inflation rather than eliminate it once-and-for-all. This paper argues that because excessive inflation during any particular period may jeopardize the ...
International Finance Discussion Papers , Paper 402

Journal Article
Recent trade liberalization in developing countries: the effects on global trade and output
Hickok, Susan (1993-10)
Many developing countries are currently easing import tariffs and other barriers to trade. This article estimates the impact of these reforms on international trade flows and global output under alternative assumptions about the ability of developing countries to finance increased import purchases. Particular attention is given to the effect of these reforms on the U.S. economy. The author also considers how the trade policies of the United States and other industrialized countries may influence the trade and output effects of the reforms.
Quarterly Review , Volume 18 , Issue Aut , Pages 6-19

Conference Paper
Foreign direct investment, trade, and real exchange rate linkages in developing countries
Goldberg, Linda S.; Klein, Michael W. (1996)
Proceedings

Journal Article
Statement issued on debt policy of developing countries
Greenspan, Alan (1989-05)
Federal Reserve Bulletin , Issue May

Conference Paper
The U.S. current account deficit: collateral for a total return swap
Dooley, Michael P.; Garber, Peter M. (2005-02)
Proceedings , Issue Feb

Report
Capital flows & current account deficits in the 1990s: why did Latin America & East Asian countries respond differently?
Antzoulatos, Angelos A. (1996)
The return of private capital to highly indebted less-developed countries (LDCs) in the late 1980s was accompanied by widening current account deficits in the recipient countries, which were primarily attributed to a consumption boom in Latin America and an investment surge in East Asia. Interpreting the return as an increase in the external debt ceiling, the maximum amount that can be borrowed, this paper analyzes and compares the different response of the two regions using the conceptual framework of a borrowing-constrained agent. According to it, an increase in the debt ceiling can reduce ...
Research Paper , Paper 9610

Journal Article
A balanced approach to the LDC debt problem
Corrigan, E. Gerald (1988-04)
Quarterly Review , Volume 13 , Issue Spr , Pages 1-6

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