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Working Paper
Is financial time linear?
Plaut, Steven (1987)
Working Papers in Applied Economic Theory , Paper 87-13

Conference Paper
Keynote address : where are rural capital markets headed?
Duncan, Marvin R. (1997-04)
Proceedings – Rural and Agricultural Conferences , Issue Apr , Pages 11-45

Conference Paper
Private capital flows, capital controls, and default risk
Wright, Mark L. J. (2004-06)
What has been the effect of the shift in emerging market capital flows toward private sector borrowers? Are emerging markets capital flows more efficient? If not, can controls on capital flows improve welfare? This paper studies these questions in a world with two forms of default risk. When private loans are enforceable, but there is the risk of national default, constrained efficient capital flows can be decentralized with private borrowing subject to individual borrowing constraints: no capital controls are necessary. However, when private agents may individually default, private lending ...
Proceedings , Issue Jun

Working Paper
The illusive quest: do international capital controls contribute to currency stability?
Glick, Reuven; Hutchison, Michael M. (2010)
We investigate the effectiveness of capital controls in insulating economies from currency crises, focusing in particular on both direct and indirect effects of capital controls and how these relationships may have changed over time in response to global financial liberalization and the greater mobility of international capital. We predict the likelihood of currency crises using standard macroeconomic variables and a probit equation estimation methodology with random effects. We employ a comprehensive panel data set comprised of 69 emerging market and developing economies over 1975?2004. Both ...
Working Paper Series , Paper 2010-15

Report
Macro risk premium and intermediary balance sheet quantities
Shin, Hyun Song; Moench, Emanuel; Adrian, Tobias (2010)
The macro risk premium measures the threshold return for real activity that receives funding from savers. We base our argument in this paper on the relationship between the macro risk premium and the growth of financial intermediaries' balance sheets. The spare capacity of their balance sheets determines the intermediaries' risk appetite, which in turn determines the real projects that receive funding and, hence, the supply of credit. Monetary policy affects risk appetite by changing the ability of intermediaries to leverage their capital. We estimate the time-varying risk appetite of ...
Staff Reports , Paper 428

Report
Global banks and international shock transmission: evidence from the crisis
Goldberg, Linda S.; Cetorelli, Nicola (2010)
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. We examine adverse liquidity shocks on main developed-country banking systems and their relationships to emerging markets across Europe, Asia, and Latin America, isolating loan supply from loan demand effects. Loan supply in emerging markets across Europe, Asia, and Latin America was affected significantly through three separate channels: 1) a contraction in direct, cross-border lending by foreign banks; 2) a contraction in local lending by foreign banks' affiliates in emerging ...
Staff Reports , Paper 446

Working Paper
Capital controls or exchange rate policy? a pecuniary externality perspective
Benigno, Gianluca; Young, Eric; Otrok, Christopher; Chen, Huigang; Rebucci, Alessandro (2012)
In the aftermath of the global nancial crisis, a new policy paradigm has emerged> in which old-fashioned policies such as capital controls and other government distor-> tions have become part of the standard policy toolkit (the so-called macro-prudential> policies). On the wave of this seemingly unanimous policy consensus, a new strand> of theoretical literature contends that capital controls are welfare enhancing and can> be justi ed rigorously because of second-best considerations. Within the same the-> oretical framework adopted in this fast-growing literature, we show that a credible> ...
Working Papers , Paper 2012-025

Working Paper
Capital market imperfections and the incentive to lease
Sharpe, Steven A.; Nguyen, Hien H. (1994)
Finance and Economics Discussion Series , Paper 94-5

Conference Paper
The view from Main Street
Moncrief, L. Ray (1999-08)
Proceedings – Rural and Agricultural Conferences , Issue Aug , Pages 35-37

Working Paper
Private capital flows, capital controls, and default risk
Wright, Mark L. J. (2004)
What has been the effect of the shift in emerging market capital flows toward private sector borrowers? Are emerging market capital flows more efficient? If not, can controls on capital flows improve welfare? This paper shows that the answers depend on the form of default risk. When private loans are enforceable, but there is the risk that the government will default on behalf of all residents, private lending is inefficient and capital controls are potentially Pareto-improving. However, when private agents may individually default, capital flow subsidies are potentially Pareto-improving.
Working Paper Series , Paper 2004-34

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