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Keywords:Emerging markets 

Newsletter
Comrades or competitors? on trade relationships between China and emerging Asia

Chicago Fed Letter , Issue Mar

Working Paper
Defaultable debt, interest rates, and the current account

World capital markets have experienced large-scale sovereign defaults on a number of occasions, the most recent being Argentina?s default in 2002. In this paper, we develop a quantitative model of debt and default in a small open economy. We use this model to match four empirical regularities regarding emerging markets: defaults occur in equilibrium, interest rates are countercyclical, net exports are countercyclical, and interest rates and the current account are positively correlated. That is, emerging markets on average borrow more in good times and at lower interest rates than in slumps. ...
Working Papers , Paper 04-5

Conference Paper
Achieving maximum long-run growth: an introduction to the 2011 Economic Policy Symposium

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times

How does a bank react when a substantial share of its borrowers suffer a large negative shock? To answer this question we exploit the 2014 collapse of energy prices using the universe of Mexican commercial bank loans. We show that, after the drop in energy prices, banks exposed to the energy sector increased their exposure to these borrowers even more, relaxing credit margins to their larger debtors in the sector. An increase of one standard deviation in a bank's ex-ante exposure to the energy sector increased the loan volume to borrowers in the sector by 18 percent and reduced interest rates ...
International Finance Discussion Papers , Paper 1288

Working Paper
Emerging market business cycles revisited: learning about the trend

The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an equilibrium business cycle model in which the agents cannot perfectly distinguish between the permanent and transitory components of TFP shocks. When formulating expectations, they assign some probability to TFP shocks being permanent even when they are purely transitory. This is sufficient for the model ...
International Finance Discussion Papers , Paper 927

Working Paper
A solution to the default risk-business cycle disconnect

Models of business cycles in emerging economies explain the negative correlation between country spreads and output by modeling default risk as an exogenous interest rate on working capital. Models of strategic default explain the cyclical properties of sovereign spreads by assuming an exogenous output cost of default with special features, and they underestimate debt-output ratios by a wide margin. This paper proposes a solution to this default risk-business cycle disconnect based on a model of sovereign default with endogenous output dynamics. The model replicates observed V-shaped output ...
International Finance Discussion Papers , Paper 924

Journal Article
Banking industry evolution along the Texas-Mexico border

Southwest Economy , Issue Jul , Pages 11-13

Working Paper
A Simple Measure of the Intensity of Capital Controls

We propose a monthly measure of the intensity of capital controls across 29 emerging markets. Our measure, which is based on restrictions on foreign ownership of equities, provides information on the extent and evolution of financial liberalization. Using the measure, we show that a complete liberalization results in a much sharper decrease in the cost of capital than previously reported, but following a partial liberalization the cost of capital increases. Moreover, the more complete the liberalization is, the greater are the subsequent exchange rate appreciation and capital inflows.
International Finance Discussion Papers , Paper 708

Conference Paper
Commentary” the future of economic convergence

Proceedings - Economic Policy Symposium - Jackson Hole

Speech
Economic overview: Queens and the region

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.
Speech , Paper 47

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