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Journal Article
Emerging Bond Markets and COVID-19: Evidence from Mexico
Christensen, Jens H. E.; Fischer, Eric; Shultz, Patrick (2020-08-17)
The pandemic caused by the coronavirus is depressing economic activity and severely straining government budgets globally. Without international support, the ability of emerging economies to weather this crisis will depend crucially on access to and the cost of borrowing in domestic government bond markets. Analyzing bond flows and risk premiums for Mexican government bonds during the pandemic gives some insights into a major emerging economy’s experience. Mexican risk premiums have increased more than 1 percentage point above predicted levels, pointing to tighter funding conditions for the ...
FRBSF Economic Letter , Volume 2020 , Issue 23 , Pages 01-05

Working Paper
Crisis, contagion, and country funds: effects on East Asia and Latin America
Schmukler, Sergio L.; Frankel, Jeffrey A. (1996)
Spillovers effects, from one country or region to other countries and regions, have attracted renewed attention in the aftermath of the Mexican crisis of December 1994. This paper uses data on closed-end country funds to study how a negative shock in Mexican equities is transmitted to Asia and Latin America, and to particular countries within each region. Country funds allow us to study the transmission to other fund net asset values (NAVs) and prices, which are traded in local stock markets in New York, respectively. The evidence indicates that shocks such as the Mexican crisis produce ...
Pacific Basin Working Paper Series , Paper 96-04

Working Paper
Capital inflows, financial intermediation, and aggregate demand.
Kamin, Steven B.; Wood, Paul R. (1997)
In trying to explain the balance-of-payments and banking crises of 1994-95 that erupted in Mexico, observers have pointed to various effects of the substantial capital inflows that took place in the preceding half decade. It has been argued that these inflows contributed to rapid monetary growth, real appreciation of the peso, and the widening of Mexico's current account deficit. In addition, by making available credit for consumption loans at a time when investment spending in Mexico was not yet ready to grow rapidly, these inflows may have contributed to the fall in Mexico's savings rate. ; ...
International Finance Discussion Papers , Paper 583

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

Journal Article
How do currency crises spread?
Rose, Andrew K.; Glick, Reuven (1998)
FRBSF Economic Letter

Journal Article
The Fed's \\"Tequila Crisis\\"
Sablik, Timothy (2017-01)
A financial crisis in Mexico in the mid-1990s sparked a debate about the Fed's role in international markets and its independence
Econ Focus , Issue 1Q , Pages 3-5

Journal Article
Implications of the globalization of the banking sector: the Latin American experience
Rosengren, Eric S.; Peek, Joe (2000-09)
Foreign entry into domestic banking markets remains a contentious issue. Whether privatizing a state bank in Brazil or selling a failed bank in Japan, the proposed sale of a large domestic financial institution, possibly to a foreign acquirer, frequently results in a major controversy. Many Asian countries have yet to experience major foreign penetration of domestic banking markets, while Latin American countries have privatized many of their banks and have encouraged foreign banks to enter their domestic markets. ; Because many Latin American countries opened their markets during the 1990s, ...
New England Economic Review , Issue Sep , Pages 45-62

Working Paper
Credit conditions and macroeconomic activity: evidence from Mexico
Gunther, Jeffery W.; Moore, Robert R. (1993)
Financial Industry Studies Working Paper , Paper 93-4

Journal Article
The binational importance of the maquiladora industry
Vargas, Lucinda (1999-11)
Southwest Economy , Issue Nov , Pages 1-5

Report
Foreign investment fluctuations and emerging market stock returns: the case of Mexico
Berko, Elizabeth; Clark, John (1997)
We investigate the economically and statistically significant positive correlation between monthly foreign purchases of Mexican stocks and Mexican stock returns. We find that a 1 percent of market capitalization surprise foreign inflow is associated with a 13 percent increase in Mexican stock prices. We explore whether this correlation might be explained by permanent reductions in conditional expected returns resulting from expansion of the investor base along the lines modeled by Merton (1987), or correlations with other factors causing returns, price pressures, or positive feedback ...
Staff Reports , Paper 24

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