A Model of Crises in Emerging Markets
Bibliographic Data
| ID | 9704124 |
|---|---|
| Authors | Michael P Dooley (0000-0003-2469-226X, University of California, Santa Cruz, corresponding author) |
| Year | 2000 |
| Volume | 110 |
| Issue | 460 |
| Pages | 256-272 |
| Publication date | 2000-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00500 |
| OpenAlex | W2162279473 |
| Language | EN |
| Citations received | 23 |
| References cited | 11 |
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 out a sequence of 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
Capital (architecture · Capital flight · Capital market · Consumption (sociology · Economics · Emerging markets · Financial market · Futures studies · Latin Americans · Macroeconomics · Market economy · Monetary economics · Order (exchange · Shock (circulatory · Yield (engineering · Banking stability, regulation, efficiency · Finance · Fiscal Policies and Political Economy · Global Financial Crisis and Policies
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The Barings Crisis in Argentina
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Politiques Monétaires et Intégration Européenne Le cas de deux Pays des Balkans
Taming Capital Flows
Sudden stops
Opposition to FDI and financial shocks
Local Currency or Foreign Currency Debt
Un modèle de crises jumelles inspiré de la crise asiatique
Prospective Deficits and the Asian Currency Crisis
Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard – on Debtors or Creditors
Analysts Analyzed
The Political Economy of Speculative Attacks in the Developing World
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The German Twin Crisis of 1931
Currency crashes in emerging markets
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Collapsing exchange-rate regimes
Leading Indicators of Currency Crises
The Twin Crises
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Financial crises and balance of payments crises
The Economics of Exhaustible Resources
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The Uruguayan Experience with Liberalization and Stabilization, 1974-1981
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| Unique citing works | 23 |
|---|---|
| Citations per year | 0,82 |
| Citation span | 1998 - 2015 (18) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 23 |