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Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis
We find that emerging markets appeared to be somewhat insulated from developments in U.S. financial markets from early 2007 to summer 2008. From that point on, however, emerging markets respondedExpand
An Essay on the Revived Bretton Woods System
The economic emergence of a fixed exchange rate periphery in Asia has reestablished the United States as the center country in the Bretton Woods international monetary system. We argue that theExpand
A Model of Crises in Emerging Markets
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 toExpand
Portfolio capital flows : hot or cold?
A distinction is often made between short-term and long-term capital flows: the former are deemed unstable hot money and the latter are deemed stable cold money. Using time-series analysis of balanceExpand
International Capital Mobility: What Do Saving-Investment Correlations Tell Us?
The finding that countries' investment rates are highly correlated with their national saving rates has been confirmed by many studies. Our interpretation of the saving-investment evidence is thatExpand
Capital Flight: A Response to Differences in Financial Risks
Empirical tests incorporating measures of capital flight from developing countries that are substantially different from those used in existing studies suggest that capital flight can be explained byExpand
THE REVIVED BRETTON WOODS SYSTEM
The economic emergence of a fixed exchange rate periphery in Asia has re-established the United States as the centre country in the Bretton Woods international monetary system. We argue that theExpand
The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countriesExpand
A Survey of Literature on Controls over International Capital Transactions
This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on "second-best" arguments for capital marketExpand
Can Output Losses Following International Financial Crises Be Avoided?
Recent financial crises in emerging markets have been followed by temporary but substantial losses in output. This paper explores the possibility that threats of such losses are the dominantExpand
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