Reputation Spillover Across Relationships
Author | : Harold Linh Cole |
Publisher | : |
Total Pages | : 23 |
Release | : 1996 |
Genre | : Debt relief |
ISBN | : |
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Author | : Harold Linh Cole |
Publisher | : |
Total Pages | : 23 |
Release | : 1996 |
Genre | : Debt relief |
ISBN | : |
Author | : Cole |
Publisher | : |
Total Pages | : 23 |
Release | : 1996 |
Genre | : Debt |
ISBN | : |
Author | : Patrick J. Kehoe |
Publisher | : |
Total Pages | : |
Release | : 1996 |
Genre | : |
ISBN | : |
A traditional explanation for why sovereign governments repay debts is that they want to keep good reputations so they can easily borrow more. Bulow and Rogoff show that this argument is invalid under two conditions: (i) there is a single debt relationship, and (ii) regardless of their past actions, governments can earn the (possibly state-contingent) market rate of return by saving abroad. Bulow and Rogoff conjecture that, even under condition (ii), in more general reputation models with multiple relationships and spillover across them, reputation may support debt. This paper shows what is needed for this conjecture to be true
Author | : Harold L. Cole |
Publisher | : |
Total Pages | : 0 |
Release | : 1996 |
Genre | : |
ISBN | : |
Author | : Joshua Aizenman |
Publisher | : Cambridge University Press |
Total Pages | : 615 |
Release | : 2005-10-03 |
Genre | : Business & Economics |
ISBN | : 1139446940 |
Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.
Author | : Fiona McGillivray |
Publisher | : Princeton University Press |
Total Pages | : 235 |
Release | : 2018-06-26 |
Genre | : Political Science |
ISBN | : 0691190372 |
When the United States invaded Iraq, President Bush made it clear: the U.S. was not fighting the Iraqi people. Rather, all quarrels were solely with Iraq's leadership. This kind of assertion remains frequent in foreign affairs--sanctions or military actions are imposed on a nation not because of its people, but because of its misguided leaders. Although the distinction might seem pedantic since the people suffer regardless, Punishing the Prince reveals how targeting individual leaders for punishment rather than the nations they represent creates incentives for cooperation between nations and leaves room for future relations with pariah states. Punishing the Prince demonstrates that theories of leader punishment explain a great deal about international behavior and interstate relations. The book examines the impact that domestic political institutions have on whether citizens hold their leaders accountable for international commitments and shows that the degrees to which citizens are able to remove leaders shape the dynamics of interstate relations and leader turnover. Through analyses of sovereign debt, international trade, sanctions, and crisis bargaining, Fiona McGillivray and Alastair Smith also uncover striking differences in patterns of relations between democratic and autocratic states. Bringing together a vast body of information, Punishing the Prince offers new ways of thinking about international relations.
Author | : John B. Taylor |
Publisher | : Elsevier |
Total Pages | : 600 |
Release | : 1999-12-13 |
Genre | : Business & Economics |
ISBN | : 9780444501585 |
Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).
Author | : Carmen M. Reinhart |
Publisher | : Princeton University Press |
Total Pages | : 512 |
Release | : 2009-09-11 |
Genre | : Business & Economics |
ISBN | : 1400831725 |
The acclaimed New York Times bestselling history of financial crises Throughout history, rich and poor countries alike have been lending, borrowing, crashing, and recovering their way through an extraordinary range of financial crises. Each time, the experts have chimed, “this time is different”—claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents and eight centuries, This Time Is Different presents a comprehensive look at the varieties of financial crises—including government defaults, banking panics, and inflationary spikes—from medieval currency debasements to the subprime mortgage catastrophe. Reinhart and Rogoff provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. A remarkable history of financial folly, This Time Is Different will influence financial and economic thinking and policy for decades to come.
Author | : International Monetary Fund. Research Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 260 |
Release | : 2002-09-23 |
Genre | : Business & Economics |
ISBN | : 9781589061224 |
This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.