-
Recursos bibliográficos en papel y digitales -
- libros, artículos de revistas,
ponencias de eventos, etc. -
» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Faia, Ester - |
| Título: | Macroeconomic and welfare implications of financial globalization |
| Fuente: | Journal of Applied Economics. v.14, n.1. Universidad del CEMA |
| Páginas: | pp. 119-144 |
| Año: | May 2011 |
| Resumen: | It is well documented that since the mid-1980s there has been a surge in capital flows due to an increased integration of world financial markets. Absent limited commitment, the increase in financial linkages should improve risk-sharing opportunities and foster consumption smoothing. However the data show that for several countries financial liberalization leads to enhanced consump tion volatility. This fact can be rationalized using a small open economy model where foreign lending to households is constrained by a borrowing limit motivated by limited enforcement. Borrowing is secured by collateral in the form of durable investment whose accumulation is subject to adjustment costs. In this economy an increase in the degree of capital account lib eralization increases consumption volatility (even relative to output volatility) as agents are unable to exploit risk-sharing opportunities. In presence of riskaverse agents an increase in financial integration reduces welfare. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Faia, Ester - Giuliodori, Massimo - Ruta, Michele |
| Título: | Political pressures and exchange rate stability in emerging market economies |
| Fuente: | Journal of Applied Economics. v.11, n.1. Universidad del CEMA |
| Páginas: | pp. 1-32 |
| Año: | May 2008 |
| Resumen: | This paper presents a political economy model of exchange rate policy. The theory is based on a common agency approach with rational expectations. Financial and exporter lobbies exert political pressures to influence the government’s choice of exchange rate policy, before shocks to the economy are realized. The model shows that political pressures affect exchange rate policy and create an over-commitment to exchange rate stability. This helps to rationalize the empirical evidence on fear of large currency swings that characterizes exchange rate policy of many emerging market economies. Moreover, the model suggests that the effects of political pressures on the exchange rate are lower if the quality of institutions is higher. Empirical evidence for a large sample of emerging market economies is consistent with these findings. |
| Palabras clave: | ECONOMIA | POLITICA ECONOMICA | TIPO DE CAMBIO | EXPORTADORES | CONDICIONES ECONOMICAS | MERCADOS EMERGENTES | ESTABILIDAD MONETARIA | |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
*** No hay más registros para visualizar ***
>> Nueva búsqueda <<