The Resource A dual liquidity model for emerging markets, Ricardo J. Caballero and Arvind Krishnamurthy., (electronic resource)

A dual liquidity model for emerging markets, Ricardo J. Caballero and Arvind Krishnamurthy., (electronic resource)

Label
A dual liquidity model for emerging markets
Title
A dual liquidity model for emerging markets
Statement of responsibility
Ricardo J. Caballero and Arvind Krishnamurthy.
Creator
Contributor
Provider
Language
eng
Summary
The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier work: neither is uniquely about emerging markets. Adaptations of the Mundell-Fleming model represent Argentina as a Belgium with larger external shocks. Likewise, emerging market models of financial constraints are adaptations of developed economy ones with tighter financial constraints. In our work, we have advocated a model that distinguishes between the financial constraints affecting borrowing and lending among agents within an emerging economy, and those affecting borrowing from foreign lenders. This "dual liquidity" model offers a parsimonious description of the behavior of firms, governments, and asset prices during financial crises. It also provides prescriptions for optimal policy responses to these crises. Keywords: Capital flows, external crises, international and domestic liquidity, monetary policy, fiscal policy, underinsurance. JEL Classification: E0, E4, E5, F0, F3, F4, G1
Member of
Additional physical form
Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.
Cataloging source
MYG
http://library.link/vocab/creatorName
Caballero, Ricardo J
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • bibliography
  • technical reports
http://library.link/vocab/relatedWorkOrContributorName
  • Krishnamurthy, Arvind
  • Massachusetts Institute of Technology
  • Internet Archive
Series statement
Working paper series / Massachusetts Institute of Technology, Dept. of Economics
Series volume
working paper 02-03
Label
A dual liquidity model for emerging markets, Ricardo J. Caballero and Arvind Krishnamurthy., (electronic resource)
Instantiates
Publication
Note
"June 2002."; "January 8, 2002"--P. 1
Bibliography note
Includes bibliographical references (p. 9)
Dimensions
28 cm.
Extent
9 p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)51777441
  • (CaSfIA)dualliquiditymod00caba
  • (CaSfIA)001137967
Label
A dual liquidity model for emerging markets, Ricardo J. Caballero and Arvind Krishnamurthy., (electronic resource)
Publication
Note
"June 2002."; "January 8, 2002"--P. 1
Bibliography note
Includes bibliographical references (p. 9)
Dimensions
28 cm.
Extent
9 p.
Other physical details
ill.
Specific material designation
remote
System control number
  • (OCoLC)51777441
  • (CaSfIA)dualliquiditymod00caba
  • (CaSfIA)001137967

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