The Resource A global equilibrium model of sudden stops and external liquidity management, Ricardo J. Caballero [and] Stavros Panageas

A global equilibrium model of sudden stops and external liquidity management, Ricardo J. Caballero [and] Stavros Panageas

Label
A global equilibrium model of sudden stops and external liquidity management
Title
A global equilibrium model of sudden stops and external liquidity management
Statement of responsibility
Ricardo J. Caballero [and] Stavros Panageas
Creator
Contributor
Provider
Language
eng
Summary
Emerging market economies, which have much of their growth ahead of them, either run or should run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. We make two contributions in this paper: First, we develop a quantitative global-equilibrium model of sudden stops. Second, we use this structure to discuss practical mechanisms to insure emerging markets against sudden stops, ranging from conventional non-contingent reserves accumulation to more sophisticated contingent instrument strategies. Depending on the source of sudden stops, their correlation with world events, and the quality of the hedging instrument available, the gains from these strategies can represent a substantial improvement over existing practices. Keywords: Capital flows, sudden stops, reserves, international liquidity management, world, capital markets, swaps, insurance, hedging, options, hidden states, Bayesian methods. JEL Classifications: E2, E3, F3, F4, G0, C1
Member of
Cataloging source
MYG
http://library.link/vocab/creatorName
Caballero, Ricardo J
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
  • technical reports
http://library.link/vocab/relatedWorkOrContributorName
  • Massachusetts Institute of Technology
  • Internet Archive
  • Panageas, Stavros
Series statement
Working paper series / Massachusetts Institute of Technology, Dept. of Economics
Series volume
working paper 08-05
Label
A global equilibrium model of sudden stops and external liquidity management, Ricardo J. Caballero [and] Stavros Panageas
Instantiates
Publication
Note
"September 7, 2007."
Bibliography note
Includes bibliographical references (p. 52-53)
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Dimensions
28 cm.
Dimensions
unknown
Extent
53 pages
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
Specific material designation
remote
System control number
  • (OCoLC)252875691
  • (OCoLC)ocn252875691
Label
A global equilibrium model of sudden stops and external liquidity management, Ricardo J. Caballero [and] Stavros Panageas
Publication
Note
"September 7, 2007."
Bibliography note
Includes bibliographical references (p. 52-53)
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Dimensions
28 cm.
Dimensions
unknown
Extent
53 pages
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other physical details
illustrations
Specific material designation
remote
System control number
  • (OCoLC)252875691
  • (OCoLC)ocn252875691

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