Smoothing sudden stops
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Author
Contributions
- Krishnamurthy, Arvind - Contributor
- Massachusetts Institute of Technology. Dept. of Economics - Contributor
Publication
2001 - Massachusetts Institute of Technology, Dept. of Economics, Cambridge, MA, Massachusetts
Language
English
Word Count
6,000 words, Guess
Page Count
24 pages
Identifiers
- Internet Archivesmoothingsuddens00caba
- OCLC Control Number49814863
- Open LibraryOL24639610M
Description
Emerging economies are exposed to severe and sudden shortages of international financial resources. Yet domestic agents seem not to undertake enough precautions against these sudden stops. Following our previous work, we highlight in this paper the central role played by limited domestic development in ex-ante (insurance) and ex-post (spot) financial markets in generating this collective undervaluation of external resources and insurance. Within this structure, this paper studies several canonical policies to counteract the external underinsurance. We do this by first solving for the optimal mechanism given the constraints imposed by limited domestic financial development, and then considering the main - in terms of the model and practical relevance - implementations of this mechanism. Keywords: External Shocks, domestic and international collateral, underinsurance, credit lines, liquidity requirements, asset market intervention.
Subjects
Series Statement
- Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 01-26
- Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 01-26.
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