Balance of payment crises and capital flows : the role of liquidity
Autor(a) principal: | |
---|---|
Data de Publicação: | 1996 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12202 |
Resumo: | A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries. |
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Goldfajn, IlanEscolas::EPGEFGV2014-10-23T12:51:19Z2014-10-23T12:51:19Z1996-01-23http://hdl.handle.net/10438/12202A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessBalance of payment crises and capital flows : the role of liquidityinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaLiquidez (Economia)Balanço de pagamentosFluxo de capitaisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000087375.pdf000087375.pdfapplication/pdf1781109https://repositorio.fgv.br/bitstreams/3788718e-5a3a-4f46-9831-7412b3068975/downloadc086f1a27c1a0f31e1a0eb41eec79e2dMD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Balance of payment crises and capital flows : the role of liquidity |
title |
Balance of payment crises and capital flows : the role of liquidity |
spellingShingle |
Balance of payment crises and capital flows : the role of liquidity Goldfajn, Ilan Economia Liquidez (Economia) Balanço de pagamentos Fluxo de capitais |
title_short |
Balance of payment crises and capital flows : the role of liquidity |
title_full |
Balance of payment crises and capital flows : the role of liquidity |
title_fullStr |
Balance of payment crises and capital flows : the role of liquidity |
title_full_unstemmed |
Balance of payment crises and capital flows : the role of liquidity |
title_sort |
Balance of payment crises and capital flows : the role of liquidity |
author |
Goldfajn, Ilan |
author_facet |
Goldfajn, Ilan |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Goldfajn, Ilan |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Liquidez (Economia) Balanço de pagamentos Fluxo de capitais |
dc.subject.bibliodata.por.fl_str_mv |
Liquidez (Economia) Balanço de pagamentos Fluxo de capitais |
description |
A model of externaI CrISIS is deveIoped focusing on the interaction between Iiquidity creation by financiaI intermediaries and foreign exchange collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. This resembles the observed cycle in capital fiows: large infiows, crisis and abrupt outfiows. The mo deI highlights how adverse productivity and international interest rate shocks can be magnified by the behavior of individual foreign investors linked together through their deposits in the intermediaries. An eventual collapse of the exchange rate can link investors' behavior even further. The basic model is then extended, quite naturally, to study the effects of capital fiow contagion between countries. |
publishDate |
1996 |
dc.date.issued.fl_str_mv |
1996-01-23 |
dc.date.accessioned.fl_str_mv |
2014-10-23T12:51:19Z |
dc.date.available.fl_str_mv |
2014-10-23T12:51:19Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12202 |
url |
http://hdl.handle.net/10438/12202 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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FGV |
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collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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