Globalization hazard and delayed reform in emerging markets

This paper focuses on capital flow volatility in Emerging Market Economies, EMs. Capital inflows rose to unprecedented heights in the first part of the 1990s, and collapsed very rapidly in the second. Volatility could partly be explained by financial vulnerability in the EMs themselves, but the glob...

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Autor principal: Calvo, Guillermo A.
Formato: Objeto de conferencia
Lenguaje:Inglés
Publicado: 2002
Materias:
Ciencias Económicas
globalización
mercado internacional
Acceso en línea:http://sedici.unlp.edu.ar/handle/10915/3782
http://www.depeco.econo.unlp.edu.ar/jemi/2002/trabajo2.pdf
Aporte de:
SEDICI (UNLP) de Universidad Nacional de La Plata
id I19-R120-10915-3782
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-120
collection SEDICI (UNLP)
language Inglés
topic Ciencias Económicas
globalización
mercado internacional
spellingShingle Ciencias Económicas
globalización
mercado internacional
Calvo, Guillermo A.
Globalization hazard and delayed reform in emerging markets
topic_facet Ciencias Económicas
globalización
mercado internacional
description This paper focuses on capital flow volatility in Emerging Market Economies, EMs. Capital inflows rose to unprecedented heights in the first part of the 1990s, and collapsed very rapidly in the second. Volatility could partly be explained by financial vulnerability in the EMs themselves, but the global nature of the phenomenon raises the suspicion that there are systemic problems largely independent of each individual country. The paper puts forward the conjecture that phenomena like contagion could stem from the way the capital market operates (e.g., crises generated by “margin calls”). These systemic phenomena require systemic instruments. Unfortunately, few are available. The IMF is more a Fire Department than a Central Bank. Liquidity is sprayed where fire is found, not on the whole system like a Central Bank does when there is a liquidity crisis.
format Objeto de conferencia
Objeto de conferencia
author Calvo, Guillermo A.
author_facet Calvo, Guillermo A.
author_sort Calvo, Guillermo A.
title Globalization hazard and delayed reform in emerging markets
title_short Globalization hazard and delayed reform in emerging markets
title_full Globalization hazard and delayed reform in emerging markets
title_fullStr Globalization hazard and delayed reform in emerging markets
title_full_unstemmed Globalization hazard and delayed reform in emerging markets
title_sort globalization hazard and delayed reform in emerging markets
publishDate 2002
url http://sedici.unlp.edu.ar/handle/10915/3782
http://www.depeco.econo.unlp.edu.ar/jemi/2002/trabajo2.pdf
work_keys_str_mv AT calvoguillermoa globalizationhazardanddelayedreforminemergingmarkets
bdutipo_str Repositorios
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