Maurice Obstfeld - Academia.edu (original) (raw)
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Papers by Maurice Obstfeld
University of Chicago Press eBooks, 2003
RePEc: Research Papers in Economics, 1990
Contemporary Economic Policy, Mar 1, 2021
RePEc: Research Papers in Economics, 2012
National Bureau of Economic Research, 1984
A key precursor of twentieth-century financial crises in emerging and advanced economies alike wa... more A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century's first global crisis. A discrete-choice panel analysis using 1973-2010 data suggests that domestic credit expansion and real currency appreciation have been the most robust and significant predictors of financial crises, regardless of whether a country is emerging or advanced. For emerging economies, however, higher foreign exchange reserves predict a sharply reduced probability of a subsequent crisis. (JEL E44, F34, F44, G01, G21, O19)
This paper examines the claim that exchange rate regimes are of little relevance in the transmiss... more This paper examines the claim that exchange rate regimes are of little relevance in the transmission of global financial conditions to domestic financial and macroeconomic conditions. Our findings suggest that exchange rate regimes do matter, at least for emerging market economies. The transmission of global financial shocks to domestic variables is magnified under fixed exchange rate regimes relative to more flexible regimes. For advanced economies, however, the jury is still out, as the recent paucity of truly fixed regimes among these economies poses a challenge for estimating the effect of exchange rate flexibility.
HAL (Le Centre pour la Communication Scientifique Directe), 2013
Ecrit par les plus grands experts de la discipline, il traite les deux themes de l'economie i... more Ecrit par les plus grands experts de la discipline, il traite les deux themes de l'economie internationale : le commerce international et la finance internationale. Parmi les sujets couverts : les theories liees au commerce : productivite au travail, distribution des revenus, economies d'echelle ; l'application de ces theories a l'analyse des politiques commerciales : instruments de la politique commerciale, politique commerciale dans les pays emergents, etc. ; les theories macro-monetaires internationales : balance des paiements, taux de change, taux d'interet ; l'application de ces theories aux problemes de politique monetaire internationale : politique macroeconomique, marche international des capitaux, croissance et reformes dans les pays emergents.
Social Science Research Network, Jul 1, 1995
University of Chicago Press eBooks, 2003
RePEc: Research Papers in Economics, 1990
Contemporary Economic Policy, Mar 1, 2021
RePEc: Research Papers in Economics, 2012
National Bureau of Economic Research, 1984
A key precursor of twentieth-century financial crises in emerging and advanced economies alike wa... more A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century's first global crisis. A discrete-choice panel analysis using 1973-2010 data suggests that domestic credit expansion and real currency appreciation have been the most robust and significant predictors of financial crises, regardless of whether a country is emerging or advanced. For emerging economies, however, higher foreign exchange reserves predict a sharply reduced probability of a subsequent crisis. (JEL E44, F34, F44, G01, G21, O19)
This paper examines the claim that exchange rate regimes are of little relevance in the transmiss... more This paper examines the claim that exchange rate regimes are of little relevance in the transmission of global financial conditions to domestic financial and macroeconomic conditions. Our findings suggest that exchange rate regimes do matter, at least for emerging market economies. The transmission of global financial shocks to domestic variables is magnified under fixed exchange rate regimes relative to more flexible regimes. For advanced economies, however, the jury is still out, as the recent paucity of truly fixed regimes among these economies poses a challenge for estimating the effect of exchange rate flexibility.
HAL (Le Centre pour la Communication Scientifique Directe), 2013
Ecrit par les plus grands experts de la discipline, il traite les deux themes de l'economie i... more Ecrit par les plus grands experts de la discipline, il traite les deux themes de l'economie internationale : le commerce international et la finance internationale. Parmi les sujets couverts : les theories liees au commerce : productivite au travail, distribution des revenus, economies d'echelle ; l'application de ces theories a l'analyse des politiques commerciales : instruments de la politique commerciale, politique commerciale dans les pays emergents, etc. ; les theories macro-monetaires internationales : balance des paiements, taux de change, taux d'interet ; l'application de ces theories aux problemes de politique monetaire internationale : politique macroeconomique, marche international des capitaux, croissance et reformes dans les pays emergents.
Social Science Research Network, Jul 1, 1995