O Jeanne - Journal of International Economics, 1997 - Elsevier
This paper studies the respective roles of the fundamentals and self-fulfilling speculation in
currency crises. We first present a model of a fixed exchange rate system in which self-
fulfilling speculation can arise following a bifurcation in the fundamentals. We then ...
O Jeanne… - 2006 - books.google.com
We present a model of the optimal level of international reserves for a small open economy
that is vulnerable to sudden stops in capital flows. Reserves allow the country to smooth
domestic absorption in response to sudden stops, but yield a lower return than the interest ...
PO Gourinchas… - Review of Economic Studies, 2006 - Wiley Online Library
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of convergence.
We show in a calibrated neoclassical model that conventionally measured welfare gains ...
MD Bordo… - 2002 - nber.org
The link between monetary policy and asset price movements has been of perennial interest
to policy makers. In this paper we consider the potential case for pre-emptive monetary
restrictions when asset price reversals can have serious effects on real output. First, we ...
O Jeanne… - The Quarterly Journal of Economics, 2002 - qje.oxfordjournals.org
Abstract Policy-makers often justify their choice of fixed exchange rate regimes as a shelter
against nonfundamental influences in the foreign exchange market. This paper proposes a
framework, based on endogenous noise trading, which makes sense of the policy-makers' ...
G Corneo… - Journal of Public Economics, 1997 - Elsevier
We develop a model in which consumers purchase a conspicuous good in order to signal
high income and thereby achieve greater social status. In equilibrium, the signalling value of
conspicuous consumption depends, in an identifiable way, on the number of consumers, ...
O Jeanne… - Journal of International Economics, 2000 - Elsevier
This paper investigates the theoretical properties of a class of escape clause models of
currency crises as well as their applicability to empirical work. We show that under some
conditions these models give rise to an arbitrarily large number of equilibria, as well as ...
MD Bordo… - International Finance, 2002 - Wiley Online Library
The link between monetary policy and asset price movements has been of perennial interest
to policy makers. In this paper we consider the potential case for pre–emptive monetary
restrictions when asset price reversals can have serious effects on real output. First, we ...
O Jeanne - 2003 - papers.ssrn.com
Abstract: This Paper explores the hypothesis that the dollarization of liabilities in emerging
market economies is the result of a lack of monetary credibility. I present a model in which
firms choose the currency composition of their debts so as to minimize their probability of ...
According to the consensus view in growth and development economics, cross country
differences in per-capita income largely reflect differences in countries' total factor
productivity. We argue that this view has powerful implications for patterns of capital flows: ...
G Corneo… - Economics letters, 1997 - Elsevier
We present a model of endogenous growth in which a desire for social status lead
individuals to care about their relative wealth. The growth rate of the economy is socially
optimal if the status motive is sufficiently important, but the presence of status seeking may ...
O Jeanne - European Economic Review, 1998 - Elsevier
This paper attempts to assess whether money can generate persistent economic fluctuations
in dynamic general equilibrium models of the business cycle. We show that a small nominal
friction in the goods market can make the response of output to monetary shocks large ...
O Jeanne - European Economic Review, 2000 - Elsevier
This paper discusses some problems posed by foreign currency debt for emerging
economies in the context of the ongoing debate on the reform of the global financial
architecture. We present a model in which the currency composition of corporate debt is ...
O Jeanne… - Economic Policy, 2001 - Wiley Online Library
The large international bailouts of the 1990s have been criticized for generating moral
hazard at the expense of the global taxpayer. We argue that this criticism is misleading
because international bailouts create no, or very few, costs to the international community. ...
O Jeanne… - 2003 - nber.org
The Asian crises have triggered a debate on how new rules and institutions could increase
the resilience of the international monetary system. Among many proposals, it has been
suggested that an international lender of last resort would be a useful addition. One idea, ...
B Bensaid… - European Economic Review, 1997 - Elsevier
This paper points to a vicious circle which may arise when a government tries to defend its
currency by raising the nominal interest rate in a fixed exchange rate system. We present a
stylised model in which raising the nominal interest rate helps to maintain the parity, but is ...
O Jeanne - Brookings papers on Economic activity, 2007 - JSTOR
With international reserves four times as large, in terms of their GDP, as in the early 1990s,
emerging market countries seem more protected than ever against shocks to their current
and capital accounts. Some have argued that this buildup in reserves might be warranted ...
O Jeanne… - 2000 - econ.tau.ac.il
Previous versions of this paper benefited from comments by Robert Flood, Peter Isard, Paul
Masson, Gian Maria Milesi-Ferretti, and an anonymous referee. The paper was influenced
by discussions with Barry Eichengreen, Marcus Miller, Maurice Obstfeld, Andrew Rose, ...
RP Flood… - Journal of International Economics, 2005 - Elsevier
Defending a government's exchange-rate commitment with active interest rate policy is not
an option in first-generation models of speculative attacks. In those models, the interest rate
is the passive reflection of currency-depreciation expectations. In this paper, we show how ...
G Corneo… - The Scandinavian Journal of …, 2001 - Wiley Online Library
We analyze a simple model of endogenous growth in which individuals care about both
consumption and their rank in the distribution of wealth. We show that the steady-growth rate
of the economy increases with both the strength of the status-seeking motive and the initial ...
O Jeanne… - 2002 - books.google.com
We present a stylized framework which encompasses a variety of" balance sheet
approaches" to currency crises that have been suggested in the literature, and analyze their
policy implications. The common theme is that currency and maturity mismatches in ...
O Jeanne… - 2006 - books.google.com
This paper presents a new database on government debt in 19 emerging market countries
since 1980. The data set focuses on the structure of debt in terms of jurisdiction of insurance,
maturity, currency composition and indexation. The paper presents stylized facts on debt ...
O Jeanne… - 2010 - nber.org
We study a dynamic model in which the interaction between debt accumulation and asset
prices magnifies credit booms and busts. We find that borrowers do not internalize these
feedback effects and therefore suffer from excessively large booms and busts in both ...
G Corneo… - Journal of Public Economics, 1998 - Elsevier
We develop a model of status seeking in the presence of incomplete information and derive
its implications for aggregate savings. Status seeking endogenously takes the form of
conspicuous consumption. Its impact on savings depends on the scheduling of the ...
O Jeanne… - 1999 - econ.sciences-po.fr
This Paper puts recent theoretical developments in the literature on currency crises in
perspective by comparing two theoretical approaches, one based on the speculative attack
model of Krugman-Flood-Garber and the other approach, which evolved following the ...
O Jeanne - 2004 - books.google.com
This paper presents a theory of the maturity of international sovereign debt and derives its
implications for the reform of the international financial architecture. It presents a general
equilibrium model in which the need to roll over external debt disciplines the policies of ...
G Corneo… - International Economic Review, 1999 - Wiley Online Library
2. Abstract We develop an endogenous growth model in which individuals form matches in
order to consume goods that are not explicitly traded. The matching process endogenously
generates a concern for relative wealth and is thereby beneficial for capital accumulation ...
G Corneo… - Journal of Economic Behavior & Organization, 1997 - Elsevier
We show how social norms may be endogenized in the context of Akerlof's theory of social
custom. We argue that social norms may be consciously created by agents through an
investment process. This idea is illustrated in a formal model of consumption norms. ...
G Corneo… - Research in Economics, 2001 - Elsevier
We develop a growth model in which individuals care about their social status, which is in
turn determined by their relative wealth. It is shown that the presence of a desire for status,
even if very limited, can generate endogenous long-run growth. When the status-seeking ...
G Corneo… - European Economic Review, 1999 - Elsevier
We study a two-class growth model in which agents care about both consumption and the
social perception of their wealth rank. The latter determines the social status enjoyed by
agents. Social perceptions are based upon noisy signals of wealth and in equilibrium ...
P Bolton… - Review of Economic Studies, 2009 - Wiley Online Library
We show how the willingness-to-pay problem and lack of exclusivity in sovereign lending
may result in an equilibrium sovereign debt structure that is excessively difficult to
restructure. A bankruptcy regime for sovereigns can alleviate this inefficiency but only if it ...
PO Gourinchas… - … , Financial Globalization: A Blessing or a …, 2002 - cepr.eu
Abstract Standard theoretical arguments tell us that countries with relatively little capital
benefit from financial integration as foreign capital flows in and speeds up the process of
convergence. We show in calibrated exercises that conventionally measured welfare ...
O Jeanne… - The American Economic Review, 2007 - ingentaconnect.com
Abstract: Central banks target CPI inflation; independent central banks are concerned about
their balance sheet and the level of their capital. The first fact makes it difficult for a central
bank to implement the optimal escape from a liquidity trap, because it undermines a ...
B Eichengreen… - 2000 - nber.org
With this conference, held nineteen years after the appearance of Krugman's pathbreaking
article on speculative attacks, the literature on this subject can be said to have passed
through adolescence and reached maturity (in, one hopes, all senses of the word). Like ...
M Mussa, A Swoboda, J Zettelmeyer… - … and Financial System, …, 2000 - books.google.com
The emerging market crises of the 1990s—in particular, the shock of the Asian crisis and its
global repercussions—have generated a perception of deep inadequacies in the
international financial system, and an intense debate on global financial reform, ...
P Bolton… - Journal of Political Economy, 2007 - JSTOR
In an environment characterized by weak contractual enforcement, sovereign lenders can
enhance the likelihood of repayment by making their claims more difficult to restructure ex
post. We show, however, that competition for repayment between lenders may result in a ...
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of income
convergence. We show in a calibrated neoclassical model that conventionally measured ...
G Corneo… - Journal of economic behavior & organization, 1999 - Elsevier
Fashions are characterized by fragility of mass behavior and a life-cycle trajectory. We argue
that fashions may be generated by the simultaneous presence of local externalities and
word-of-mouth communication. We develop a model based on these two ingredients and ...
O Jeanne… - 2010 - nber.org
This paper analyzes prudential controls on capital flows to emerging markets from the
perspective of a Pigouvian tax that addresses externalities associated with the deleveraging
cycle. It presents a model in which restricting capital inflows during boom times reduces ...
A Velasco, GA Calvo… - Brookings Trade Forum, 2001 - JSTOR
Once upon a time it was the impossible trinity? countries could not have capital mobility, an
independent monetary policy, and fixed exchange rates all at once. l Now, according to the
conventional wisdom that has emerged after the Mexican, Asian, Russian, and Turkish ...
O Jeanne… - 2004 - books.google.com
Using a simple model of international lending, we show that as long as the IMF lends at an
actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers,
any changes in policy effort, capital flows, or borrowing costs in response to IMF crisis ...
O Jeanne… - 2004 - nber.org
An independent central bank can manage its balance sheet and its capital so as to commit
itself to a depreciation of its currency and an exchange-rate peg. This way, the central bank
can implement the optimal escape from a liquidity trap, which involves a commitment to ...
G Corneo… - Journal of Public Economics, 2009 - Elsevier
We propose a theory of tolerance where endogenous lifestyles and exogenous traits are
invested with symbolic value by people. Value systems chosen by parents for their children
affect the esteem enjoyed by individuals in society. Intolerant individuals attach all ...
O Jeanne - The Scandinavian Journal of Economics, 1996 - JSTOR
This paper scrutinizes the claim by Eichengreen, Tobin and Wyplosz (1995) that a small tax
on foreign exchange transactions would help to stabilize the European Monetary System.
We present a target zone model à la Svensson (1994) in which an optimizing government ...
[CITATION] Models of Currency Crises: A Tentative Synthesis: with Special Reference to the 1992-3 EMS Crises
O Jeanne - 1995
CD Carroll… - 2009 - nber.org
We model the motives for residents of a country to hold foreign assets, including the
precautionary motive that has been omitted from much previous literature as intractable. Our
model captures many of the principal insights from the existing specialized literature on ...
[CITATION] Foreign currency debt and signaling
O Jeanne - International Monetary Fund., Washington DC), Mimeo, 1999
O Jeanne - Explorations in Economic History, 1995 - Elsevier
This paper investigates the link between external monetary disturbances and the domestic
economy in England during the great period of the Gold Standard (1893-1914). In the
classical description of the Gold Standard, an external monetary disturbance would ...
G Corneo… - European Economic Review, 2010 - Elsevier
Channeling human resources into occupations with high social productivity has historically
been a key to economic prosperity. Occupational choices are not only driven by the material
rewards associated with the various occupations, but also driven by the esteem that they ...
O Jeanne - The American Economic Review, 2009 - JSTOR
The international financial crises of the 1990s have generated a sense that the global
financial system, left to itself, tends to give rise to dangerous forms of finance. Mexico in
1994, Indonesia, Korea, Malaysia, Thailand, and Russia in 1997-1998? all these ...
PO Gourinchas… - IMF Manuscript (Washington …, 2005 - ist-socrates.berkeley.edu
Abstract Financial globalization is commonly viewed as a powerful force in constraining or
disciplining domestic policies. This paper presents a model that captures various ways in
which international capital mobility affects domestic policy incentives. Capital mobility ...
P Bolton… - IMF Economic Review, 2011 - palgrave-journals.com
Abstract The paper analyzes contagious sovereign debt crises in financially integrated
economies. Under financial integration banks optimally diversify their holdings of sovereign
debt in an effort to minimize the costs with respect to an individual country's sovereign ...
C Carroll… - 2009 - Citeseer
Abstract We model the motives for residents of a country to hold foreign assets, including the
precautionary motive that has been omitted from much of the previous literature as
intractable. Our model captures many of the key insights from the existing specialized ...
O Jeanne… - Center for International and Development …, 1997 - ideas.repec.org
This paper examines the extent to which speculation against the French franc in 1992-93
was motivated by the fundamentals or resulted from a sunspot phenomenon. We develop a
model of currency crises which encompasses both hypotheses about the origin of ...
[CITATION] Foreign currency debt, moral hazard and the global financial architecture
O Jeanne - IMF Research Department, Mimeo, 1999
O Jeanne… - The Economic Journal, 2011 - Wiley Online Library
We present a model of the optimal level of international reserves for a small open economy
seeking insurance against sudden stops in capital flows. We derive a formula for the optimal
level of reserves and show that plausible calibrations can explain reserves of the order of ...
O Jeanne, J Ostry… - 2008 - papers.ssrn.com
Abstract: We present a framework that clarifies the financial role of the IMF, the rationale for
conditionality, and the conditions under which IMF-induced moral hazard can arise. In the
model, traditional conditionality commits country authorities to undertake crisis resolution ...
[CITATION] The international liquidity mismatch and the new architecture
O Jeanne - manuscript, International Monetary Fund, 1998
M Cipriani, P Giuliano… - 2008 - papers.ssrn.com
Abstract: This paper studies whether prosocial values are transmitted from parents to their
children. We do so through an economic experiment, in which a group of Hispanic and
African American families play a standard public goods game. The experimental data ...
B Bensaid… - The Scandinavian Journal of …, 2000 - Wiley Online Library
We develop a model of a fixed exchange rate peg arrangement derived from the Barro–
Gordon model of rules versus discretion. It is shown that the fixed peg is vulnerable to self-
fulfilling currency crises in which the unemployment rate increases, the credibility of the ...
[CITATION] Sovereign debt crises and the global financial architecture
O Jeanne - Unpublished manuscript, International Monetary Fund, …, 1999
O Jeanne… - Manuscript. Washington: Internat. Monetary Fund, 2000 - ifo.de
The role of moral hazard in the international financial crises of the 1990s has been the
subject of much debate following the Asian crisis. Reckless investment behavior in the boom
phase was attributed, after the fact, to cronyism, financial opaqueness, deficient ...
PO Gourinchas… - NBER working Paper, 2003 - ist-socrates.berkeley.edu
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of convergence.
We show in a calibrated neoclassical model that conventionally measured welfare gains ...
M Bordo… - Allied Social Science Association …, 2001 - h3ndr4.staff.umm.ac.id
The link between monetary policy and asset price movements has been of perennial interest
to policy makers. The 1920s stock market boom and 1929 crash and the 1980s Japanese
asset bubble are two salient examples where it is widely believed that monetary ...
E Borensztein, O Jeanne… - 2009 - nber.org
This paper uses a dynamic optimization model to estimate the welfare gains of hedging
against commodity price risk for commodity-exporting countries. We show that the
introduction of hedging instruments such as futures and options enhances domestic ...
O Jeanne… - IMF Staff Papers, 2005 - JSTOR
Using a simple model of international lending, we show that as long as the IMF lends at an
actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers,
any changes in policy effort, capital flows, or borrowing costs in response to IMF crisis ...
O Jeanne - Johns Hopkins Univeristy, 2011 - econ2.jhu.edu
Abstract This paper presents a simple model of how a country can undervalue its real
exchange rate through a combination of foreign asset purchases by the government and
controls on capital inflows. This policy combination is equivalent to a tariff on imports and ...
[CITATION] The Instability of Monetary Policy Rules
B Bensaid… - unpublised manuscript, University of Paris I, 1994
[CITATION] Sovereign Debt Structuring and Restructuring: An Incomplete Contracts Approach
P Bolton… - draft, February, available from the author, 2002
[CITATION] Nominal rigidities and the liquidity effect
O Jeanne - 1994 - Universidad Carlos III de Madrid
G Corneo, O Jeanne - Discussion Paper Serie A, 1994 - Citeseer
Abstract Fashion is a popular style of behavior at a given time or place. In this paper we
model fashion as a dynamic phenomenon, characterized by fragility of mass behavior and
life cycles. Conformity of behavior is generated by a consumption externality, while the ...
[CITATION] On the Benefits of Capital Account Liberalization
PO Gourinchas… - 2002 - Princeton University Working paper
VB Arora… - 2001 - books.google.com
The Canadian experience with a floating exchange rate regime can shed some light on the
question of whether A question of current interest in many parts of the world is whether with
growing economic integration among groups of countries makes a fixed exchange rate, or ...
[CITATION] Boom-Busts in Asset Prices
M Bordo… - Economic Instability, and Monetary, 2002
[CITATION] On the benefits of capital market integration for emerging market economies
P Gourinchas… - Unpublished working paper, International Monetary …, 2002
[CITATION] Models of currency crises: A tentative synthesis
O Jeanne - Unpublished manuscript, ENPC-CERAS, Paris, 1995
[CITATION] Why do countries borrow in foreign currency?
O Jeanne - 2003 - Discussion Paper Series
TD Willett, M Fratianni, C Goodhart, O Jeanne… - 2001 - Citeseer
Abstract What happened to the push for reform of the international financial architecture that
had such momentum during the rash of international financial crisis in the 1990s?. While not
the stuff of dramatic news headlines, a great deal of progress has been made, especially ...
[CITATION] Monetary Policy and Liability Dollarization
O Jeanne - Original Sin Conference. Harvard University. July, 2002
P Bolton… - 2012 - papers.ssrn.com
Abstract: We show how the willingness‐to‐pay problem and lack of exclusivity in sovereign
lending may result in an equilibrium sovereign debt structure that is excessively difficult to
restructure. A bankruptcy regime for sovereigns can alleviate this inefficiency but only if it ...
GG Corneo, O Jeanne… - 1995 - opengrey.eu
Status-seeking Can Generate Long-run Growth in the Solow-Cass Model. Giacomo G Corneo,
Olivier Jeanne, Rheinische Friedrich-Wilhelms-Universität Bonn. Sonderforschungsbereich
303" Information und die Koordination wirtschaftlicher Aktivitäten". ...
O Jeanne - 2009 - nber.org
Abstract This paper presents a two-country model of the world economy with money and
nominal stickiness in which countries may be affected by demand shocks. We show that a
negative demand shock in one country may push the world economy in a global liquidity ...
[CITATION] International bailouts, domestic supervision and moral hazard
O Jeanne… - Unpublished IMF Working Paper (draft), 2000
A Guscina… - IMF Working Papers, 2006 - ideas.repec.org
This paper presents a new database on government debt in 19 emerging market countries
since 1980. The data set focuses on the structure of debt in terms of jurisdiction of insurance,
maturity, currency composition and indexation. The paper presents stylized facts on debt ...
O Jeanne - 2010 - relooney.info
The set of tools and mechanisms with which emerging-market countries insure themselves
against volatile capital flows is in a state of flux. Most emerging-market countries had
accumulated an unprecedented level of international reserves before the global financial ...
O Jeanne - Remarks at “Building an International Monetary and …, 2008 - econ2.jhu.edu
Economists and policymakers do not seem to have a good paradigm to think about the
optimal policy responses to credit booms and busts. In this note I talk about the foundations
that such a paradigm could build on, and speculate on its policy implications. The focus ...
G Corneo… - DELTA Working Papers, 1992 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Mixed
Oligopoly in a Common Market. G. Corneo and Olivier Jeanne (). ...
[CITATION] " Original Sin," Balance Sheet Crises, and the Roles of International Lending
J Zettelmeyer… - 2002 - International monetary fund (IMF)
[CITATION] forthcoming,“Noise trading and exchange rate regimes,”
O Jeanne… - Quarterly Journal of Economics
M Chamon, E Borensztein, O Jeanne… - … Debt Structure for …, 2005 - ingentaconnect.com
Abstract: The debate on government debt in the context of possible reforms of the
international financial architecture has thus far focused on crisis resolution. Sovereign Debt
Structure for Crisis Prevention seeks to broaden this debate. It asks how government debt ...
O Jeanne, A Subramanian… - 2012 - books.google.com
Given the recent global economic crisis, Who Needs to Open the Capital Account?
considers the impact of capital account liberalization on global economic dynamics. Should
capital controls, that limit foreign investment or domestic ownership of foreign assets, be ...
[CITATION] International Bail-Outs, National Sovereignty and Moral Hazard
O Jeanne… - Economic Policy, 2001
[CITATION] The IMF: An International Lender of Last Resort?
O Jeanne - IMF Research Bulletin, 2000
[CITATION] pStructuring and Restructuring Sovereign Debt: The Role of Seniority, qNational Bureau of Economic Research Working Paper 11071
P Bolton… - 2005
[CITATION] Currency Crises: A Perspective on Recent Theoretical Developments, Vol. 20 of Special Papers in International Economics, Princeton University, 2000. …
O Jeanne - Rose,“Noise Trading and Exchange Rate Regimes,” …, 2002
[CITATION] Was the French Franc Crisis a Sunspot Equilibrium?, memo UC Berkeley
O Jeanne… - 1997
[CITATION] The Instability of Fixed Exchange Rate Systems when Raising the
B Bensaid… - 1997
[CITATION] The Persistence of Unemployment under a Fixed Exchange Rate Peg: Theory and Application to the Franc Fort Policy,”
O Jeanne - Center for International and Development Economics …, 1997
[CITATION] Real and Nominal Rigidities over the Business Cycle
O Jeanne - Manuscript, May, 1997
G Corneo, O Jeanne - 1994 - wiwi.uni-bonn.de
Abstract This paper develops a theoretical framework for studying conspicuous
consumption. This is modeled as a device that signals the consumer's social status. Status is
some function of the individual's rank in the wealth hierarchy. This approach makes it ...
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