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Financial crises in emerging markets: the lessons from 1995

[PDF] from worldbank.org
J Sachs, A Tornell… - 1996 - nber.org
In this paper we examine closely the financial events following the Mexican peso
devaluation to uncover new lessons about the nature of financial crises. We explore the
question of why, during 1995, some emerging markets were hit by financial crises while ...
Cited by 1314 - Related articles - Library Search - BL Direct - All 24 versions

The voracity effect

A Tornell… - American Economic Review, 1999 - JSTOR
We analyze an economy that lacks a strong legal-political institutional infrastructure and is
populated by multiple powerful groups. Powerful groups dynamically interact via a fiscal
process that effectively allows open access to the aggregate capital stock. In equilibrium, ...
Cited by 648 - Related articles - Get it from MIT Libraries - BL Direct - All 12 versions

Balance sheet effects, bailout guarantees and financial crises

[PDF] from cesifo-group.de
Full text - MIT Libraries
M Schneider… - The Review of Economic …, 2004 - restud.oxfordjournals.org
Abstract This paper provides a model of boom-bust episodes in middle-income countries. It
is based on sectoral differences in corporate finance: the nontradables sector is special in
that it faces a contract enforceability problem and enjoys bailout guarantees. As a result, ...
Cited by 363 - Related articles - Library Search - BL Direct - All 34 versions

The collapse of the Mexican peso: what have we learned?

[PDF] from nyu.edu
J Sachs, A Tornell… - 1995 - nber.org
In the first quarter of 1995 Mexico found itself in the grip of an intense financial panic.
Foreign investors fled Mexico despite very high interest rates on Mexican securities, an
undervalued currency, and financial indicators that pointed to long-term solvency. The ...
Cited by 338 - Related articles - Library Search - BL Direct - All 16 versions

The tragedy of the commons and economic growth: why does capital flow from poor to rich countries?

A Tornell… - Journal of Political Economy, 1992 - JSTOR
We analyze a differential game in which all interest groups have access to a common capital
stock. We show that the introduction of a technology that has inferior productivity but enjoys
private access may ameliorate the tragedy of the commons. We use this model to analyze ...
Cited by 337 - Related articles - Get it from MIT Libraries - BL Direct - All 7 versions

Power, growth, and the voracity effect

Full text - MIT Libraries
PR Lane… - Journal of Economic Growth, 1996 - Springer
Why is it that resource-rich countries tend to have lower growth rates than resource-poor
countries? And why is it that many countries that enjoy terms-of-trade windfalls end up with
lower growth rates? To explain these puzzles, we extend the neoclassical growth model ...
Cited by 320 - Related articles - All 8 versions

The Mexican peso crisis: Sudden death or death foretold?

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J Sachs, A Tornell… - Journal of international economics, 1996 - Elsevier
We argue that allowing for the possibility of a self-fulfilling panic helps to understand several
features of the recent Mexican crisis. Self-fulfilling expectations became decisive in
generating a panic only after the government ran down gross reserves and ran up short- ...
Cited by 307 - Related articles - Library Search - BL Direct - All 18 versions

Fixed versus flexible exchange rates: Which provides more fiscal discipline?

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A Tornell… - Journal of Monetary Economics, 2000 - Elsevier
Conventional wisdom holds that fixed rates provide more fiscal discipline than do flexible
rates. In this paper we show that this wisdom need not hold in a standard model in which
fiscal policy is endogenously determined by a maximizing fiscal authority. The claim that ...
Cited by 226 - Related articles - Library Search - BL Direct - All 15 versions

Common fundamentals in the Tequila and Asian crises

A Tornell - 1999 - nber.org
The cross-country variation in the severity of the crisis was largely determined by three
fundamentals: the strength of the banking system, the real appreciation, and the
international liquidity of the country. We also find that the rule that links fundamentals to ...
Cited by 185 - Related articles - Library Search - BL Direct - All 10 versions

Systemic crises and growth

[PDF] from oxfordjournals.org
R Ranciere, A Tornell… - 2005 - nber.org
In this paper, we document the fact that countries that have experienced occasional financial
crises have, on average, grown faster than countries with stable financial conditions. We
measure the incidence of crisis with the skewness of credit growth, and find that it has a ...
Cited by 174 - Related articles - Library Search - BL Direct - All 68 versions

Boom-bust cycles in middle income countries: Facts and explanation

[PDF] from cesifo-economic-studies.de
A Tornell… - 2002 - nber.org
In this paper we characterize empirically the comovements of macro variables typically
observed in middle income countries, as well as the boom-bust cycle'that has been
observed during the last two decades. We find that many countries that have liberalized ...
Cited by 166 - Related articles - Library Search - BL Direct - All 46 versions

Are windfalls a curse?: A non-representative agent model of the current account

Full text - MIT Libraries
A Tornell… - Journal of International Economics, 1998 - Elsevier
A puzzling feature of temporary terms of trade booms is that some countries have responded
to such windfalls by running current account deficits. Furthermore, those countries that ran
current account deficits failed to attain greater post-boom growth rates, indicating the ...
Cited by 138 - Related articles - All 7 versions

The positive link between financial liberalization, growth and crises

[PDF] from cesifo.de
A Tornell, F Westermann… - 2004 - nber.org
There is no agreement regarding the growth-enhancing effects of financial liberalization,
mainly because it is associated with risky international bank flows, lending booms, and
crises. In this paper we make the case for liberalization despite the occurrence of crises. ...
Cited by 137 - Related articles - Library Search - BL Direct - All 41 versions

The role of bank restructuring in recovering from crises: Mexico 1995-98

[PDF] from ucla.edu
A Krueger… - 1999 - nber.org
In this paper we analyze the evolution of the Mexican economy between 1995 and 1998.
The remarkable quick recovery seen in aggregate activity has not been uniform across the
economy. The tradable sector has grown strongly, while the non-tradable sector has ...
Cited by 127 - Related articles - Library Search - BL Direct - All 13 versions

Economic growth and decline with endogenous property rights

Full text - MIT Libraries
A Tornell - Journal of Economic Growth, 1997 - Springer
This article introduces endogenous institutional changeinto a neoclassical growth model.
For some parameter values, all Markov perfect equilibria involve a shift from common
propertyto private property followed by a shift back to common property. Even in the ...
Cited by 113 - Related articles - Library Search - BL Direct - All 13 versions

Exchange rate puzzles and distorted beliefs

[PDF] from escholarship.org
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PO Gourinchas… - Journal of International Economics, 2004 - Elsevier
We propose a new explanation for the foreign exchange forward-premium and delayed-
overshooting puzzles. We show that both puzzles arise from a systematic distortion in
investors' beliefs about the interest rate process. Accordingly, the forward premium is ...
Cited by 96 - Related articles - All 15 versions

Crises and growth: a re-evaluation

[PDF] from cesifo.de
R Ranciere, A Tornell… - 2003 - nber.org
We address the question of whether growth and welfare can be higher in crisis prone
economies. First, we show that there is a robust empirical link between per-capita GDP
growth and negative skewness of credit growth across countries with active financial ...
Cited by 96 - Related articles - Library Search - BL Direct - All 66 versions

[CITATION] The voracity effect

Full text - MIT Libraries
P Lane… - American Economic Review, 1999
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Time inconsistency of protectionist programs

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A Tornell - The Quarterly Journal of Economics, 1991 - JSTOR
Protectionist trade policies have long been advocated as second best instruments to
achieve certain national objectives in situations where there is a market imperfection. In
essence, protection provides time and resources for firms to undertake cost-reducing ...
Cited by 81 - Related articles - Library Search - All 8 versions

Decomposing the effects of financial liberalization: Crises vs. growth

[PDF] from unimib.it
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R Ranciere, A Tornell… - Journal of Banking & Finance, 2006 - Elsevier
We present a new empirical decomposition of the effects of financial liberalization on
economic growth and on the incidence of crises. Our empirical estimates show that the direct
effect of financial liberalization on growth by far outweighs the indirect effect via a higher ...
Cited by 78 - Related articles - Library Search - BL Direct - All 20 versions

Reform from within

A Tornell - 1998 - nber.org
We present a model of endogenous institutional change that rationalizes reforms that have
taken place in the context of economic crisis and drastic political change. Most of the reforms
have been initiated by powerholders, even though they have ended worse off relative to ...
Cited by 75 - Related articles - Library Search - BL Direct - All 11 versions

Boom-bust cycles and financial liberalization

A Tornell… - MIT Press Books, 2005 - ideas.repec.org
The volatility that has hit many middle-income countries (MICs) after liberalizing their
financial markets has prompted critics to call for new policies to stabilize these boom-bust
cycles. But, as Aaron Tornell and Frank Westermann point out in this book, over the last ...
Cited by 72 - Related articles - Cached - Library Search - All 9 versions

Fiscal discipline and the choice of a nominal anchor in stabilization

Full text - MIT Libraries
A Tornell… - Journal of International Economics, 1998 - Elsevier
The conventional wisdom is that exchange rate-based stabilizations induce more fiscal
discipline than money-based programs. The Latin American experience does not support
this view. Among the major stabilization programs implemented since 1960, the mean ...
Cited by 69 - Related articles - All 7 versions

Liberalization, growth, and financial crises: Lessons from Mexico and the developing world

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Full text - MIT Libraries
A Tornell, F Westermann… - Brookings Papers on Economic …, 2003 - JSTOR
BY NOW THERE iS widespread agreement that trade liberalization enhances growth. No
such agreement exists, however, on the growthenhancing effects of financial liberalization,
in large part because it is associated with risky capital flows, lending booms, and crises. ...
Cited by 70 - Related articles - BL Direct - All 49 versions

[PDF] The Political Economy of Mexico's Entry into NAFTA

[PDF] from nber.org
A Tornell… - 1997 - nber.org
Typically, computable general equilibrium (CGE) models predict that Mexico's gains from
NAFTA will be small. This is because Mexico has already opened the manufacturing sector
of its economy, and US and Canadian import tariffs are already very low. However, if ...
Cited by 68 - Related articles - View as HTML - Library Search - BL Direct - All 12 versions

Credit market imperfections in middle income countries

[PDF] from cesifogroup.de
A Tornell… - 2003 - nber.org
In this paper we document three credit market imperfections prevalent in middle income
countries that can help explain the boom-bust cycles as well as other macroeconomic
patterns observed at higher frequencies across these countries. These imperfections are: ...
Cited by 68 - Related articles - Library Search - BL Direct - All 38 versions

Real vs. financial investment can Tobin taxes eliminate the irreversibility distortion?

Full text - MIT Libraries
A Tornell - Journal of Development Economics, 1990 - Elsevier
Abstract In the recent past several developing countries have failed to achieve significant
real capital investment despite episodes of large capital inflows. Although there are real
projects with seemingly high returns, investors prefer to wait for the correct time to invest. ...
Cited by 64 - Related articles - All 6 versions

NAFTA and Mexico's less-than-stellar performance

[PDF] from lrz.de
A Tornell, F Westermann… - 2004 - nber.org
Mexico, a prominent liberalizer, failed to attain stellar gross domestic product (GDP) growth
in the 1990s, and since 2001 its GDP and exports have stagnated. In this paper we argue
that the lack of spectacular growth in Mexico cannot be blamed on either the North ...
Cited by 64 - Related articles - Library Search - BL Direct - All 20 versions

The credit channel in middle income countries

[PDF] from cesifo-economic-studies.de
A Tornell… - 2002 - nber.org
Credit market conditions play a key role in propagating shocks in middle income countries
(MICs). In particular, shocks to the spread between domestic and international interest rates
have a strong effect on GDP, and an even stronger effect on domestic credit. This strong ...
Cited by 57 - Related articles - BL Direct - All 33 versions

Fiscal discipline and the choice of exchange rate regime

Full text - MIT Libraries
A Tornell… - European Economic Review, 1995 - Elsevier
The conventional wisdom claims that fixed exchange rates provide more fiscal discipline
than do flexible rates, but the recent experience in Europe, the record of Sub-Saharan
countries in the 1980s and the history of stabilization attempts in Latin America cast ...
Cited by 54 - Related articles - Library Search - All 12 versions

[PDF] Are economic crises necessary for trade liberalization and fiscal reform? The Mexican experience

[PDF] from nber.org
A Tornell - 1995 - nber.org
In 1979, one of the oil boom years, President L6pez Portillo announced Mexico's intention to
adhere to the General Agreement on Tariffs and Trade (GATT). In 1980, having engaged in
consultations with major interest groups, he then reversed this decision. Under President ...
Cited by 53 - Related articles - View as HTML - All 8 versions

Privatizing the privatized

[PDF] from worldbank.org
A Tornell - 1999 - nber.org
In the first part of this paper we argue that three reforms must be implemented if privatization
is to increase efficiency. First, establishing unitary control rights within the firm. Second,
making privatized firms face hard budget constraints. Third, establishing a non-corruptible ...
Cited by 39 - Related articles - Library Search - BL Direct - All 15 versions

[CITATION] Power concentration and growth

PR Lane… - Harvard Institute of Economic Research …, 1995 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
Cited by 38 - Related articles - Cached - All 4 versions

Recovery from a currency crisis: some stylized facts

Full text - MIT Libraries
K Hong… - Journal of Development Economics, 2005 - Elsevier
Using a comprehensive data set of over 100 developing countries, this paper examines how
economies recover from a currency crisis. Some of the regularities found are listed below.
First, it takes less than 3 years for the GDP growth rate to fully recover its tranquil-period ...
Cited by 35 - Related articles - All 5 versions

Are windfalls a curse? A non-representative agent model of the current account and fiscal policy

A Tornell… - 1999 - nber.org
In several countries temporary terms of trade improvements have led to a deterioration of the
current account. Furthermore, many of these countries failed to attain greater post-boom
growth rates. The point we make is that the structure of the fiscal process is critical in ...
Cited by 33 - Related articles - Library Search - BL Direct - All 6 versions

NAFTA and Mexico's Economic Performance

[PDF] from cesifo-economic-studies.de
A Tornell, F Westermann… - 2004 - papers.ssrn.com
Abstract: Mexico, a prominent liberalizer, failed to attain stellar gross domestic product
(GDP) growth in the 1990s, and since 2001 its GDP and exports have stagnated. In this
paper we argue that the lack of spectacular growth in Mexico cannot be blamed on either ...
Cited by 32 - Related articles - All 21 versions

Exchange rate dynamics, learning and misperception

[PDF] from bc.edu
PO Gourinchas… - 2002 - nber.org
We propose a new explanation for the forward-premium and the delayed-overshooting
puzzles. Both puzzles arise from a systematic under-reaction of short-term interest rate
forecasts to current innovations. Accordingly, the forward premium is always a biased ...
Cited by 30 - Related articles - Library Search - BL Direct - All 23 versions

Why aren't savings rates in Latin America procyclical?

Full text - MIT Libraries
PR Lane… - Journal of Development Economics, 1998 - Elsevier
We document a striking empirical regularity: Latin American savings rates are, as a rule,
substantially less procyclical than for OECD countries and in some cases are actually
countercyclical. We build a non-representative agent intertemporal macroeconomic model ...
Cited by 27 - Related articles - Library Search - BL Direct - All 15 versions

Money-based versus exchange rate-based stabilization with endogenous fiscal policy

A Tornell… - 1995 - nber.org
We present a standard intertemporal model in which fiscal policy is determined by an
optimizing but non-benevolent fiscal authority. If the fiscal authority is impatient, a money-
based stabilization provides more fiscal discipline and higher welfare for the ...
Cited by 27 - Related articles - Library Search - BL Direct - All 12 versions

[PDF] Boom-bust cycles and the balance sheet effect

[PDF] from acrobatplanet.com
M Schneider… - Manuscript, UCLA, 2001 - acrobatplanet.com
Abstract In the recent past middle income countries have experienced a new type Oboom-
bust cycle., The build-up phase is characterized by a real exchange rate appreciation and a
lending boom during which the banking system finances rapid growth in the nontradable ( ...
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Exchange rate dynamics and learning

PO Gourinchas… - 1996 - nber.org
Interest rate expectations are essential for exchange rate determination. Using a unique
Survey data set on interest rate forecasts from 1986 to 1995 for G7 countries, we find that
interest rate shocks were significantly more persistent in sample than expected by the ...
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[CITATION] Lending Booms and Asset Price Inflation

M Schneider… - Harvard University. Mimeographed (January), 1999
Cited by 22 - Related articles

[CITATION] RLending Booms and Speculative Crises

M Schneider… - manuscript, University of California at Los Angeles, 2000
Cited by 22 - Related articles

Rational atrophy: The US steel industry

A Tornell - 1997 - nber.org
During the seventies and eighties the US steel industry received trade protection. However,
these rents were not used to improve competitiveness. Instead, they were reflected in higher
wages and a greater share of profits invested in sectors not related to steel. Moreover, the ...
Cited by 18 - Related articles - Library Search - BL Direct - All 10 versions

Currency mismatch, systemic risk and growth in emerging Europe

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R Ranciere, A Tornell… - Economic Policy, 2010 - Wiley Online Library
Currency mismatch is a vehicle that exposes the economy to systemic risk, but it is also an
engine of growth. We analyse this dual role at the macro and the micro levels. At the
aggregate level, we construct a new measure of currency mismatch in the banking sector ...
Cited by 18 - Related articles - All 26 versions

[PDF] Lending booms and currency crises: empirical link

[PDF] from nber.org
A Tornell - 2001 - nber.org
Imagine a money manager with a crystal ball that predicts the future. This crystal ball tells the
manager that a currency crisis will erupt in six months and that it will spread across
emerging markets. However, it does not tell the manager anything else. Can he or she use ...
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Voracity and growth in discrete time

Full text - MIT Libraries
A Tornell - Economics Letters, 1999 - Elsevier
Several developing countries have frequently responded to favorable shocks by increasing
government spending more than proportionally and by investing in inefficient capital
projects. As a result, transitory windfalls have frequently lead to a contemporaneous ...
Cited by 14 - Related articles - All 6 versions

[CITATION] Bailout Guarantees, Balance Sheet Effects and Financial Crises

Full text - MIT Libraries
M Scheneider… - Review of Economic Studies, 2004
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Robust-H-infinity Forecasting and Asset Pricing Anomalies

[PDF] from ucsc.edu
A Tornell - 2000 - nber.org
We present an alternative expectation formation mechanism that helps rationalize well
known asset pricing anomalies, such as the predictability of excess returns, excess volatility,
and the equity-premium puzzle. As with rational expectations (RE), the expectation ...
Cited by 13 - Related articles - Library Search - BL Direct - All 13 versions

[CITATION] The Political Economy of Mexico's Entry Into NAFTA

G Esquivel… - Ito, T. and Ann Krueger eds., The Annual East Asian …, 1998
Cited by 12 - Related articles

[CITATION] Balance Sheet Effects

M Schneider… - Bailout Guarantees and Financial Crises, 2004
Cited by 12 - Related articles

[CITATION] Financial crises in emerging markets: The lessons from 1995

Full text - MIT Libraries
S Jeffrey, A Tornell… - Brooking Papers on Economic Activity, 1996
Cited by 11 - Related articles

[PDF] The Positive Link Between Financial Liberalization, Growth and Crises

[PDF] from cesifo-group.de
A Tornell, F Westermann… - NBER working paper, 2004 - cesifo-group.de
Abstract There is no agreement regarding the growth-enhancing effects of financial
liberalization, mainly because it is associated with risky international bank flows, lending
booms, and crises. In this paper we make the case for liberalization despite the ...
Cited by 10 - View as HTML

[CITATION] Economic crises and reform in Mexico

A Tornell… - Haber (ed.), 2002
Cited by 10 - Related articles

On the ineffectiveness of made-to-measure protectionist programs

A Tornell - International Trade and Trade Policy, MIT Press: …, 1991 - books.google.com
Recently, there has been an emergence of arguments justifying the implementation of
industrial policies. According to these arguments, trade protection or investment subsidies
provide domestic firms with the time and resources to undertake cost-reducing ...
Cited by 11 - Related articles

[CITATION] The Role of Bank Lending in Recovering From Crises: Mexico 1995-1998

A Krueger… - NBER working paper, 1999
Cited by 9 - Related articles

[CITATION] Are windfalls a curse? A non-representative agent model of the current account and fiscal policy

T Aaron… - NBER Working Paper Series, 1994
Cited by 7 - Related articles

[CITATION] Systemic crises and growth

R Romain, A Tornell… - NBER Working paper, 2005
Cited by 7 - Related articles

[CITATION] The Collapse of the Mexican Peso: What Have We Learned?

A Tornell… - Economic Policy, 1995
Cited by 7 - Related articles - Get it from MIT Libraries

[CITATION] Fiscal policy and the choice of exchange rate regime

A Tornell… - Inter-American Development Bank working paper …, 1994
Cited by 7 - Related articles

[CITATION] Exchange Rate-Based and Money-Based Stabilization with Endogenous Fiscal Policy

A Tornell… - NBER Working Paper, 1995
Cited by 7 - Related articles

[CITATION] Excess volatility of asset prices with H∞ forecasts

A Tornell - Manuscript. Cambridge, Massachusetts: Harvard …, 1998
Cited by 7 - Related articles

[CITATION] Post-crisis development of Asia

K Hong… - Korea Development Institute. Mimeograph, 1999
Cited by 7 - Related articles

WAGES, PROFITS AND CAPITAL FLIGHT*

Full text - MIT Libraries
A Velasco… - Economics & Politics, 1991 - Wiley Online Library
Page 1. ECONOMICS AND POLITICS Volume 3 November 1991 0954-1985 No. 3
WAGES, PROFITS AND CAPITAL FLIGHT* ANDR~S VELASCO AND h R 6 N TORNELL
We model capital flight as the outcome of a noncooperative ...
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[CITATION] Why Aren't Latin American Saving Rates Procyclical?

Full text - MIT Libraries
P Lane… - Journal of Development Economics, 1998 - 万方数据资源系统
... 相关检索词. why, 语用功能. 话语标记语, Why Arent Latin American Saving Rates Procyclical.
通过DOI定位原文. DOI:, 10.1016/S0304-3878(98)00082-0. 作者 :, Philip Lane;Aaron Tornell.
期刊 :, Journal of Development Economics. 年,卷(期) :, 1998, (57). 分类号 :, 关键词 :, 正文语种 ...
Cited by 19 - Related articles

[CITATION] FRANK WESTERMANN. 2005.“Systemic Crises and Growth,”

R Ranciere… - NBER Working Paper
Cited by 5 - Related articles

Exchange Rates Under Robustness: An Account of the Forward Premium Puzzle

[PDF] from caltech.edu
M Li… - Manuscript, Department of Economics, UCLA, 2008 - papers.ssrn.com
Abstract: We show that robustness against model misspecification can account for the
forward premium puzzle through a combination of an exchange rate model and a
robustness model under structured uncertainty. In equilibrium, optimizing agents, who ...
Cited by 5 - Related articles - All 5 versions

[CITATION] Real vs. Financial Investment: Towards an Explanation of'Short-Termism

A Tornell - Columbia University, Department of Economics, New …, 1989
Cited by 5 - Related articles

[CITATION] Decomposing the Effects of Financial Liberalization: Crises vs

R Romain, A Tornell… - Growth, 2006
Cited by 4 - Related articles

[CITATION] Real versus Financial Capital: Toward and Explanation Short-Termism

A Tornell - Journal of Development Economics, forthcoming, 1990
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[BOOK] Why Does Capital Flow from Poor to Rich Countries?: Interest Groups and Dynamic Games in Poor Countries

[PDF] from nyu.edu
A Tornell, A Velasco… - 1990 - econ.as.nyu.edu
Abstract We present a-model where capital flight occurs gradually, even though there are no
adjustment costs and technolgies are linear. Capital flight is the outcome of a distributive
conflict among interest groups. The peculiarity is that each group can appropriate any ...
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[CITATION] The positive link between financial liberalization growth and crises

L Martinez, A Tornell… - NBER Working Paper, 2004
Cited by 5 - Related articles

[CITATION] The real story

J Sachs, A Tornell… - International Economy, 1995
Cited by 4 - Related articles - Get it from MIT Libraries

[PDF] Financial liberalization, boom-bust cycles and production efficiency

[PDF] from acrobatplanet.com
R Ranciere… - CEGE Conference, 2010 - acrobatplanet.com
Abstract We address the questions of why excessive risk-takingarises in finacially liberalized
economies, and whether growth, production efficiency and welfare can be higher in such
crisis prone economies. We do so by analyzing the relationship between financial fragility ...
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[CITATION] Crises and Growth: A Re-evaluation

R Romain, A Tornell… - 2003 - NBER WP10073
Cited by 4 - Related articles

[CITATION] The Collapse of the Peso: What Have We Learned?

J Sachs, A Tornell… - 1995 - Working Paper Series, The Center …
Cited by 4 - Related articles - Get it from MIT Libraries

[PDF] Business cycles and firm dynamics in small emerging economies

[PDF] from psu.edu
J Wynne, G Hansen, T Kehoe, L Ohanian, J Ostroy… - 2002 - Citeseer
Abstract I present a small open economy model to analyze the role of firms in the
macroeconomic dynamics of the business cycle. With asymmetric information, it takes time
for good firms to build up financial reputation and net worth. Over time firms pay lower ...
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[CITATION] Exchange rates under robustness: The forward premium puzzle and momentum

M Li… - 2008 - Mimeo
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[CITATION] Why Does Capital Flow from Poor to Rich Countries?

A Tornell… - 1990 - New York University, Faculty of Arts …
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[CITATION] Lending Booms, Asset Price Inflation and Soft Landings

M Schneider… - Rochester, United States: University of Rochester, …, 1999
Cited by 3 - Related articles

[CITATION] Common Fundamentals in the Asian Currency Crisis

A Tornell - unpublished, available at http://www. economics. …, 1998
Cited by 4 - Related articles

[CITATION] Capital Controls, Welfare, and Reputation

A Tornell - 1988 - mimeo, Columbia University
Cited by 3 - Related articles

[CITATION] Frank Westermann, and Lorenza Martinez, 2003,“

A Tornell - Liberalization, Growth and Financial Crises,” UCLA …
Cited by 3 - Related articles

[CITATION] «Nafta and Mexico Less Than Stellar Performance»

T Aaron, W Frank… - NBER Working Paper, 2004
Cited by 3 - Related articles

[CITATION] Accumulation and Voracity in Discrete Time

A Tornell - 1997 - Mimeo, Harvard University
Cited by 3 - Related articles

[CITATION] Liberalization, Growth, and Financial Crises

Full text - MIT Libraries
L Martinez, F Westermann… - Brookings Papers on Economic Activity, 2003
Cited by 3 - Related articles

[CITATION] The Credit Channel and Currency Mismatch in Middle Income Countries

A Tornell… - NBER, Working Paper, 2002
Cited by 3 - Related articles

[CITATION] The Role of Bank Restructuring in Recovering From Crises: Mexico 1995-1998

A KRUGER… - NBER Working Paper Series, 1999
Cited by 3 - Related articles

La economía política del ingreso de México al TLC

A Tornell… - El Trimestre Económico, 1998 - ideas.repec.org
In this paper, we derive three lessons from Mexico's experience. First, deep reforms like trade
liberalization are not likely to happen by government decree. Instead, they usually come about
when the unanimous blocking of reform by powerful elites breaks down. In the case of Mexico ...
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Financial Black-Holes: The Interaction of Financial Regulation and Bailout Guarantees

[PDF] from perjacobsson.org
R Ranciere… - 2011 - papers.ssrn.com
Abstract: This paper argues that the US financial crisis is a new type of crisis: a" financial
black hole." Financial black holes are characterized by the breaking-up of credit market
discipline and the large-scale financing of negative NPV projects. In a theoretical model, ...
Cited by 2 - Related articles - All 6 versions

[CITATION] qWhy Arenpt Latin American Savings Rates Procyclical

P Lane… - Journal of Development Economics, 1998
Cited by 2 - Related articles - Get it from MIT Libraries

[PDF] Financial and Monetary Policies in an Economy with Balance Sheet Effects

[PDF] from tau.ac.il
A Tornell - Conference on Currency Crises Prevention, 2001 - sapir.tau.ac.il
The old balance of payments crises, in which government deficits took center stage, have
been replaced by new twin currency and banking crises, in which bank lending has taken
center stage. In this paper we present a conceptual framework that can help us anЛ alyze ...
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[CITATION] forthcoming,“Currency Mismatch, Financial Crises and Growth: Theory and Evidence,”

R Rancière, A Tornell… - IMF Working Paper (Washington: …
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[PDF] Exchange rate anomalies under model misspecification: A mixed optimal/robust approach

[PDF] from psu.edu
A Tornell - UCLA Economics Online Papers, 2003 - Citeseer
Abstract Many asset pricing anomalies imply the existence of time-varying predictable
excess returns, as well as short-run underreaction and long-run overreaction to news. The
presence of short-sales constraints or of missperception has been often invoked to explain ...
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[CITATION] Currency Mismatch and Systemic Risk in Eastern Europe, forthcoming

R Romain, T Aaron… - Economic Policy, 2009
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[CITATION] Financial and Monetary Policy in an Economy with Balance Sheet Effects

A Tornell - 2000 - mimeo, UCLA and NBER
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[CITATION] Credit Market Imperfections in Middle Income Countries

T Aaron… - 2003 - CESifo Working Paper Series 960, …
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[CITATION] RCommon Fundamentals in the Tequila and Asian Crises, 1999

A Tornell - NBER Working Paper
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[CITATION] The Role of Bank Restructuring in Recovering from Crises: Mexico 1995-98

K Anne… - NBER Working Paper, 1999
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[CITATION] Liberalization, Growth, and Financial Crises: Evidence from Mexico and the Developing World

A Tornell, F Westermann… - Unpublished paper, 2003
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