 | Department of Economics, University of Maryland Verified email at umd.edu Cited by 454 |
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 ...
A Korinek - Unpublished manuscript, 2010 - nber.org
Abstract This paper analyzes the external financing decisions of emerging market
economies that are prone to collateral-dependent external financing constraints. We show
that most forms of capital flows into such economies impose a macroeconomic externality ...
A Korinek, JA Mistiaen… - Journal of Economic Inequality, 2006 - Springer
Abstract The paper examines the distributional implications of selective compliance in
sample surveys, whereby households with different incomes are not equally likely to
participate. Poverty and inequality measurement implications are discussed for ...
A Korinek… - Journal of Public Economics, 2009 - Elsevier
We analyze the effects of changes in dividend tax policy using a life-cycle model of the firm,
in which new firms first access equity markets, then grow internally, and finally pay dividends
when they have reached steady state. We find that unanticipated permanent changes in ...
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 Korinek - University of Maryland, mimeo, 2009 - papers.ssrn.com
Abstract: Emerging market economies that borrow in foreign currency are prone to severe
financial crises that involve financial amplification, ie a feedback loop of depreciating
exchange rates, deteriorating balance sheets and declining aggregate demand. This is ...
E Hochreiter,
A Korinek… - International Journal of …, 2003 - Wiley Online Library
Abstract This paper examines the macroeconomic consequences of selecting alternative
exchange rate regimes of countries in three regions. In particular, it studies whether Austria,
the Netherlands, Canada and New Zealand made the right monetary regime choices ...
Abstract: This paper shows that real exchange rate undervaluation through the accumulation
of foreign reserves may improve welfare in economies with learning-by-investing
externalities that arise disproportionately from the tradable sector. In the presence of ...
A Korinek - manuscript, Department of Economics, …, 2008 - deutschebundesbank.eu
Abstract Financial crises often involve amplification effects whereby adverse developments
in financial markets and in the real economy mutually reinforce each other and lead to a
feedback cycle of falling asset prices, deteriorating balance sheets and tightening ...
A Korinek, JA Mistiaen, M Ravallion… - 2005 - papers.ssrn.com
Abstract: The paper examines the distributional implications of selective compliance in
sample surveys, whereby households with different incomes are not equally likely to
participate. Poverty and inequality measurement implications are discussed for ...
A Korinek, JA Mistiaen… - Journal of econometrics, 2007 - Elsevier
Past approaches to correcting for unit nonresponse in sample surveys by re-weighting the
data assume that the problem is ignorable within arbitrary subgroups of the population.
Theory and evidence suggest that this assumption is unlikely to hold, and that household ...
A Korinek… - World Bank Policy Research …, 2010 - siteresources.worldbank.org
Abstract This paper analyzes the welfare effects of real exchange rate intervention in a
formal, dynamic model of an economy with learning-byinvesting externalities. An
undervalued real exchange rate raises the relative price of tradable versus non-tradable ...
A Korinek, J Mistiaen… - World Bank Policy Research …, 2005 - papers.ssrn.com
Abstract: Past approaches to correcting for unit nonresponse in sample surveys by re-
weighting the data assume that the problem is ignorable within arbitrary subgroups of the
population. Theory and evidence suggest that this assumption is unlikely to hold, and that ...
A Korinek - IMF Economic Review, 2011 - palgrave-journals.com
Abstract This paper provides an introduction to the new economics of prudential capital
controls in emerging economies. This literature is based on the notion that there are
externalities associated with financial crises because individual market participants do not ...
A Korinek - IMF Economic Review, 2011 - palgrave-journals.com
Abstract When one region of the world economy experiences a financial crisis, the world-
wide availability of investment opportunities declines. As global investors search for new
destinations for their capital, other regions will experience inflows of hot money. However, ...
[CITATION] pSystemic Risk&Taking: Amplification Effects
A Korinek - … and Regulatory Responses, omanuscript, University of …, 2011
Abstract We analyze the dynamic political game between two rival parties that have different
preferences over macroeconomic outcomes and thus implement different dividend tax
policies when they are in power. Macroeconomic outcomes are driven by the behavior of ...
Abstract: This dissertation analyzes the reasons, the macroeconomic consequences, and
the social efficiency of the use of dollar-denominated debt by emerging market agents in
their borrowing relationships with international lenders.
A Korinek - Working Papers, 2009 - ideas.repec.org
The worst financial crises since the Great Depression has forced central bankers and
policymakers across Europe and around the globe to take unprecedented policy measures
to deal with systemic risk, ie the risk that the financial system ceases to perform its function ...
[CITATION] Managing Credit Booms and Busts: A Pigouvian Taxation Perspective
O Jeanne… - NBER Working Paper, 2010
A Korinek - European Economic Review, 2010 - Elsevier
This paper studies the relationships between foreign currency debt, macroeconomic
volatility, and risk premia in a model of a small open emerging market economy. The
external value of the local currency is counter-cyclical, so that foreign currency debt ...
[CITATION] Amplification Effects, Externalities, and Regulatory Responses
A Korinek - manuscript, University of Maryland, 2010
[CITATION] Booms, Busts and Growth
O Jeanne… - manuscript, University of Maryland, 2011
[CITATION] Forthcoming.“Survey Non-response and the Distribution of Income.”
A Korinek, J Mistiaen… - Journal of Economic Inequality
Abstract A large empirical literature in international finance has tried to explain currency
movements in terms of macroeconomic variables. In general, this approach has not led to
satisfactory results. We argue in this paper that much of the existing literature on the topic ...
[CITATION] Undervaluation through foreign reserve accumulation. Static losses
A Korinek… - 2010 - dynamic gains. Working Paper
A Korinek… - Manuscript, University of Maryland, 2011 - fmwww.bc.edu
Abstract We study the effects of capital controls in a general equilibrium model of the world
economy. We determine under what conditions such controls may be desirable from a
global welfare perspective and whether global coordination of capital controls is indicated. ...
A Korinek - University of Maryland, manuscript, 2010 - tek.org.tr
Capital flows to emerging markets are controversial territory. This column argues that they
create externalities that make the recipient economies more vulnerable to financial fragility
and crises. It adds that policymakers can make their economies better off by regulating ...
[CITATION] External Dollar Borrowing in Emerging Markets II: Volatility, Portfolio Choice, and Amplification
A Korinek - 2008
[CITATION] Capital Flows, Crises and Externalities
A Primer… - 2010
A Korinek - Financial Stability in Emerging Markets - papers.ssrn.com
Four years after the global financial crisis of 2008–09, the advanced economies of the
United States, Europe and Japan are still in a liquidity trap, where zero nominal interest
rates are insufficient to raise output to its potential level. Central bankers have provided ...
O Jeanne… - tek.org.tr
The damage caused by the global crisis and fiscal crises in several developed countries has
rejuvenated support for regulation and has reignited research interest. This column presents
one recent proposal: A Pigouvian tax to help bring the amount of debt and capital held by ...
First of all I would like to express my thanks to Alexandre Lamfalussy for his guidance and
support during all stages of this paper. Nowadays a student normally has to choose between
a supervisor with a good reputation to assist him with his diploma thesis or one who ...
[CITATION] Are Contrarian Investment Strategies Profitable at the Vienna Stock Exchange?
A Korinek…
Abstract The worst financial crises since the Great Depression has forced central bankers
and policymakers across Europe and around the globe to take unprecedented policy
measures to deal with systemic risk, ie the risk that the financial system ceases to perform ...
Abstract: This paper provides an introduction to the new economics of prudential capital
controls in emerging economies. This literature is based on the notion that there are
externalities associated with financial crises because individual market participants do not ...
Abstract This paper shows that international capital flows impose a macroeconomic
externality on economies that can make them more prone to financial instability and crises.
Every capital inflow entails future outflows in the form of repayments, dividends, or profit ...
Abstract This paper shows that two risk-free bonds, in local and foreign currency, in the limit
allow for full insurance in standard small open economy models. Our findings rely on two
properties that are common to such models: that exchange rates are counter-cyclical and ...
Abstract This paper examines the role of bailouts in completing markets as well as in
inducing rent-seeking. When finanical markets are incomplete, contingent transfers can
substitute for missing markets and improve welfare. We term this the market completion ...
O Jeanne… - 2010 - cepr.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 ...
E Hochreiter,
A Korinek… - Working Papers, 2002 - ideas.repec.org
The paper examines the macroeconomic consequences of selecting alternative exchange
rate regimes of countries in three regions. In particular, it studies whether Austria, the
Netherlands, Canada and New Zealand made the right monetary regime choices between ...
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