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Are asset price guarantees useful for preventing sudden stops? : a quantitative investigation of the globalization hazard-moral hazard tradeoff

Author: Ceyhun Bora Durdu; Enrique G Mendoza; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, Research Dept., ©2006.
Series: IMF working paper, WP/06/73.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
An implication of the "globalization hazard" hypothesis is that sudden stops could be prevented by offering foreign investors price guarantees on emerging markets assets. These guarantees create a tradeoff, however, because they weaken globalization hazard by creating international moral hazard. We study this tradeoff using an equilibrium asset-pricing model. Without guarantees, margin calls and trading costs cause  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Durdu, Ceyhun Bora.
Are asset price guarantees useful for preventing sudden stops?.
[Washington, D.C.] : International Monetary Fund, Research Dept., ©2006
(OCoLC)70112439
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ceyhun Bora Durdu; Enrique G Mendoza; International Monetary Fund. Research Department.
ISBN: 128351818X 9781283518185 9781451908695 1451908695
OCLC Number: 694141199
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (33, [11] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/06/73.
Responsibility: Ceyhun Bora Durdu and Enrique G. Mendoza.

Abstract:

An implication of the "globalization hazard" hypothesis is that sudden stops could be prevented by offering foreign investors price guarantees on emerging markets assets. These guarantees create a tradeoff, however, because they weaken globalization hazard by creating international moral hazard. We study this tradeoff using an equilibrium asset-pricing model. Without guarantees, margin calls and trading costs cause Sudden Stops driven by Fisher's debt-deflation process. Price guarantees prevent this deflation by propping up foreign asset demand, but their effectiveness and welfare implications depend critically on the price elasticity of foreign demand and on making the guarantees contingent on debt levels.

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