skip to content

Hausmann, Ricardo

Overview
Works: 187 works in 555 publications in 6 languages and 4,565 library holdings
Genres: Conference proceedings  Case studies  History 
Roles: Editor, Publishing director, Compiler, Honoree
Classifications: HG3891, 332.042091724
Publication Timeline
Key
Publications about Ricardo Hausmann
Publications by Ricardo Hausmann
Most widely held works by Ricardo Hausmann
Other people's money : debt denomination and financial instability in emerging market economies by Barry J Eichengreen( Book )
13 editions published between 2005 and 2010 in English and held by 630 libraries worldwide
"Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better." "Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets that prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further by proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies." "Painstakingly researched, this volume combines case studies, mathematical analysis, historical analysis, and public policy to provide students, economists, policymakers, and others with a state-of-the-art overview of the debt denomination problem and its potential solutions."--Jacket
Democracy, decentralisation, and deficits in Latin America by Organisation for Economic Co-operation and Development( Book )
21 editions published between 1997 and 1998 in 3 languages and held by 393 libraries worldwide
Fiscal institutions, fiscal performance, electoral institutions, budget, decentralisation, macroeconomic stability, federalism, Argentina, Brazil, Chile, Colombia, Germany, Mexico, Portugal, Bolivia
Banking crises in Latin America by Liliana Rojas-Suárez( Book )
13 editions published between 1996 and 1997 in English and Spanish and held by 339 libraries worldwide
Banking crises occur in both industrial and developing countries, but in Latin America they last longer, affect a larger segment of the banking industry, and cost the public more. In Banking Cirses in Latin America, distinguished policymakers, academicians and bankers examine the main causes of such crises, how governments can manage them more effectively, and how they can be prevented
Securing stability and growth in Latin America : policy issues and prospects for shock-prone economies by Organisation for Economic Co-operation and Development( Book )
15 editions published in 1996 in 3 languages and held by 284 libraries worldwide
The Latin American region is prone to economic shocks which tend to derail development efforts and introduce insecurity into economic planning. Specialists from Latin America and Europe give a comprehensive picture of problems facing Latin America as well as proposals for the best policy responses for minimising these effects, particularly in the budgetary institutions, the banking and financial systems, and unemployment insurance
Global finance from a Latin American viewpoint by Ricardo Hausmann( Book )
16 editions published in 2000 in English and held by 278 libraries worldwide
The tenth meeting of the Forum was held in Paris in November 1999 and this book contains contributions from that meeting. Its broad conclusion is that reform of the international financial system must take place in the context of partnership between the private and the public international sectors in order to provide the conditions for stability and growth. The Forum debated whether the current reforms of the global financial markets were secceeding in identifying and addressing major distortions to international capital flows between developed and developing countries, essentially, the moral hazard versus sovereign risk question. Particular attention was devoted to: bailing the private sector into crisis prevention and resolution, including under the Paris Club framework; the recently proposed revisions to the Basel Accord on bank capital requirements; and the appropriate exchange rate regime in Latin America
Government spending and income distribution in Latin America by Ricardo Hausmann( Book )
7 editions published in 1993 in English and Spanish and held by 243 libraries worldwide
Promoting savings in Latin America by Organisation for Economic Co-operation and Development( Book )
16 editions published in 1997 in 3 languages and held by 227 libraries worldwide
Klassische und molekulare Genetik by Carsten Bresch( Book )
11 editions published between 1970 and 1994 in German and Portuguese and held by 221 libraries worldwide
Volatile capital flows : taming their impact on Latin America ( Book )
6 editions published in 1996 in English and held by 219 libraries worldwide
Wanted : world financial stability ( Book )
6 editions published in 2000 in English and held by 188 libraries worldwide
Economic development as self-discovery by Ricardo Hausmann( Book )
16 editions published in 2002 in English and held by 96 libraries worldwide
In the presence of uncertainty about what a country can be good at producing, there can be great social value to discovering costs of domestic activities because such discoveries can be easily imitated. We develop a general-equilibrium framework for a small open economy to clarify the analytical and normative issues. We highlight two failures of the laissez-faire outcome: there is too little investment and entrepreneurship ex ante, and too much production diversification ex post. Optimal policy consists of counteracting these distortions: to encourage investments in the modern sector ex ante, but to rationalize production ex post. We provide some informal evidence on the building blocks of our model
Growth accelerations by Ricardo Hausmann( Book )
15 editions published in 2004 in English and held by 89 libraries worldwide
"Unlike most cross-country growth analyses, we focus on turning points in growth performance. We look for instances of rapid acceleration in economic growth that are sustained for at least eight years and identify more than 80 such episodes since the 1950s. Growth accelerations tend to be correlated with increases in investment and trade, and with real exchange rate depreciations. Political-regime changes are statistically significant predictors of growth accelerations. External shocks tend to produce growth accelerations that eventually fizzle out, while economic reform is a statistically significant predictor of growth accelerations that are sustained. However, growth accelerations tend to be highly upredictable: the vast majority of growth accelerations are unrelated to standard determinants and most instances of economic reform do not produce growth accelerations"--National Bureau of Economic Research web site
Optimal tax and debt policy with endogenously imperfect creditworthiness by Joshua Aizenman( Book )
9 editions published in 1996 in English and held by 86 libraries worldwide
This paper shows that the patterns of optimal tax rates and borrowing in the presence of endogenous borrowing constraints differ considerably from the patterns observed with fully integrated capital markets. We study a developing country characterized by a costly tax collection. Its access to the international credit market is determined by the efficiency of the tax system and the relative bargaining power of creditors. Partial defaults induce a burden shifting' from bad to good states of nature, reducing the cost of borrowing, implying that a switch from no default to a partial default regime is associated with a borrowing boom. The switch to a partial default regime is associated with financial fragility, where small adverse changes in fundamentals lead to a large accumulation of debt. The tax rate exhibits strong counter-cyclical patterns in economies operating at the credit ceiling, whereas the tax rate exhibits strong pro-cyclical patterns in economies operating on the upward sloping portion of the supply of credit, where the risk premium is positive, and very little cyclical patterns in economies operating on the elastic portion of the supply of credit. We identify a volatility- debt curve for a given realization of output. With low debt, higher volatility tends to reduce borrowing. When volatility reaches a threshold, we observe a switch from a no default to a partial default regime, where a further rise in volatility increases borrowing and reduces present taxes
Why is inflation skewed? : a debt and volatility story by Joshua Aizenman( Book )
10 editions published in 1994 in English and held by 86 libraries worldwide
This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is positively skewed. We investigate linkages between skewness and non-linearity, showing that concavity (convexity) will lead to negative (positive) skewness if the independent variable is symmetrically distributed. We construct a public finance model for a developing country that uses inflation tax and external borrowing as the residual means for fiscal financing. The model predicts a convex dependency of inflation on output, where inflation skewness depends positively on inflation volatility, and external debt difficulties magnify the skewness. We conclude the paper with an assessment of the patterns of inflation between 1979-1993 for the 56 countries. Overall, the patterns are consistent with the predictions of the model
Exchange rates and financial fragility by Barry J Eichengreen( Book )
9 editions published in 1999 in English and held by 83 libraries worldwide
In this paper we analyze three views of the relationship between the exchange rate and financial fragility: (1) the moral hazard hypothesis, according to which pegged exchange rates offer implicit insurance against exchange risk and thereby encourage reckless borrowing and lending; (2) the original sin hypothesis, which emphasizes an incompleteness in financial markets which prevents the domestic currency from being used to borrow abroad or to borrow long term even domestically; and (3) the commitment problem hypothesis, which sees financial crises as resulting from neither moral hazard nor original sin but from the weakness of the institutions that address commitment problems. We examine the evidence on these hypotheses and draw out their implications for exchange-rate policy in emerging markets
The impact of inflation on budgetary discipline by Joshua Aizenman( Book )
11 editions published between 1995 and 1996 in English and held by 80 libraries worldwide
This paper investigates budgetary rules for an economy characterized by inflation and volatile relative prices. We view the budgetary process as a limited contingencies contract between the treasury and the ministers. The budgetary process allows a minister, whose realized real budget falls short of a threshold, to ask for a treasury, the minister obtains the extra funds needed to meet the expenditure threshold level. The contract sets both the projected budget and the threshold real expenditure that justifies budget revisions. We identify the efficient contract and show that for significant state verification costs and for low volatility, the contract is non contingent (i.e., a nominal contract). For volatility significant enough the contract becomes state contingent -- it reduces the initial allocation [i.e. the projected budget,] and reduces the threshold associated with budgetary revisions. Both adjustments imply that in volatile economies the projected revenue understates the realized budget hence the average budget error is positive. As volatility increases, the contract converges to a full ex-post indexation. Hence, one of the costs of inflation is that nominal contracts lose their disciplining role in determining the real allocation. Instead, the economy shifts towards more costly arrangements like ex-post indexation, where discipline is accomplished by constant monitoring The last part of the paper uses the data from 12 Latin American countries to test the model's predictions. Our tests confirm that in an inflationary environment the planned budget is under-predicting the realized one -- higher inflation increases the budget error and the average budget error is positive
Exchange rate regimes and financial-market imperfections by Joshua Aizenman( Book )
11 editions published between 2000 and 2001 in English and held by 79 libraries worldwide
This paper investigates the design of an exchange rate policy for an economy where the domestic capital market is segmented from the global financial market, producers rely on credit to finance working capital needs, and the labor market is characterized by nominal contracts. We show that the choice of an exchange rate regime is intertwined with the financial structure -- greater reliance on working capital to finance input needs, and greater segmentation of the domestic capital market increase the desirable exchange rate stability. This result follows from the observation that greater exchange rate stability is likely to reduce the real interest rate facing the producer, thereby increasing output. Hence, greater reliance on working capital increases the welfare gain attached to the lower interest rate associated with lower flexibility of the exchange rate, thereby increasing the desirability of a fixed exchange rate. Similarly, greater integration with the global capital market reduces the real interest rate benefits from exchange rate stability, increasing thereby the optimal flexibility of the exchange rate, and reducing the demand for international reserves
What you export matters by Ricardo Hausmann( Book )
17 editions published between 2005 and 2006 in English and held by 75 libraries worldwide
When local cost discovery generates knowledge spillovers, specialization patterns become partly indeterminate and the mix of goods that a country produces may have important implications for economic growth. We demonstrate this proposition formally and adduce some empirical support for it. We construct an index of the "income level of a country's exports," document its properties, and show that it predicts subsequent economic growth
An alternative interpretation of the 'resource curse' : theory and policy implications by Ricardo Hausmann( Book )
7 editions published between 2002 and 2003 in English and held by 71 libraries worldwide
The existence of a natural resource curse has been a longstanding theme in the economic literature and in policy discussions. We propose an alternative mechanism and study its policy implications. The mechanism is based on the interaction between two building blocks: specialization in non-tradables and financial market imperfections. We show that if a country has a sufficiently large non-resource tradable sector, relative prices can be stable, even when the resource sector generates significant volatility in the demand for non-tradables. However, when the non-resource tradable sector disappears, the economy becomes much more volatile, because shocks to the demand for non-tradables - possibly associated with shocks to resource income - will not be accommodated by movements in the allocation of labor but instead by expenditure-switching. This requires much higher relative price movements. The presence of bankruptcy costs makes interest rates dependent on relative price volatility. These two effects interact causing the economy to specialize inefficiently away from non-resource tradables: the less it produces of them, the greater the volatility of relative prices, the higher the interest rate the sector faces, causing it to shrink even further until it disappears. At that point, the economy will face an even higher interest rate and a lower level of capital and output in the non-tradable sector. An increase in resource income that leads to specialization causes a large decline in welfare: thus the idea of the curse. Specialization is determined by the expected size and volatility in resource income. The paper justifies stabilization and savings policies as well as policies to make financial markets more efficient. However, we also find some support for more interventionist second-best trade and financial
Currency mismatches, debt intolerance and original sin : why they are not the same and why it matters by Barry J Eichengreen( Book )
8 editions published between 2003 and 2007 in English and held by 70 libraries worldwide
"Recent years have seen the development of a large literature on balance sheet factors in emerging-market financial crises. In this paper we discuss three concepts widely used in this literature. Two of them original sin' and debt intolerance' seek to explain the same phenomenon, namely, the volatility of emerging-market economies and the difficulty these countries have in servicing and repaying their debts. The debt-intolerance school traces the problem to institutional weaknesses of emerging-market economies that lead to weak and unreliable policies, while the original-sin school traces the problem instead to the structure of global portfolios and international financial markets. The literature on currency mismatches, in contrast, is concerned with the consequences of these problems and with how they are managed by the macroeconomic and financial authorities. Thus, the hypotheses and problems to which these three terms refer are analytically distinct. The tendency to use them synonymously has been an unnecessary source of confusion"--NBER website
 
moreShow More Titles
fewerShow Fewer Titles
Alternative Names
Hausmann, R.
Languages
English (197)
French (17)
German (10)
Spanish (9)
Portuguese (1)
Italian (1)
Covers
Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.