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Reinhart, Carmen M.

Overview
Works: 298 works in 1,019 publications in 6 languages and 12,460 library holdings
Genres: Case studies  Conference papers and proceedings 
Roles: Author, Editor, Redactor, Honoree, Compiler, Other, Thesis advisor
Classifications: HB3722, 338.542
Publication Timeline
Key
Publications about Carmen M Reinhart
Publications by Carmen M Reinhart
Most widely held works about Carmen M Reinhart
 
Most widely held works by Carmen M Reinhart
This time is different : eight centuries of financial folly by Carmen M Reinhart( Book )
11 editions published between 2009 and 2015 in 4 languages and held by 2,173 libraries worldwide
An empirical investigation of financial crises during the last 800 years
A decade of debt by Carmen M Reinhart( Book )
23 editions published in 2011 in English and held by 496 libraries worldwide
This book presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower economic growth and a higher incidence of default or, more generally, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of financial repression (which had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt reduction than would have otherwise been the case from the late 1940s to the 1970s. It is conjectured here that the pressing needs of governments to reduce debt rollover risks and curb rising interest expenditures in light of the substantial debt overhang (combined with the widespread official aversion to explicit restructuring) are leading to a revival of financial repression, including more directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, and tighter regulation on cross-border capital movements
Capital flows in the APEC region by International Monetary Fund( Book )
12 editions published in 1995 in English and held by 398 libraries worldwide
The developing economies of the Asia Pacific Economic Cooperation (APEC) have been the recipients of a considerable volume of capital inflows in the 1990s. Given the increased integration of capital markets, it is not surprising that monetary control became more difficult for many developing APEC economies. Formulating an appropriate policy response has naturally been important. The three papers that make up this Occasional Paper each examine different aspects of these issues
Assessing financial vulnerability : an early warning system for emerging markets by Morris Goldstein( Book )
14 editions published in 2000 in English and held by 302 libraries worldwide
The study identifies crisis-threshold values for early-warning indicators that differ both by country and by indicator. This allows the authors to make historical comparisons among banking or currency crises, as well as to draw conclusions about which specific indicators have, over time, sent the most reliable early-warning signals of future currency or banking crises in emerging markets
Money, crises, and transition : essays in honor of Guillermo A. Calvo by Carmen M Reinhart( Book )
17 editions published between 2007 and 2008 in English and Undetermined and held by 212 libraries worldwide
Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years discussing the themes behind his work
This time is different : eight centuries of financial folly by Carmen M Reinhart( Sound Recording )
11 editions published between 2009 and 2011 in English and held by 166 libraries worldwide
This work examines financial crises of the past and discusses similarities between these events and the current crisis, presenting and comparing historical patterns in bank failures, inflation, debt, currency, housing, employment, and government spending
Accounting for saving : financial liberalization, capital flows, and growth in Latin America and Europe by Carmen M Reinhart( Book )
10 editions published in 1999 in English and Spanish and held by 153 libraries worldwide
Which comes first, saving or growth? Does financial liberalization help or hinder saving? How do terms of trade shocks affect saving? This book looks beyond the traditional determinants of saving.--Publisher's description
Ratings, rating agencies and the global financial system ( Book )
1 edition published in 2002 in English and held by 152 libraries worldwide
Leading indicators of currency crises by Graciela Laura Kaminsky( Book )
22 editions published between 1997 and 1999 in English and Undetermined and held by 100 libraries worldwide
November 1997 Signals from some variables are better than others in predicting a currency crisis. The variables with the best track record include exports, output, equity prices, deviations of the real exchange rate frosm trend, and the ratio of broad money to gross international reserves. The authors examine the empirical evidence on currency crises and propose a specific early-warning system. This system involves monitoring the evolution of several indicators that tend to exhibit unusual behavior in the periods preceding a crisis. An indicator exceeding a certain threshold value should be interpreted as a warning signal that a currency crisis may take place within the following 24 months. The threshold values are calculated to strike a balance between the risk of having many false signals and the risk of missing many crises. Within this approach, the variables with the best track record include exports, deviations of the real exchange rate from trend, the ratio of broad money to gross international reserves, output, and equity prices. The evidence does not support some of the other indicators that were considered, including imports, bank deposits, the difference between foreign and domestic real deposit interest rates, and the ratio of lending to deposit interest rates. This paper is in part a product of the Office of the Chief Economist, Latin America and the Caribbean Region
Cette fois, c'est différent : huit siècles de folie financière by Carmen M Reinhart( Book )
5 editions published in 2010 in French and held by 89 libraries worldwide
Écrit par deux économistes de notoriété internationale, Carmen Reinhart et Kenneth Rogoff, ce livre répond à une question lancinante : comment pouvons-nous enfin nous protéger des turbulences financières? Aussi loin que l'on remonte dans le temps, des dépréciations monétaires du Moyen Age à l'effondrement des titres subprime de 2007, on s'aperçoit que les crises financières et les bulles spéculatives viennent régulièrement perturber l'économie. Or ces crises présentent de nombreux traits communs, soulignent les auteurs en s'appuyant sur l'énorme base de données internationale qu'ils ont constituée pour ce livre. Et la plus paradoxale de ces ressemblances est celle-ci : avant chaque désastre, de bons esprits affirment que " cette fois, c'est différent ". Qu'on se souvienne d'Alan Greenspan, l'ancien président de la Fed, qui a multiplié les déclarations en ce sens. Carmen Reinhart et Kenneth Rogoff dressent une typologie des crises - paniques bancaires, crises inflationnistes, défauts souverains ... - et exposent les mécanismes de contagion d'un type à l'autre. Ils montrent également que ces crises partagent des traits similaires dans leurs conséquences : durée, taux de chômage et d'inflation élevés, aggravation de l'endettement public, etc. D'une lecture aisée, cet ouvrage de référence fait largement appel à des tableaux et graphiques particulièrement éclairants. Depuis des mois, il caracole en tête des ventes de livres d'économie aux Etats-Unis. A quoi tient ce succès hors normes d'un livre consacré à un sujet a priori austère? Sans doute à son caractère très actuel : les difficultés récentes de pays comme la Grèce ou l'Irlande lui donnent même des accents quasi prophétiques. Et ses constats obligent le lecteur à se poser quelques questions sans concession, voire angoissantes, sur la situation financière actuelle de certains pays développés
Dealing with capital inflows : are there any lessons? by Carmen M Reinhart( Book )
10 editions published in 1996 in English and held by 83 libraries worldwide
When in peril, retrench : testing the portfolio channel of contagion by Fernando Broner( Book )
17 editions published between 2004 and 2005 in English and held by 56 libraries worldwide
One plausible mechanism through which financial market shocks may propagate across countries is through the effect of past gains and losses on investors' risk aversion. We first present a simple model on how heterogeneous changes in investors' risk aversion affect portfolio decisions and stock prices. Second, we empirically show that, when funds' returns are below average, they adjust their holdings toward the average (or benchmark) portfolio. In other words, they tend to sell the assets of countries in which they were "overweight," increasing their exposure to countries in which they were "underweight." Based on this insight, we construct a matrix of financial interdependence reflecting the extent to which countries share overexposed funds. This index can improve predictions about which countries are likely to be affected by contagion from crisis centers
Financial markets in times of stress by Graciela Laura Kaminsky( Book )
14 editions published in 2001 in English and held by 54 libraries worldwide
In this paper, we examine which markets are most synchronized internationally and exhibit the greater extent of comovement. We focus on daily data for four asset markets: bonds, equities, foreign exchange, and domestic money market. Our sample covers thirty-five developed and emerging market countries during 1997-1999. The extent of comovement and responsiveness to external shocks is examined in different ways. To measure the response of these markets to adverse external shocks, we date the peaks in domestic interest rates and bond spreads and the largest daily declines in equity prices and assess the extent of clustering around the same period. We also analyze which markets show evidence of greatest comovement in general, irrespective of whether there are adverse shocks or not
Temporary controls on capital inflows by Carmen M Reinhart( Book )
12 editions published in 2001 in English and held by 53 libraries worldwide
During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be sub-optimal. In addition, motivated by the fact that these types of controls have often been left in place after the dissipation of the shock that lead to the controls being implemented, the paper evaluates the welfare cost of procrastination in removing these types of controls
Default, currency crises and sovereign credit ratings by Carmen M Reinhart( Book )
12 editions published in 2002 in English and held by 53 libraries worldwide
Sovereign credit ratings play an important role in determining the terms and the extent to which countries have access to international capital markets. In principle, there is no reason why changes in sovereign credit ratings should be expected to systematically predict a currency crisis. In practice, however, in developing countries there is a strong link between currency crises and default. About 85 percent of all the defaults in the sample are linked with currency crises. The results presented here suggest that sovereign credit ratings systematically fail to anticipate currency crises--but do considerably better predicting defaults. Downgrades usually follow the currency crisis--possibly highlighting how currency instability increases default risk
What hurts most? : G-3 exchange rate or interest rate volatility by Carmen M Reinhart( Book )
14 editions published in 2001 in English and held by 52 libraries worldwide
With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries have the potential to influence the competitive position of many developing countries. According to some analysts, establishing target bands to reduce the variability of the G-3 currencies would limit those destabilizing shocks emanating from abroad. This paper examines the argument for such a target zone strictly from an emerging market perspective. Given that sterilized intervention by industrial economies tends to be ineffective and that policy makers show no appetite to return to the controls on international capital flows that helped keep exchange rates stable over the Bretton Woods era, a commitment to damping G-3 exchange rate fluctuations requires a willingness on the part of G-3 authorities to use domestic monetary policy to that end. Under a system of target zones, then, relative prices for emerging market economies may become more stable, but debt-servicing costs may become less predictable. We use a simple trade model to show that the resulting consequences for welfare are ambiguous. Our empirical work supplements the traditional literature on North-South links by examining the importance of the volatilities of G-3 exchange-rates, and U.S. interest rate and consumption on capital flows and economic growth in developing countries over the past thirty years
The lending channel in emerging economies : are foreign banks different? by Marco Arena( Book )
18 editions published between 2006 and 2010 in English and held by 41 libraries worldwide
"This paper assembles a dataset comprising 1,565 banks in 20 Asian and Latin American countries during 1989-2001 and compares the response of the volume of loans, deposits, and bank-specific interest rates on loans and deposits, to various measures of monetary conditions, across domestic and foreign banks. It also looks for systematic differences in the behavior of domestic and foreign banks during periods of financial distress and tranquil times. Using differences in bank ownership as a proxy for financial constraints on banks, the paper finds weak evidence that foreign banks have a lower sensitivity of credit to monetary conditions relative to their domestic competitors, with the differences driven by banks with lower asset liquidity and/or capitalization. At the same time, the lending and deposit rates of foreign banks tend to be smoother during periods of financial distress, albeit the differences with domestic banks do not appear to be strong. These results provide weak support to the existence of supply-side effects in credit markets and suggest that foreign bank entry in emerging economies may have contributed somewhat to stability in credit markets"--National Bureau of Economic Research web site
The liquidation of government debt by Carmen M Reinhart( Book )
14 editions published between 2011 and 2015 in English and Undetermined and held by 19 libraries worldwide
VI. Estimates of the Liquidation Effect8. The Liquidation of Public Debt (Financial Repression Tax), 1945-1980 as shares of total revenues (top panel) and GDP (bottom panel); 9. The "Liquidation Effect" revenues per liquidation year: As a Percent of Tax Revenues and GDP; VII. Financial Repression or Unanticipated Inflation?; VIII. Regulation and Captive Audiences: Past and Present; 4. Inflation Surprises and Liquidation Years; 5. The Re-emergence of Financial Repression, 2008-2013; IX. Concluding Remarks; References
Capital Inflows, Exchange Rate Flexibility, and Credit Booms by Nicolas E Magud( Book )
11 editions published between 2011 and 2012 in English and Undetermined and held by 7 libraries worldwide
The prospects of expansionary monetary policies in the advanced countries for the foreseeable future have renewed the debate over policy options to cope with large capital inflows that are, at least partly, driven by low interest rates in the financial centers. Historically, capital flow bonanzas have often fueled sharp credit expansions in advanced and emerging market economies alike. Focusing primarily on emerging markets, we analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. We show that credit grows more rapidly and its composition tilts to foreign currency in economies with less flexible exchange rate regimes, and that these results are not explained entirely by the fact that the latter attract more capital inflows than economies with more flexible regimes. Our findings thus suggest countries with less flexible exchange rate regimes may stand to benefit the most from regulatory policies that reduce banks' incentives to tap external markets and to lend/borrow in foreign currency; these policies include marginal reserve requirements on foreign lending, currency-dependent liquidity requirements, and higher capital requirement and/or dynamic provisioning on foreign exchange loans -- National Bureau of Economic Research web site
Second Great Contraction: From "This Time Is Different" by Carmen M Reinhart( Book )
8 editions published between 2009 and 2011 in English and held by 1 library worldwide
We've been assured that the recession is over, but the country and the economy continue to feel the effects of the 2008 financial crisis, and people are still searching for answers about what caused it, what it has wrought, and how we can recover. This selection from the best-selling book This Time Is Different--the definitive history of financial crises, including the recent subprime meltdown--answers these questions and more. Princeton Shorts are brief selections excerpted from influential Princeton University Press publications produced exclusively in eBook format. They are selected with the
 
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Alternative Names
Carmen Reinhart Amerikaans econome
Carmen Reinhart amerikansk ekonom
Carmen Reinhart amerikansk økonom
Carmen Reinhart economista e accademica cubana
Carmen Reinhart économiste américaine
Carmen Reinhart US-amerikanische Wirtschaftswissenschaftlerin
Reinhart, C.
Reinhart, C. 1955-
Reinhart, C. (Carmen)
Reinhart, C. (Carmen), 1955-
Reinhart, Carmen.
Reinhart, Carmen 1955-
Reinhart, Carmen M.
Reinhart, Carmen Maria 1955-
Reinhart, Carment 1955-
Рейнхарт, Кармен
کارمن راینارت اقتصاددان آمریکایی
라인하트, 카르멘 M
카르멘 라인하트 미국의 경제학자
カーメン・ラインハート
ラインハート, カーメン・M
Languages
English (242)
French (5)
German (2)
Chinese (1)
Spanish (1)
Czech (1)
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