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Reinhart, Carmen M.

Overview
Works: 262 works in 852 publications in 4 languages and 10,312 library holdings
Genres: Case studies 
Roles: Editor, Redactor, Honoree, Thesis advisor, Compiler
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 )
30 editions published between 2009 and 2011 in English and held by 2,342 libraries worldwide
An empirical investigation of financial crises during the last 800 years
Money, crises, and transition essays in honor of Guillermo A. Calvo ( file )
14 editions published between 2007 and 2008 in English and held by 1,245 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
A decade of debt by Carmen M Reinhart( file )
20 editions published in 2011 in English and held by 1,227 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
Assessing financial vulnerability an early warning system for emerging markets by Morris Goldstein( file )
8 editions published in 2000 in English and held by 1,054 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
Capital flows in the APEC region by International Monetary Fund( Book )
13 editions published in 1995 in English and held by 405 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
This time is different eight centuries of financial folly by Carmen M Reinhart( Sound Recording )
8 editions published between 2009 and 2011 in English and held by 193 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
Ratings, rating agencies and the global financial system by Richard M Levich( Book )
8 editions published in 2002 in English and held by 178 libraries worldwide
Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along with those from the private sector, government bodies, and other universities. The first section of the volume focuses on the historical origins of the credit rating business and its present day industrial organization structure. The second section presents several empirical studies crafted largely around individual firm-level or bank-level data. These studies examine (a) the relationship between ratings and the default and recovery experience of corporate borrowers, (b) the comparability of credit ratings made by domestic and foreign rating agencies, and (c) the usefulness of financial market indicators for rating banks, among other topics. In the third section, the record of sovereign credit ratings in predicting financial crises and the reaction of financial markets to changes in credit ratings is examined. The final section of the volume emphasizes policy issues now facing regulators and credit rating agencies
Accounting for saving : financial liberalization, capital flows, and growth in Latin America and Europe by Carmen M Reinhart( Book )
9 editions published in 1999 in English and Spanish and held by 152 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
Dieses Mal ist alles anders : acht Jahrhunderte Finanzkrisen by Carmen M Reinhart( Book )
5 editions published between 2010 and 2013 in German and held by 101 libraries worldwide
When in peril, retrench : testing the portfolio channel of contagion by Fernando Broner( Book )
15 editions published between 2004 and 2005 in English and held by 93 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. The paper first presents a simple model examining how heterogeneous changes in investors' risk aversion affects portfolio decisions and stock prices. Second, the paper shows empirically 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, the paper discusses a matrix of financial interdependence reflecting the extent to which countries share overexposed funds. Comparing this measure to indices of trade or bank linkages indicates that our index can improve predictions about which countries are likely to be affected by contagion from crisis centers"--National Bureau of Economic Research web site
Leading indicators of currency crises by Graciela Laura Kaminsky( Book )
16 editions published between 1997 and 1998 in English and held by 90 libraries worldwide
The turbulence and collapse of the European Exchange Rate Mechanism in 1992-93 and the onset of the Mexican crisis in December 1994 have rekindled interest in both academic and policy circles in the potential causes and the symptoms of currency crises. In particular, there is a question as to whether those symptoms can be detected with sufficient advance so as to allow governments to adopt pre-emptive measures. While accurately forecasting the timing of currency crises is likely to remain an elusive goal for academics and policymakers alike, there is no question about the need to develop and improve upon a warning system that helps monitor whether a country may be slipping into a situation that is bound to end up in a crisis
Capital controls myth and reality - a portfolio balance approach by Nicolas Magud( file )
15 editions published between 2006 and 2011 in English and held by 89 libraries worldwide
The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is not unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures implemented; (iii) there are multiple definitions of what constitutes a "success" and (iv) the empirical studies lack a common methodology -- furthermore these are significantly "overweighter" by a couple of country cases (Chile and Malaysia). In this paper, we attempt to address some of these shortcomings by: being very explicit about what measures are construed as capital controls. Also, given that success is measured so differently across studies, we sought to "standardize" the results of over 30 empirical studies we summarize in this paper. The standardization was done by constructing two indices of capital controls: Capital Controls Effectiveness Index (CCE Index), and Weighted Capital Control Effectiveness Index (WCCE Index). The difference between them lies only in that the WCCE controls for the differentiated degree of methodological rigor applied to draw conclusions in each of the considered papers. Inasmuch as possible, we bring to bear the experiences of less well known episodes than those of Chile and Malaysia
Capital flows to Latin America : is there evidence of contagion effects? by Sara Calvo( file )
7 editions published in 1996 in English and held by 88 libraries worldwide
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 87 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 )
8 editions published in 1996 in English and held by 82 libraries worldwide
Temporary controls on capital inflows by Carmen M Reinhart( Book )
11 editions published in 2001 in English and held by 79 libraries worldwide
Abstract: 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
What hurts most? : G-3 exchange rate or interest rate volatility by Carmen M Reinhart( Book )
13 editions published in 2001 in English and held by 78 libraries worldwide
Abstract: 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
Fear of floating by Guillermo A Calvo( Book )
12 editions published in 2000 in English and held by 76 libraries worldwide
Abstract: In recent years, many countries have suffered severe financial crises, producing a staggering toll on their economies, particularly in emerging markets. One view blames fixed exchange rates-- soft pegs'--for these meltdowns. Adherents to that view advise countries to allow their currency to float. We analyze the behavior of exchange rates, reserves, the monetary aggregates, interest rates, and commodity prices across 154 exchange rate arrangements to assess whether official labels' provide an adequate representation of actual country practice. We find that, countries that say they allow their exchange rate to float mostly do not--there seems to be an epidemic case of fear of floating.' Since countries that are classified as having a free or a managed float mostly resemble noncredible pegs--the so-called demise of fixed exchange rates' is a myth--the fear of floating is pervasive, even among some of the developed countries. We present an analytical framework that helps to understand why there is fear of floating
Financial markets in times of stress by Graciela Laura Kaminsky( Book )
13 editions published in 2001 in English and held by 76 libraries worldwide
Abstract: 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
Fixing for your life by Guillermo A Calvo( Book )
10 editions published in 2000 in English and held by 75 libraries worldwide
Abstract: The Asian crisis took place against a background of exchange rate regimes that were characterized as soft pegs. This has led many analysts to conclude that the peg did it' and that emerging markets (EMs) should just say no' to pegged exchange rates. We present evidence that EMs are very different from developed economies in key dimensions that play a key role when it comes to the choice of exchange rate regime--floating for EMs is no panacea. In EMs currency crashes are contractionary, the adjustments in the current account are far more acute. Credibility and market access, as captured in the behavior of credit ratings and interest rates, is adversely affected by devaluations or depreciations. Exchange rate volatility is more damaging to trade and the passthrough from exchange rate swings to inflation is far higher in EMs. These differences between emerging and developed economies may explain EMs reluctance to tolerate large exchange rate movements. In a simple framework we illustrate why large exchange rate swings are feared when access to international credit may be lost
 
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Alternative Names
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-
ラインハート, カーメン・M
Languages
English (230)
German (5)
French (5)
Spanish (1)
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