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Dooley, Michael P. (Michael Patrick) 1944-

Overview
Works: 120 works in 467 publications in 1 language and 5,093 library holdings
Genres: Conference proceedings 
Roles: Editor, Honoree
Classifications: HJ8899, 336.3435091724
Publication Timeline
Key
Publications about Michael P Dooley
Publications by Michael P Dooley
Most widely held works by Michael P Dooley
Analytical issues in debt by Peter Wickham( file )
15 editions published between 1989 and 1995 in English and Undetermined and held by 876 libraries worldwide
This book presents a sample of the work of the IMF and that of world-renowned scholars on the analytical issues surrounding the explosion of countries with debt-servicing difficulties and describes debt initiatives and debt reduction techniques that hold the best promise for finding a lasting solution to the problems of debtor countries
Managing currency crises in emerging markets by Michael P Dooley( Book )
11 editions published between 2003 and 2007 in English and held by 507 libraries worldwide
The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. . The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the
Debt reduction and economic activity by International Monetary Fund( Book )
11 editions published in 1990 in English and held by 373 libraries worldwide
The paper consists of two main sections. The first of these analyzes the effect of debt and debt-service reduction on the contractual and market values of a country's debt. The second section describes the Fund staff's preliminary attempts to describe and debt-service reduction
The Political economy of policy-making : essays in honor of Will E. Mason ( Book )
7 editions published in 1979 in English and held by 304 libraries worldwide
An analysis of external debt positions of eight developing countries through 1990 by Michael P Dooley( file )
6 editions published in 1983 in English and held by 215 libraries worldwide
Country risk, international lending, and exchange rate determination by Michael P Dooley( file )
5 editions published in 1983 in English and held by 215 libraries worldwide
Financial repression and capital mobility : why capital flows and covered interest rate differentials fail to measure capital market integration by Michael P Dooley( Book )
20 editions published between 1995 and 1997 in English and held by 125 libraries worldwide
Required reserves on banks' deposit liabilities have been utilized by both industrial and developing countries to discourage and sterilize international capital flows. In this paper we utilize an open economy macro model incorporating bank credit to evaluate this policy. The model suggests that high levels of reserve requirements are a perverse policy tool in that they amplify the effects of foreign monetary shocks, but changes in reserve requirements can insulate a repressed financial market from international financial shocks. The model also suggests that traditional measures of capital mobility such as interest parity conditions or the scale of gross private capital flows are of no value in assessing the openness of repressed financial systems
Capital mobility and exchange market intervention in developing countries by Michael P Dooley( Book )
19 editions published between 1996 and 1997 in English and held by 120 libraries worldwide
This paper develops a new technique for measuring changes in the degree of capital mobility confronting a developing country that has restrictions on capital flows and official ceilings on domestic interest rates. Because such official controls rule out the use of traditional interest rate parity conditions to measure changes in the degree of capital mobility, the analysis first examines an intertemporal model of an open economy. This model describes the linkages between the cost of undertaking disguised capital flows, the current account, capital controls, domestic and external financial market conditions, and the authorities' foreign exchange market interventions. The model suggests a means of measuring changes in the cost of undertaking disguised capital flows, based on the past history of differentials between external interest rates (adjusted for exchange rate changes) and domestic ceiling interest rates, provided that the authorities' foreign exchange market activities are incorporated into the analysis. Parameter estimates for Korea, Mexico, and the Philippines indicate that the real cost of undertaking disguised capital flows declined on average by nearly 70 percent between the early 1970s and the late 1980s
A survey of academic literature on controls over international capital transactions by Michael P Dooley( Book )
19 editions published between 1995 and 1996 in English and held by 117 libraries worldwide
This paper reviews recent theoretical and empirical work on controls over international capital movements. Theoretical contributions reviewed focus on 'second best' arguments for capital market restrictions as well as arguments based on multiple equilibria. The empirical literature suggests that controls have been 'effective' in the narrow sense of influencing yield differentials. But there is little evidence that controls have helped governments meet policy objectives, with the exception of reduction in the governments' debt service costs, and no evidence that controls have enhanced economic welfare in a manner suggested by theory
A model of crises in emerging markets by Michael P Dooley( Book )
14 editions published between 1997 and 1998 in English and held by 103 libraries worldwide
First generation models of speculative attacks show that apparently random speculative attacks on policy regimes can be fully consistent with rational and well-informed speculative behavior. Unfortunately, models driven by a conflict between exchange rate policy and other macroeconomic objectives do not seem consistent with important empirical regularities surrounding recent crises in emerging markets. This has generated considerable interest in models that associate crises with self-fulfilling shifts in private expectations." In this paper we develop a first generation model based on an alternative policy conflict. Credit constrained governments accumulate reserve assets in order to self-insure against shocks to national consumption. Governments also insure poorly regulated domestic financial markets. Given this policy regime, a variety of internal and external shocks generate capital inflows to emerging markets followed by successful and anticipated speculative attacks. We argue that a common external shock generated capital inflows to emerging markets in Asia and Latin America after 1989. Country specific factors determined the timing of speculative attacks. Lending policies of industrial country governments and international organizations account for contagion, that is, a bunching of attacks over time
Monetary policy in Japan, Germany and the United States : does one size fit all? by Menzie David Chinn( Book )
13 editions published in 1997 in English and held by 97 libraries worldwide
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences in both the policy procedures and objectives as compared to other industrial countries. In this paper we propose an out of sample' test of a set of restrictions on a vector autoregression employed by Clarida and Gertler (1997) in their analysis of the Bundesbank's behavior. Our interpretation of the evidence is that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan. Perhaps the most interesting finding is that the Bank of Japan appears to react to inflation over longer forecast horizons as compared to other central banks
Recent private capital inflows to developing countries : is the debt crisis history? by Michael P Dooley( Book )
9 editions published in 1994 in English and held by 84 libraries worldwide
This empirical study finds that while debt reduction and policy reforms in debtor countries have been important determinants of renewed access to international capital markets, changes in international interest rates have been the dominant factor. We calculate the effects of changes in international interest rates for a 'typical' debtor country. We conclude that increases in interest rates associated with business cycle upturn in industrial countries could depress the secondary market prices of existing debt to levels inconsistent with continued capital inflows
Exchange rates, country preferences, and gold by Michael P Dooley( Book )
9 editions published in 1992 in English and held by 82 libraries worldwide
This paper provides indirect tests of the hypothesis that exchange rate movements may be largely coterminus with changes in preferences for holding claims on different countries. It is argued that changes in country preferences will be reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should have explanatory power with respect to exchange rate movements over and above the effects of monetary shocks. The paper applies multivariate vector autoregression and cointegration modeling techniques to test for the short- and long-run influence of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the resulting error correction exchange rate equation to out-of-sample forecasting exercises
Capital flight, external debt and domestic policies by Michael P Dooley( Book )
8 editions published in 1994 in English and held by 82 libraries worldwide
It is now well documented that capital flight has been a dominant feature of capital movements between developing and industrial countries. Since 1988 reductions in the stock of flight capital more than account for private capital flows to emerging markets. This suggests that what appears to be a diversification of portfolios of residents of developed countries may be a restoration of 'home bias' in the portfolios of residents of developing countries. We show that changes in the stock of capital flight can increase or decrease welfare depending on the structure of distortionary taxes and subsidies on capital income and the effects of capital flight on the tax base
Latin America and East Asia in the context of an insurance model of currency crises by Menzie David Chinn( Book )
9 editions published in 1999 in English and held by 81 libraries worldwide
This paper focuses on the 1995 Latin American and 1997 East Asian crises using an insurance-based model of financial crises. First the model of Dooley (forthcoming) is described. Second, some empirical evidence for an insurance model is presented. The key variables in this approach include the ratio of foreign exchange reserves to bank loans (domestic credit) extended to the private sector, the ability of the private sector to appropriate government assets, and appropriation as measured by capital flight. We argue that the insurance model is consistent with the observed evolution of these variables in the recent crises in Latin America and Asia. Finally, we examine the statistical evidence in favor of the model using panel regressions. We find that the econometric results are consistent with the insurance model, and tend to support this approach over some competing explanations
A retrospective on the debt crisis by Michael P Dooley( Book )
8 editions published between 1994 and 1995 in English and held by 80 libraries worldwide
In this paper I argue that the international debt crisis of 1982 can best be understood as a prolonged negotiation between commercial banks and their own governments over who would bear the economic losses generated by loans made to developing countries. This interpretation of the debt crisis is contrasted with the more familiar approach that emphasizes conflict between debtor countries and their creditors. The main conclusion is that the failure of governments of industrial countries to resolve this conflict with their banks transformed an unremarkable financial crisis into a decade-long economic crisis for debtor countries. The analysis also suggests that recent capital inflows to developing countries are less likely to generate the same economic costs for debtor countries even if changes in the economic environment generate similar losses for investors
Private inflows when crises are anticipated : a case study of Korea by Michael P Dooley( Book )
10 editions published in 2000 in English and held by 79 libraries worldwide
Models of financial crises based on distortions in capital markets have strong implications for the behavior of investors leading up to crises. In this paper we evaluate the hypothesis that deregulation of financial markets in Korea provided the incentives and opportunities for a sequence of capital inflows and crisis. We show that deregulation was associated with a sharp declines in the franchise value of Korean banks. Banks responded by expanding their balance sheets and accumulating high risk, high return assets. The regulatory mechanism appears to have failed because of the failure to consolidate onshore and offshore activities of banks. Foreign banks that supplied deposits to Korean banks behaved as if they were insured in that they did not discriminate between weak and strong Korean banks. Finally, this expectation was validated at the time of crisis by government intervention that allowed foreign banks to liquidate their claims on Korean banks
Endogenous creditor seniority and external debt values by Michael P Dooley( Book )
9 editions published in 1992 in English and held by 78 libraries worldwide
A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of governments to internal and external capital flight that drained the domestic financial "tax base" subject to indirect taxation. Empirical analysis indicates that the profile of the sources of fiscal financing influenced external debt values. The econometric analysis also implies that previous studies have neglected an important reason for the decline in loan values from 1985 to 1989: the increase in international interest rates
The implications of the internationalization of banking for the definition and measurement of U.S. credit and monetary aggregates by Michael P Dooley( Book )
4 editions published in 1981 in English and held by 77 libraries worldwide
Rescue packages and output losses following crises by Michael P Dooley( Book )
9 editions published in 2001 in English and held by 76 libraries worldwide
This paper examines the role of the third party (the IMF) in resolving sovereign default on external debt. We first show that the effects of third party intervention in debt negotiations are quite sensitive to the assumed enforcement mechanism for sovereign debt. The model is then adapted to an insurance crisis. The main result is that the unanticipated component of third party intervention can either intensify or mitigate the dead weight loss following default
 
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Alternative Names
Dooley, M. 1944-
Dooley, M. P. 1944-
Dooley, Michael 1944-
Dooley, Michael Patrick.
Dooley, Michael Patrick 1944-
Languages
English (215)
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