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Research Topics

Finance


Building Stability in Latin American Financial Markets
Rojas-Suárez, Liliana; Weisbrod, Steven R.
Working Papers - English - Feb, 1996

This paper argues that the investor reluctance to make long-term commitments to Latin American financial markets results from experience. In the 1980s, while ex ante real interest rates on Latin American financial assets were usually high, ex-post real interest rates were often highly negative. In the 1990s, policymakers instituted stabilization programs and structural reforms that have improved the environment in which financial markets operate. Based on a review of experiences in the region, this paper shows that, when these opportunities are taken, investor confidence in long-term markets is strengthened.


Managing Banking Crises in Latin America: The Do's and Don'ts of Successful Bank Restructuring Programs
Rojas-Suárez, Liliana; Weisbrod, Steven R.
Working Papers - English - Feb, 1996

This paper focuses on the design of successful bank restructuring programs in Latin America, a region where banking crises have been frequent in the past two decades. In each episode, Latin American policymakers have had to act under the severe constraints imposed on developing countries, which become particularly binding during periods of financial problems. Nevertheless, a review of these experiences demonstrates that a well-conceived bank restructuring program can succeed under even the most adverse conditions.


The Roots of Banking Crises: The Macroeconomic Context
Gavin, Michael; Hausmann, Ricardo
Working Papers - English - Jan, 1996

This paper discusses the ways in which macroeconomic developments can put stress on banks, and in extreme cases lead to banking crises. These macroeconomic causes of bank vulnerability and crisis have important implications for regulatory regimes, and for macroeconomic policy itself. Much of the discussion emphasizes the need for monetary policy to be set with an eye on the state of the domestic banking system as an occasionally important consideration. One purpose of this paper is to promote a discussion of how to do a better job of incorporating weak banking systems into macroeconomic policy management.


Varieties of Capital-Market Crises
Calvo, Guillermo A.
Working Papers - English - Aug, 1995

In this post-modern world of high capital mobility, countries are being disciplined by the anonymous capital market. One view of the situation -perhaps the prevalent view among economists- is that Wall Street gets into your hair because you are running an unsustainable economic program and crises are bound to happen. A polar view is that countries are at the mercy of the capital market. This paper attempts to bring these views under one roof, putting special emphasis on balance-of-payment crises.


Achieving Stability in Latin American Financial Markets in the Presence of Volatile Capital Flows
Rojas-Suárez, Liliana; Weisbrod, Steven R.
Working Papers - English - Apr, 1995

This paper considers whether reserve requirements have been effective in controlling excessive liquidity growth. It also discusses the adequacy of bank supervisory standards, such as capital to risk-weighted asset standards, in controlling expansion of risky bank credit that often accompanies excessive liquidity expansion.


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