Globalization hazard and delayed reform in emerging markets

Autores
Calvo, Guillermo A.
Año de publicación
2002
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
This paper focuses on capital flow volatility in Emerging Market Economies, EMs. Capital inflows rose to unprecedented heights in the first part of the 1990s, and collapsed very rapidly in the second. Volatility could partly be explained by financial vulnerability in the EMs themselves, but the global nature of the phenomenon raises the suspicion that there are systemic problems largely independent of each individual country. The paper puts forward the conjecture that phenomena like contagion could stem from the way the capital market operates (e.g., crises generated by “margin calls”). These systemic phenomena require systemic instruments. Unfortunately, few are available. The IMF is more a Fire Department than a Central Bank. Liquidity is sprayed where fire is found, not on the whole system like a Central Bank does when there is a liquidity crisis.
Departamento de Economía
Materia
Ciencias Económicas
globalización
mercado internacional
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by/3.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/3782
Acceder
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oai_identifier_str oai:sedici.unlp.edu.ar:10915/3782
network_acronym_str SEDICI
repository_id_str 1329
network_name_str SEDICI (UNLP)
spelling Globalization hazard and delayed reform in emerging marketsCalvo, Guillermo A.Ciencias Económicasglobalizaciónmercado internacionalThis paper focuses on capital flow volatility in Emerging Market Economies, EMs. Capital inflows rose to unprecedented heights in the first part of the 1990s, and collapsed very rapidly in the second. Volatility could partly be explained by financial vulnerability in the EMs themselves, but the global nature of the phenomenon raises the suspicion that there are systemic problems largely independent of each individual country. The paper puts forward the conjecture that phenomena like contagion could stem from the way the capital market operates (e.g., crises generated by “margin calls”). These systemic phenomena require systemic instruments. Unfortunately, few are available. The IMF is more a Fire Department than a Central Bank. Liquidity is sprayed where fire is found, not on the whole system like a Central Bank does when there is a liquidity crisis.Departamento de Economía2002-05info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/3782enginfo:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/jemi/2002/trabajo2.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/3.0/Creative Commons Attribution 3.0 Unported (CC BY 3.0)reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLP2025-09-03T10:22:11Zoai:sedici.unlp.edu.ar:10915/3782Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-03 10:22:11.906SEDICI (UNLP) - Universidad Nacional de La Platafalse
dc.title.none.fl_str_mv Globalization hazard and delayed reform in emerging markets
title Globalization hazard and delayed reform in emerging markets
spellingShingle Globalization hazard and delayed reform in emerging markets
Calvo, Guillermo A.
Ciencias Económicas
globalización
mercado internacional
title_short Globalization hazard and delayed reform in emerging markets
title_full Globalization hazard and delayed reform in emerging markets
title_fullStr Globalization hazard and delayed reform in emerging markets
title_full_unstemmed Globalization hazard and delayed reform in emerging markets
title_sort Globalization hazard and delayed reform in emerging markets
dc.creator.none.fl_str_mv Calvo, Guillermo A.
author Calvo, Guillermo A.
author_facet Calvo, Guillermo A.
author_role author
dc.subject.none.fl_str_mv Ciencias Económicas
globalización
mercado internacional
topic Ciencias Económicas
globalización
mercado internacional
dc.description.none.fl_txt_mv This paper focuses on capital flow volatility in Emerging Market Economies, EMs. Capital inflows rose to unprecedented heights in the first part of the 1990s, and collapsed very rapidly in the second. Volatility could partly be explained by financial vulnerability in the EMs themselves, but the global nature of the phenomenon raises the suspicion that there are systemic problems largely independent of each individual country. The paper puts forward the conjecture that phenomena like contagion could stem from the way the capital market operates (e.g., crises generated by “margin calls”). These systemic phenomena require systemic instruments. Unfortunately, few are available. The IMF is more a Fire Department than a Central Bank. Liquidity is sprayed where fire is found, not on the whole system like a Central Bank does when there is a liquidity crisis.
Departamento de Economía
description This paper focuses on capital flow volatility in Emerging Market Economies, EMs. Capital inflows rose to unprecedented heights in the first part of the 1990s, and collapsed very rapidly in the second. Volatility could partly be explained by financial vulnerability in the EMs themselves, but the global nature of the phenomenon raises the suspicion that there are systemic problems largely independent of each individual country. The paper puts forward the conjecture that phenomena like contagion could stem from the way the capital market operates (e.g., crises generated by “margin calls”). These systemic phenomena require systemic instruments. Unfortunately, few are available. The IMF is more a Fire Department than a Central Bank. Liquidity is sprayed where fire is found, not on the whole system like a Central Bank does when there is a liquidity crisis.
publishDate 2002
dc.date.none.fl_str_mv 2002-05
dc.type.none.fl_str_mv info:eu-repo/semantics/conferenceObject
info:eu-repo/semantics/publishedVersion
Objeto de conferencia
http://purl.org/coar/resource_type/c_5794
info:ar-repo/semantics/documentoDeConferencia
format conferenceObject
status_str publishedVersion
dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/3782
url http://sedici.unlp.edu.ar/handle/10915/3782
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.depeco.econo.unlp.edu.ar/jemi/2002/trabajo2.pdf
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by/3.0/
Creative Commons Attribution 3.0 Unported (CC BY 3.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/3.0/
Creative Commons Attribution 3.0 Unported (CC BY 3.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:SEDICI (UNLP)
instname:Universidad Nacional de La Plata
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reponame_str SEDICI (UNLP)
collection SEDICI (UNLP)
instname_str Universidad Nacional de La Plata
instacron_str UNLP
institution UNLP
repository.name.fl_str_mv SEDICI (UNLP) - Universidad Nacional de La Plata
repository.mail.fl_str_mv alira@sedici.unlp.edu.ar
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