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Essays on financial crises and IMF i...

Noy, Ilan.

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Essays on financial crises and IMF interventions.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on financial crises and IMF interventions./
Author:	Noy, Ilan.
Description:	161 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4136.
Contained By:	Dissertation Abstracts International64-11A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3113460
ISBN:	049660953X

Essays on financial crises and IMF interventions.
Noy, Ilan.

Essays on financial crises and IMF interventions. - 161 p.

Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4136.

Thesis (Ph.D.)--University of California, Santa Cruz, 2003.

In this dissertation we examine the determinants and consequences of financial crises. In part 1 we ask: what causes some financial crises to produce a sudden collapse in economic activity, how common are such collapses, and what are the mechanisms that lead to their occurrence? Concentrating on Calvo's 'sudden-stop' syndrome---i.e. the reversal of capital flows that accompanies some crises, we show that sudden stop crises lead to dramatic contractions of the economy. Output developments in countries experiencing a currency crisis without a capital flow reversal are shown to be radically different from those of sudden-stops. Evidence is presented on the magnitude of output loss, the duration of recessions and on investment-credit channels that lead to such dynamics.

ISBN: 049660953XSubjects--Topical Terms:

1017424
Economics, General.

Essays on financial crises and IMF interventions.
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245 1 0 $a Essays on financial crises and IMF interventions.
300 $a 161 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4136.
500 $a Chair: Michael M. Hutchinson.
502 $a Thesis (Ph.D.)--University of California, Santa Cruz, 2003.
520 $a In this dissertation we examine the determinants and consequences of financial crises. In part 1 we ask: what causes some financial crises to produce a sudden collapse in economic activity, how common are such collapses, and what are the mechanisms that lead to their occurrence? Concentrating on Calvo's 'sudden-stop' syndrome---i.e. the reversal of capital flows that accompanies some crises, we show that sudden stop crises lead to dramatic contractions of the economy. Output developments in countries experiencing a currency crisis without a capital flow reversal are shown to be radically different from those of sudden-stops. Evidence is presented on the magnitude of output loss, the duration of recessions and on investment-credit channels that lead to such dynamics.
520 $a Part 2 looks into the behavior of the IMF. The focus is on "moral hazard," created when the IMF provides bailouts to countries that face a BOP crisis. Two central questions are posed: is moral hazard observable in the data; and, if it is, what is its magnitude? We search for evidence that the unprecedented bailouts of the last decade have changed the investing environment in such a way that international investors started believing that their investments were insured. Our events-study is based on IMF-led events identified as both important and unexpected, such as the bailout loan for Mexico in 1995 and the absence of one for Russia in 1998. Our conclusion is negative: no such change in the moral hazard effect was observed. We demonstrate that events surrounding the out-of-sample Argentinean default (Dec. 2001) support our finding.
520 $a Part 3 examines what is perceived as one of the main culprits in the occurrence of banking crises: financial liberalization. If liberalization is accompanied by insufficient prudential supervision of the banking sector, it will result in excessive risk taking by financial intermediaries and a subsequent crisis. Having evaluated the empirical validity of this hypothesis, we conclude that such a development is, at worse, only a medium run threat to the health of the banking sector. We find that a more immediate danger is the loss of monopoly power that liberalization typically entails.
590 $a School code: 0036.
650 4 $a Economics, General. $3 1017424
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790 1 0 $a Hutchinson, Michael M., $e advisor
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791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3113460