 | International Financial Integration, Sovereignty, and Constraints on Macroeconomic Policies Author/Editor: Kenneth Kletzer. Release Date:March, 2006 This paper considers the consequences of international financial market integration for national fiscal and monetary policies that derive from the absence of an international sovereign authority to more...
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| Deposit Insurance Regulatory forbearance and Economic Growth : Implications for the Japanese Banking Crisis Author/Editor: Kenneth Kletzer, Robert Dekle. Release Date:August, 2005 An endogenous growth model with financial intermediation demonstrates how deposit insurance and prudential regulatory forbearance lead to banking crises and growth declines. The model assumptions are more...
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| The IMF in a World of Private Capital Markets Author/Editor: Ashoka Mody, Barry J Eichengreen, Kenneth Kletzer. Release Date:April, 2005 The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and more...
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| Crisis Resolution : Next Steps Author/Editor: Kenneth Kletzer, Barry J Eichengreen, Ashoka Mody. Release Date:October, 2003 At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring more...
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| Sovereign Bond Restructuring : Collective Action Clauses and official Crisis Intervention Author/Editor: Kenneth Kletzer. Release Date:June, 2003 This paper compares the restructuring of sovereign bonds with and without collective action clauses. One conclusion is that collective action clauses can allow efficient debt renegotiation in a more...
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| Financial Repression and Exchange Rate Management in Developing Countries : Theory and Empirical Evidence for India Author/Editor: Renu Kohli, Kenneth Kletzer. Release Date:August, 2001 Most developing countries have imposed restrictions on domestic and international financial transactions at one time or another. Such restrictions have allowed governments to generate significant more...
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| Domestic Bank Regulation and Financial Crises : Theory and Empirical Evidence From East Asia Author/Editor: Kenneth Kletzer, Robert Dekle. Release Date:May, 2001 A model of the domestic financial intermediation of foreign capital inflows based on agency costs is developed for studying financial crises in emerging markets. In equilibrium, the banking system more...
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| The Role of Credit Markets in a Transition Economy with Incomplete Public Information Author/Editor: Jorge Roldos, Kenneth Kletzer. Release Date:February, 1996 In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high more...
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| On Noncooperative Capital Income Taxation in Open Economies Author/Editor: Kenneth Kletzer. Release Date:August, 1990 This paper discusses the strategic use of capital income taxation and lump-sum fiscal policies for gaining national advantage in an integrated world capital market. Each fiscal authority seeks to more...
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