 | International Reserves and Rollover Risk Author/Editor: Javier Bianchi, Juan Carlos Hatchondo, Leonardo Martinez. Release Date:January, 2013 Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than more...
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| Macro-prudential Policy in a Fisherian Model of Financial Innovation Author/Editor: Javier Bianchi, Emine Boz, Enrique G. Mendoza. Release Date:July, 2012 The interaction between credit frictions, financial innovation, and a switch from optimistic to
pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a
more...
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 | Overborrowing, Financial Crises and ‘Macro-Prudential' Policy? Author/Editor: Enrique G. Mendoza, Javier Bianchi. Release Date:February, 2011 This paper studies overborrowing, financial crises and macro-prudential policy in an equilibrium model of business cycles and asset prices with collateral constraints. Agents in a decentralized more...
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