LEADER 05056oam 22012854 450 001 9910788696103321 005 20230828230408.0 010 $a1-4623-3770-8 010 $a1-4527-0878-9 010 $a1-283-51818-X 010 $a1-4519-0869-5 010 $a9786613830630 035 $a(CKB)3360000000443987 035 $a(EBL)3014509 035 $a(SSID)ssj0000940052 035 $a(PQKBManifestationID)11518979 035 $a(PQKBTitleCode)TC0000940052 035 $a(PQKBWorkID)10946751 035 $a(PQKB)11219631 035 $a(OCoLC)694141199 035 $a(MiAaPQ)EBC3014509 035 $a(IMF)WPIEE2006073 035 $a(EXLCZ)993360000000443987 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAre Asset Price Guarantees Useful for Preventing Sudden Stops?A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff /$fEnrique Mendoza, Ceyhun Bora Durdu 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (42 p.) 225 1 $aIMF Working Papers 300 $a"March 2006." 311 $a1-4518-6333-0 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. INTRODUCTION""; ""II. A MODEL OF GLOBALIZATION HAZARD AND PRICE GUARANTEES""; ""III. CHARACTERIZING THE GLOBALIZATION HAZARD-MORAL HAZARD TRADEOFF""; ""IV. QUANTITATIVE ANALYSIS""; ""V. NORMATIVE IMPLICATIONS AND SENSITIVITY ANALYSIS""; ""VI. CONCLUSIONS""; ""REFERENCES"" 330 3 $aAn implication of the "globalization hazard" hypothesis is that sudden stops could be prevented by offering foreign investors price guarantees on emerging markets assets. These guarantees create a tradeoff, however, because they weaken globalization hazard by creating international moral hazard. We study this tradeoff using an equilibrium asset-pricing model. Without guarantees, margin calls and trading costs cause Sudden Stops driven by Fisher's debt-deflation process. Price guarantees prevent this deflation by propping up foreign asset demand, but their effectiveness and welfare implications depend critically on the price elasticity of foreign demand and on making the guarantees contingent on debt levels. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/073 606 $aEconomic policy 606 $aGlobalization 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aInvestments: Stocks$2imf 606 $aMacroeconomics$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aInternational economics$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aSudden stops$2imf 606 $aStocks$2imf 606 $aAsset prices$2imf 606 $aConsumption$2imf 606 $aMoral hazard$2imf 606 $aCapital movements$2imf 606 $aPrices$2imf 606 $aEconomics$2imf 606 $aFinancial risk management$2imf 607 $aMexico$2imf 615 0$aEconomic policy. 615 0$aGlobalization. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aInvestments: Stocks 615 7$aMacroeconomics 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aInternational economics 615 7$aInvestment & securities 615 7$aFinance 615 7$aSudden stops 615 7$aStocks 615 7$aAsset prices 615 7$aConsumption 615 7$aMoral hazard 615 7$aCapital movements 615 7$aPrices 615 7$aEconomics 615 7$aFinancial risk management 700 $aMendoza$b Enrique$0119545 701 $aDurdu$b Ceyhun Bora$01169974 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788696103321 996 $aAre Asset Price Guarantees Useful for Preventing Sudden Stops?A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff$93823289 997 $aUNINA