|Asian Financial Integration: Trends and Interruptions|
Author/Editor: Prakash Loungani, Eduardo Borensztein.
Release Date:January, 2011
The paper compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest more...
|Macro-Hedging for Commodity Exporters|
Author/Editor: Damiano Sandri, Eduardo Borensztein, Olivier Jeanne.
Release Date:October, 2009
This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. The introduction of hedging instruments such as more...
|The Costs of Sovereign Default|
Author/Editor: Ugo Panizza, Eduardo Borensztein.
Release Date:October, 2008
This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy more...
|Debt Sustainability under Catastrophic Risk: The Case for Government Budget Insurance|
Author/Editor: Eduardo A. Cavallo, Patricio Valenzuela, Eduardo Borensztein.
Release Date:February, 2008
Natural disasters are an important source of vulnerability in the Caribbean region. Despite being one of the more disaster-prone areas of the world, it has one of the lowest levels of insurance more...
|Sovereign Ceilings "Lite"? the Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies|
Author/Editor: Kevin Cowan, Patricio Valenzuela, Eduardo Borensztein.
Release Date:April, 2007
Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the sovereign ceiling) it appears that sovereign ratings remain a more...
|Sovereign Debt Structure for Crisis Prevention|
Author/Editor: Eduardo Borensztein, Marcos Chamon, Olivier Jeanne, Paolo Mauro, Jeromin Zettelmeyer.
Release Date:January, 2005
The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution. This paper seeks to broaden this debate. It more...
|Assessing Early Warning Systems: How Have They Worked in Practice?|
Author/Editor: Eduardo Borensztein, Catherine A. Pattillo, Andrew Berg.
Release Date:March, 2004
Since 1999, the IMF's staff has been tracking several early-warning-system (EWS) models of currency crisis. The results have been mixed. One of the long-horizon models has performed well relative to more...
|An Evaluation of Monetary Regime Options for Latin America (PDF Download)|
Author/Editor: Eduardo Borensztein, Paolo Mauro, Andrew Berg.
Release Date:December, 2002
We assess monetary regime options for Latin American countries. The costs of a common currency are likely to outweigh its benefits, as those countries face diverse economic shocks, do not trade much more...
|Full Dollarization: The Pros and Cons (PDF Download)|
Author/Editor: Eduardo Borensztein, Andrew Berg.
Release Date:October, 2001
Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country’s currency. Potential advantages include lower borrowing costs and deeper integration more...
|Monetary Independence in Emerging Markets: Does the Exchange Rate Regime Make a Difference? (PDF Download)|
Author/Editor: Thomas Philippon, Eduardo Borensztein, Jeromin Zettelmeyer.
Release Date:January, 2001
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different more...