Policy Notes
The Case for Hard Pegs, June 21, 2000
Testimony On Dollarization, June 22, 2000
Public Debt And The Macroeconomy, May 25, 1999
Abstract: The paper examines the case in which the capital market is populated by informed and uninformed investors. The uninformed try to extract information from informed investors’ trades. This opens up the possibility that if informed investors are forced to sell emerging market securities to meet margin calls, for example, this action may be misread by the uninformed investors as signaling low returns in emerging markets. The paper presents a simple model in which this type of Wall Street confusion may result in a collapse in emerging markets’ output.
Testimony On Full Dollarization, April 22, 1999
On Dollarization, April 20, 1999
Argentina's Dollarization Project: A Primer, February 18, 1999
Understanding The Russian Virus (with special reference to Latin America), October 13, 1998
Capital Flows: Emerging Issues, October 1997