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Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of ...
The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution...
The Role of the Balance Sheet of an Independent Central Bank
An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange rate...
Some Lessons from Canada
The Canadian experience with a floating exchange rate regime can shed some light on the question of whether A question of current interest in many par...
The Role of a Bankruptcy Regime
In an environment characterized by weak contractual enforcement, sovereign lenders can enhance the likelihood of repayment by making their claims more...
This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. ...