Sudden financial arrest

IMF Economic Review

Volumn 58, Issue 1, 2010, Pages 6-36

  Caballero, Ricardo J ^a  

^a MASSACHUSETTS INSTITUTE OF TECHNOLOGY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79960281902     PISSN: 20414161     EISSN: None     Source Type: Journal    
DOI: 10.1057/imfer.2010.1     Document Type: Article

References (52)

1. Abreu, Dilip, and Markus K. Brunnermeier, 2003, "Bubbles and Crashes," Econometrica, Vol. 71, No. 1, pp. 173-204.
2. Acharya, Viral, Lasse Pedersen, Thomas Philippon, and Matthew Richardson, 2009a, "Regulating Systemic Risk," in Restoring Financial Stability: How to Repair a Failed System, ed. by Viral Acharya and Matthew Richardson (New York, John Wiley and Sons).
3. Acharya, Viral, Lasse Pedersen, Thomas Philippon, and Matthew Richardson, 2009b, "Regulating Systemic Risk," (unpublished; New York, New York University, August).
4. Adrian, Tobias, and Hyun Song Shin, 2009, "Money, Liquidity, and Monetary Policy," American Economic Review, Vol. 99, No. 2, pp. 600-5.
5. Adrian, Tobias, and Hyun Song Shin and Markus K. Brunnermeier, 2009, CoVaR, Federal Reserve Bank of New York Staff Report 348 (August 27).
6. Baker, Dean, and Travis McArthur, 2009, "The Value of the Too Big to Fail Big Bank Subsidy," Center for Economic Policy and Research Issue Brief (September).
7. Bank for International Settlements (BIS), 2009, "Comprehensive Response to the Global Banking Crisis," BIS press release (September 7). Available via the Internet: www.bis.org/press/p090907.htm.
8. Bernanke, Ben, and Mark Gertler, 1989, "Agency Costs, Net Worth and Business Fluctuations," American Economic Review, Vol. 79, No. 1, pp. 14-31.
9. Bernanke, Ben, Mark Gertler and Simon Gilchrist, 1999, "The Financial Accelerator in a Quantitative Business Cycle Framework," in Handbook of Macroeconomics, ed. by John Taylor and Michael Woodford (Amsterdam, North Holland).
10. Borio, Claudio, and Mathias Drehmann, 2009, "Assessing the Risk of Banking Crises-Revisited," BIS Quarterly Review, (March), pp. 29-46. Available Via the Internet: www.bis.org/publ/qtrpdf/r-qt0903.pdf/noframes=1.
11. Broner, Fernando, Guido Lorenzoni, and Sergio Schmukler, 2008, "Why Do Emerging Economies Borrow Short Term?," (unpublished; Cambridge, Massachusetts Institute of Technology, October).
12. Brunnermeier, Markus K., and Lasse Heje Pedersen, 2009a, "Market Liquidity and Funding Liquidity," Review of Financial Studies, Vol. 22, No. 6, pp. 2201-38.
13. Brunnermeier, Markus K., and Lasse Heje Pedersen, 2009b, "Deciphering the Liquidity and Credit Crunch 2007-08," Journal of Economic Perspectives, Vol. 23, No. 1, pp. 77-100.
14. Caballero, Ricardo J., 2003, "The Future of the IMF," American Economic Review, Vol. 93, No. 2, pp. 31-8.
15. Caballero, Ricardo J., 2009a, "Dow Boost and a (Nearly) Private Sector Solution to the Crisis," VOX, February 22. Available via the Internet: www.voxeu.com/index.php?q=node/3112.
16. Caballero, Ricardo J., 2009b, "A Global Perspective on the Great Financial Insurance Run: Causes, Consequences, and Solutions," (unpublished; Cambridge, Massachusetts Institute of Technology, January 20).
17. Caballero, Ricardo J., 2009c, "A Deal Mentality is Bad Economics," VOX, March 5. Available via the Internet: www.voxeu.org/index. php?q=node/3196January.
18. Caballero, Ricardo J., and Alp Simsek, 2009a, "Complexity and Financial Panics," (unpublished; Cambridge, Massachusetts Institute of Technology, June 17).
19. Caballero, Ricardo J., 2009b, "Fire Sales in a Model of Complexity," (unpublished; Cambridge, Massachusetts Institute of Technology, October 28).
20. Caballero, Ricardo J., and Arvind Krishnamurthy, 2001, "International Domestic Collateral Constraints in a Model of Emerging Market Crises," Journal of Monetary Economics, Vol. 48, No. 3, pp. 513-48. (Pubitemid 33619236)
21. Caballero, Ricardo J., 2006, "Bubbles and Capital Flow Volatility: Causes and Risk Management," Journal Monetary of Economics, Vol. 53, No. 1, pp. 35-53.
22. Caballero, Ricardo J., 2008a, "Collective Risk Management in a Flight to Quality Episode," Journal of Finance, Vol. 63, No. 5, pp. 2195-230.
23. Caballero, Ricardo J., 2008b, "Knightian Uncertainty and its Implications for the TARP," Financial Times Economists Forum, November 24. Available via the Internet: www.blogs.ft.com/economistsforum/2008/11/knightian- uncertainty-and-its-implications-for-the-tarp/.
24. Caballero, Ricardo J., and Pablo Kurlat, 2009a, "The Surprising Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal," paper prepared for the Jackson Hole Symposium on Financial Stability and Macroeconomic Policy, August.
25. Caballero, Ricardo J., and Pablo Kurlat, 2009b, "Public-Private Partnerships for Liquidity Provision," (unpublished; Cambridge, Massachusetts Institute of Technology, March 4).
26. Caballero, Ricardo J., Pablo Kurlat and Stavros Panageas, 2007, "A Global Equilibrium Model of Sudden Stops and External Liquidity Management," (unpublished; Cambridge, Massachusetts Institute of Technology, September 7).
27. Caballero, Ricardo J., Pablo Kurlat and Stavros Panageas, 2008, "Hedging Sudden Stops and Precautionary Contractions," Journal of Development Economics, Vol. 85, pp. 28-57. (Pubitemid 350048617)
28. Caplin, Andrew, and John Leahy, 1994, "Business as Usual, Market Crashes and Wisdom after the Fact," American Economic Review, Vol. 84, No. 3, pp. 548-65.
29. Caruana, Jaime, 2009, "Deposit Insurance Core Principles," keynote address at the conference on "Core Principles for Effective Deposit Insurance Systems," Bank for International Settlements, Basel, September 23-24.
30. Coval, Joshua, and Erik Stafford, 2007, "Asset Fire Sales (and Purchases) in Equity Markets," Journal of Financial Economics, Vol. 86, No. 2, pp. 479-512.
31. Flannery, Mark, 2005, "No Pain, No Gain? Effecting Market Discipline via Reverse Convertible Debentures," in Capital Adequacy beyond Basel: Banking, Securities, and Insurance, ed. by Hal S. Scott (Oxford, UK, Oxford University Press).
32. Geanakoplos, John, 2003, "Liquidity, Default, and Crashes: Endogenous Contracts in General Equilibrium," in Advances in Economics and Econometrics: Theory and Applications, Eighth World Conference, Econometric Society Monographs, Vol. 2, ed. by Dewatripont, Mathias, Lars, Peter Hausen, and Stephen J. Tuenolsky (Cambridge University Press).
33. Geanakoplos, John, 2009, "The Leverage Cycle," Cowles Foundation Discussion Paper 1715R (New Haven, Connecticut, Yale University).
34. Geanakoplos, John, and Ana Fostel, 2008, "Leverage Cycles and the Anxious Economy," American Economic Review, Vol. 98, No. 4, pp. 1211-44.
35. Gorton, Gary B., and Metrick Andrew, 2009a, "Haircuts," NBER Working Paper 15273.
36. Gorton, Gary B., and Metrick Andrew, 2009b, "Securtized Banking and the Run on Repo," Working Paper, Yale School of Management.
37. Haldane, Andrew G., 2009, "Rethinking the Financial Network," speech to the Financial Student Association, Amsterdam, April.
38. Hart, Oliver, and Luigi Zingales, 2009, "A New Capital Regulation for Large Financial Institutions," CEPR Discussion Paper 7298 (London, Centre for Economic Policy Research).
39. Holmström, Bengt, and Jean Tirole, 1998, "Private and Public Supply of Liquidity," Journal of Political Economy, Vol. 6, No. 1, pp. 1-40. (Pubitemid 128665911)
40. International Monetary Fund (IMF), 2009, Global Financial Stability Report, World Economic and Financial Surveys (Washington, October).
41. Kashyap, Anil K., Raghuram G. Rajan, and Jeremy C. Stein, 2008, "Rethinking Capital Regulation," in Maintaining Stability in a Changing Financial System, Paper prepared for Federal Revenue Bank of Kansas City Symposium, Jackson Hole, Wyoming, 21-23 August.
42. Kiyotaki, Nobuhiro, and John Moore, 1997, "Credit Cycles," Journal of Political Economy, Vol. 105, No. 2, pp. 211-48.
43. Mehrling, Perry, and Alistair Milne, 2008, "Governments Role as Credit Insurer of Last Resort and How It Can be Fulfilled," (unpublished, October 9). Barnard College and Cass Business School.
44. Milne, Alistair, 2009, The Fall of the House of Credit (Cambridge, UK, and New York, Cambridge University Press).
45. Mitchell, Mark, Lasse Heje Pedersen, and Todd Pulvino, 2007, "Slow Moving Capital," American Economic Review, Vol. 97, No. 2, pp. 215-20.
46. Pulvino, Todd C., 1998, "Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions," Journal of Finance, Vol. 53, No. 3, pp. 939-78.
47. Reinhart, Carmen, and Vincent Reinhart, 2008, "Capital Flow Bonanzas: An Encompassing View of the Past and Present," NBER Working Paper 14321 (Cambridge, Massachusetts, National Bureau of Economic Research).
48. Segoviano, Miguel, and Charles Goodhart, 2009, "Banking Stability Measures," IMF Working Paper 09/4 (Washington, International Monetary Fund).
49. Squam Lake Working Group on Financial Regulation, 2009, "An Expedited Resolution Mechanism for Distressed Financial Firms: Regulatory Hybrid Securities," Council on Foreign Relations Center for Geoeconomic Studies Working Paper, April (NewYork, Council on Foreign Relations). Available via the Internet: www.cfr.org/publication/19002/expedited-resolution-mechanism-for- distressed-financial-firms.html.
50. Swagel, Phillip, 2009, "The Financial Crisis: An Inside View," Brookings Papers on Economic Activity, Spring (Washington, The Brookings Institution).
51. U.S. Treasury, 2009, "Financial Regulatory Reform: A New Foundation," U.S. Department of the Treasury White Paper. Available via the Internet: www.treasury.gov/initiatives/regulatoryreform/.
52. Wessel, David, 2009, In Fed We Trust (New York, Crown Publishing Group)