|
|
|
|
LEADER |
02508nmm a2200541 u 4500 |
001 |
EB000929383 |
003 |
EBX01000000000000000722979 |
005 |
00000000000000.0 |
007 |
cr||||||||||||||||||||| |
008 |
150128 ||| eng |
020 |
|
|
|a 9781451860634
|
100 |
1 |
|
|a Justiniano Espigares, Alejandro
|
245 |
0 |
0 |
|a An Estimated Small Open Economy Model of the Financial Accelerator
|c Alejandro Justiniano Espigares, Selim Elekdag, Ivan Tchakarov
|
260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 2005
|
300 |
|
|
|a 27 pages
|
651 |
|
4 |
|a Korea, Republic of
|
653 |
|
|
|a Public Administration
|
653 |
|
|
|a Exchange rate arrangements
|
653 |
|
|
|a Investment
|
653 |
|
|
|a Labour; income economics
|
653 |
|
|
|a Return on investment
|
653 |
|
|
|a Financial statements
|
653 |
|
|
|a Currency; Foreign exchange
|
653 |
|
|
|a Intangible Capital
|
653 |
|
|
|a Labor
|
653 |
|
|
|a Foreign Exchange
|
653 |
|
|
|a Saving and investment
|
653 |
|
|
|a Accounting
|
653 |
|
|
|a Labor Economics: General
|
653 |
|
|
|a Finance, Public; Accounting
|
653 |
|
|
|a Public Sector Accounting and Audits
|
653 |
|
|
|a Investments: General
|
653 |
|
|
|a Macroeconomics
|
653 |
|
|
|a Financial reporting, financial statements
|
653 |
|
|
|a Capacity
|
653 |
|
|
|a Exchange rates
|
653 |
|
|
|a Capital
|
653 |
|
|
|a Foreign exchange
|
653 |
|
|
|a Labor economics
|
700 |
1 |
|
|a Elekdag, Selim
|
700 |
1 |
|
|a Tchakarov, Ivan
|
041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
989 |
|
|
|b IMF
|a International Monetary Fund
|
490 |
0 |
|
|a IMF Working Papers
|
028 |
5 |
0 |
|a 10.5089/9781451860634.001
|
856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2005/044/001.2005.issue-044-en.xml?cid=17996-com-dsp-marc
|x Verlag
|3 Volltext
|
082 |
0 |
|
|a 330
|
520 |
|
|
|a This paper develops a small open economy model where entrepreneurs partially finance investment using foreign currency denominated debt subject to a risk premium above and beyond international interest rates. We use Bayesian estimation techniques to evaluate the importance of balance sheet vulnerabilities combined with the presence of the financial accelerator for emerging market countries. Using Korean data, we obtain an estimate for the external risk premium, indicating the importance of the financial accelerator and potential balance sheet vulnerabilities for macroeconomic fluctuations. Furthermore, our estimates of the Taylor rule imply a strong preference to smooth both exchange rate and interest rate fluctuations
|