Titlebook: International Finance and Financial Crises; Essays in Honor of R Peter Isard,Assaf Razin,Andrew K. Rose Book 1999 Springer Science+Business

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Role of the Minimal State Variable Criterion in Rational Expectations Models,lution that is free of bubble components. In the process of demonstrating uniqueness for a broad class of linear models, the paper exposits a convenient computational procedure. Applications to current issues are outlined.

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Simple Monetary Policy Rules Under Model Uncertainty,rs tend to make serially-correlated errors in estimating the NAIRU. This challenges the practice of evaluating policy rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.

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Book 1999torswere invited to address any of the topics or others of their choosing.The results include five papers on topics in international finance;two of these papers, as well as the panel discussion, focus onspeculative attacks and financial crises. The other three take newdirections in exploring topics in which existing models leave much tobe desired.

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Some Parallels Between Currency and Banking Crises,urprisingly, these two literatures rarely overlap, even though both types of crises involve attacks on asset price-fixing schemes. This paper draws a number of parallels between the work on currency crises and the work on banking crises and examines some of the new insights that are coming out of a

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Balance Sheets, the Transfer Problem, and Financial Crises,econd-generation” models of speculative attacks both have considerable relevance to particular financial crises of the 1990s, a “third-generation” model is needed to make sense of the number and nature of the emerging market crises of 1997–98. Most of the recent attempts to produce such a model have

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Financial Crises: What Have We Learned From Theory and Experience?, for Monday August 19, 1969. The topic was devaluation, and as events would have it, President Pompidou devalued the French franc the preceding Sunday. The Brazilian authorities, by floating the real on January 15, the day before the present panel discussion, had provided similar background for this

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An Information-Based Model of Foreign Direct Investment: The Gains from Trade Revisited,s re-examined in this case of informational-asymmetry-driven FDI. FDI is observed to be a predominant form of capital flows to . economies, especially when they are liquidity-constrained internationally during a global financial crisis. We analyze the problem of channeling domestic savings into prod