4,640 research outputs found
Apertura financiera y retos de polĆticas
(Disponible en idioma inglĆ©s Ćŗnicamente) Hay un descontento creciente con las nociones convencionales sobre la polĆtica econĆ³mica. El lamentable hecho parece ser que un entorno macroeconĆ³mico estable puede ser necesario mas no suficiente para obtener los resultados deseados de los sistemas financieros liberalizados. En este trabajo se analizan varias extensiones promisorias del modelo convencional y se tratan sus implicaciones para las polĆticas.
Rescue Packages and Output Losses Following Crises
This paper examines the role of the third party (the IMF) in resolving sovereign default on external debt. We first show that the effects of third party intervention in debt negotiations are quite sensitive to the assumed enforcement mechanism for sovereign debt. The model is then adapted to an insurance crisis. The main result is that the unanticipated component of third party intervention can either intensify or mitigate the dead weight loss following default.
Optimization of satellite altimeter and wave height measurements
Two techniques for simultaneously estimating altitude, ocean wave height, and signal-to-noise ratio from the GEOS-C satellite altimeter data are described. One technique was based on maximum likelihood estimation, MLE, and the other on minimum mean square error estimation, MMSE. Performance was determined by comparing the variance and bias of each technique with the variance and bias of the smoothed output from the Geos altimeter tracker. Ocean wave height tracking performance for the MLE and MMSE algorithms was measured by comparing the variance and bias of the wave height estimates with that of the expression for the return waveform obtained by a fit to the average output of the 16 waveform sampling gates
Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration
Required reserves on banks' deposit liabilities have been utilized by both industrial and developing countries to discourage and sterilize international capital flows. In this paper, we utilize an open economy macro model incorporating bank credit to evaluate this policy. The model suggests that high levels of reserve requirements are a perverse policy tool in that they amplify the effects of foreign monetary shocks, but changes in reserve requirements can insulate a repressed financial market from international financial shocks. The model also suggests that traditional measures of capital mobility such as interest parity conditions or the scale of gross private capital flows are of no value in assessing the openness of repressed financial systems.
Capital flight, external debt, and domestic policies
The international debt crisis of 1982 revealed that unrecorded private capital outflows from developing countries occurred simultaneously with borrowing from international commercial banks. Current interest in capital flight has been generated by the possibility that the resurgence of private capital inflows to these countries may be limited to the return of flight capital. A simple public finance model shows that simultaneous capital outflows and inflows can be explained as the result of private international arbitrage of domestic policies. The paper discusses the welfare consequences of gross two-way capital flows that take advantage of opportunities to avoid taxation or generate subsidy income.Capital movements ; Developing countries ; Finance, Public
Technical guidance and analytic services in support of SEASAT-A
The design of a high resolution radar for altimetry and ocean wave height estimation was studied. From basic principles, it is shown that a short pulse wide beam radar is the most appropriate and recommended technique for measuring both altitude and ocean wave height. To achieve a topographic resolution of + or - 10 cm RMS at 5.0 meter RMS wave heights, as required for SEASAT-A, it is recommended that the altimeter design include an onboard adaptive processor. The resulting design, which assumes a maximum likelihood estimation (MLE) processor, is shown to satisfy all performance requirements. A design summary is given for the recommended radar altimeter, which includes a full deramp STRETCH pulse compression technique followed by an analog filter bank to separate range returns as well as the assumed MLE processor. The feedback loop implementation of the MLE on a digital computer was examined in detail, and computer size, estimation accuracies, and bias due to range sidelobes are given for the MLE with typical SEASAT-A parameters. The standard deviation of the altitude estimate was developed and evaluated for several adaptive and nonadaptive split-gate trackers. Split-gate tracker biases due to range sidelobes and transmitter noise are examined. An approximate closed form solution for the altimeter power return is derived and evaluated. The feasibility of utilizing the basic radar altimeter design for the measurement of ocean wave spectra was examined
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