Economic Policy in Stormy Waters: Financial Vulnerability in Emerging Economies

Abstract

I. Introduction II. Time Inconsistency III. The Origins of Financial Crises IV. The Nature of Financial Crises V. Emerging Bond Markets VI. National Economic Policy Proposals VII. International Economic Policy Proposals VIII. Alternative Monetary Rules IX. Conclusionstime inconsistency; external factors; contagion; sudden stop; fear of floating; dollarization; inflation targeting