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- W3123535558 abstract "Stochastic general equilibrium models of small open economies with occa- sionally binding …nancial frictions are capable of mimicking both the business cycles and the crisis events associated with the sudden stop in access to credit markets (Mendoza, 2010). In this paper we study the ine¢ ciencies associated with borrowing decisions in a two-sector small open production economy. We …nd that this economy is much more likely to display under-borrowingrather than over-borrowingin normal times. As a result, macro-prudential policies (i.e. Tobin taxes or economy-wide controls on capital in‡ows) are costly in welfare terms in our economy. Moreover, we show that macro-prudential policies aimed at minimizing the probability of the crisis event might be welfare-reducing in pro- duction Our analysis shows that there is a much larger scope for welfare gains from policy interventions during …nancial crises. That is to say that, within our modeling approach, ex post or crisis-management policies dominate ex ante or macro-prudential ones. � Paper prepared for the conference What Future for Financial Globalization?, ECB, 9-10 September 2010, Frankfurt with title Ine¢ cient borrowing in production economies. We are grateful to Luca Fornaro for excellent research assistance. We thank our discussants, Giancarlo Corsetti and Robert Kollmann, and conference participants for useful comments and suggestions. We also thanks Fiorella De Fiore, Samuel Reynard and Alberto Martin and seminar participants at CREI, at the COOL conference London 2010, and at the conference on The Future of Monetary Policy, EIEF, Rome September 2010. The usual disclaimer applies. The views expressed in this paper are exclusively those of the authors and not those of the Inter-American Development Bank or JD Power." @default.
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- W3123535558 date "2013-03-01" @default.
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- W3123535558 title "Financial crises and macro-prudential policies" @default.
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- W3123535558 doi "https://doi.org/10.1016/j.jinteco.2012.06.002" @default.
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