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Autor:innen: 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Working Paper No. 1087
Verlag: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Zusammenfassung: 
I develop a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration costs and their low position in the international monetary hierarchy. These vulnerabilities make them susceptible to financial traps, jeopardize debt sustainability, and increase volatility. I show that the weak response of capital flows to interest rates further limits the ability of monetary policy to stabilize the system. As a result, these economies have restricted policy options and often resort to mimicking external monetary policy strategies in times of financial distress.
Schlagwörter: 
external debt sustainability
currency hierarchy
financial trap
balance of payments constraint
subordinated integration
JEL: 
E12
E32
E44
F34
Dokumentart: 
Working Paper

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