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 Post subject: Greenspan-Guidotti-IMF Rule THE SOCIAL COST OF FOREX
PostPosted: 04 Dec 2009, 12:06 pm 
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Joined: 29 Jan 2008, 6:06 pm
Posts: 731
Dani Rodrik wrote:
Harvard University
December 2005

I. Introduction
Financial globalization has been accompanied by frequent and painful financial crises. Since the debt crisis of 1982, which engulfed practically all countries of Latin America, a new financial upheaval has erupted in some part of the developing—and occasionally industrial— world with alarming regularity. Some of the better known blowups include Mexico in 1995, East Asia in 1997, Russia in 1998, Turkey in 1994 and 2001, Brazil in 1999, and Argentina in
2002.

These crises have spawned a huge literature examining their causes. And they have forced policy makers to look for protective strategies. As Martin Feldstein (1999) concluded in the aftermath of the Asian financial crisis developing countries cannot rely on the International Monetary Fund or reforms in the “international financial architecture” to protect themselves from such crises. Nor, Feldstein reasoned, is it enough to rely on sound macroeconomic policies, since even well-managed countries can be hit by contagion from elsewhere. The key, according to Feldstein was selfprotection through increased liquidity. Countries with higher (net) levels of liquid foreign assets are better able to withstand panics in financial markets and sudden reversals in capital flows. Therefore they may not only reduce the costs of financial crises, they may also make such crises less likely. Liquidity, in turn, could be achieved via three strategies: reducing short-term debt,

1 Paper prepared for presentation at the American Economic Association meetings in Boston,
January 2006. I am grateful to Jeffrey Frankel and Ricardo Hausmann for helpful conversations, to Rick Mishkin and Federico Sturzenegger for comments, and to Joe Stiglitz for his insistence that I write this paper.


Source PDF:http://www.aeaweb.org/annual_mtg_papers/2006/0108_1015_1101.pdf

"the Fed is above the law " at 7:40



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78. HP Smart Web Printing

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79. India's sovereign wealth fund – the debate continues | China ...

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81. International Reserves and Underdeveloped Capital Markets

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82. Cliff Küle's Notes

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83. 30Business-pg4-0.qxd (Page 1)

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87. Latin America and Brazil - On Economics and Politics: November 2007

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88. The Hindu Business Line : Leveraging forex reserves smartly

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89. Testimony of David Marchick Before the U.S.-China Economic ...

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90. Sunil Kewalramani: Changing nature of SWFs

"27 Jul 2008 ... By most rules, including the famed Greenspan-Guidotti rule, which provides a benchmark, India's reserve strength is formidable. ..."
http://www.business-standard.com/india/ ... fs/329705/

91. How to spend it: Commodity and non-commodity sovereign wealth funds

"18 Jul 2008 ... to the capital account, notably the Greenspan-Guidotti Rule of full coverage of total short-term external debt. Observing the Guidotti Rule ..."
http://www.dbresearch.com/PROD/CIB_INTE ... 227899.PDF

92. Reserve Adequacy in Asia Revisited: New Benchmarks Based on the ...

"Bussière and Mulder (1999, 2003) find empirical support for the Greenspan-. Guidotti rule and offer a simple rule-of-thumb based on the results of empirical ..."
http://www.spp.nus.edu.sg/Handler.ashx? ... wp1105.pdf

93. Grandinite » Do they know something we don't?

"2 Dec 2009 ... The formula is called the Greenspan-Guidotti rule. LINK. Alternet: 15 Signs US Society is Coming Apart at the Seams. ..."
http://www.grandinite.com/2009/12/02/do ... g-we-dont/

94. Microsoft PowerPoint - Charles-wyplosz

"6 Nov 2008 ... 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006. China. India. Korea. Even the Greenspan-Guidotti rule is not fail-safe! ..."
http://www.icrier.org/pdf/6nov08/Charle ... tation.pdf

95. PIMCO - Global Central Bank Focus 11-07 Perils of Plenty with Toloui

"The minimum benchmark of reserves equal to at least 100% of short-term external debt became known as the Greenspan-Guidotti rule. Greenspan-Guidotti is ..."
canada.pimco.com/LeftNav/Featured+Market+Commentary/FF/2007/Global+Central+Bank+Focus+11-07+Perils+of+Plenty+with+Toloui.htm

96. Microsoft PowerPoint - Comments on Ho Ho [Schreibgeschützt ...

"Reserve adequacy (Greenspan-Guidotti rule; Obstfeld-. Shambaugh-Taylor's financial stability coverage);. Shambaugh-Taylor s financial stability coverage) ; ..."
http://www.imfs-frankfurt.de/documents/ ... _10_21.pdf

97. Thinking modalities for a sovereign wealth fund - dnaindia.com

"1 Dec 2007 ... (Greenspan-Guidotti rule: Reserves should be equal to one-year short-term external debt. At the end of June 2007, the ratio of India's ..."
http://www.dnaindia.com/money/report_th ... nd_1136508

98. The Optimal Level of International Reserves For Emerging Market ...

"Greenspan-Guidotti Rule. 10. Greenspan-Guidotti Rule ... Actual Reserves. Model. Three Months of Imports Rule. Greenspan-Guidotti Rule. Latin America ..."
http://www.flar.net/documentos/488_O.Jeanne.pdf

99. Reserve Bank of India

"24 Mar 2006 ... Figure 3 uses one familiar criteria, the so-called Guidotti-Greenspan rule that reserves should equal 1 year's short term debt to ..."
http://www.rbi.org.in/Scripts/Publicati ... px?Id=8304

100. Why India Needs a Sovereign Wealth Fund - BusinessWeek

"10 Oct 2008 ... Further, according to the Greenspan-Guidotti rule proposed by former Fed chief Alan Greenspan, the reserves should be no less than the short ..."
http://www.businessweek.com/globalbiz/c ... 964477.htm




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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.



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