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Latin American Macroeconomic ReformsThe Second Stage$
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Jose Gonzalez, Vittorio Corbo, Anne O. Krueger, and Aaron Tornell

Print publication date: 2003

Print ISBN-13: 9780226302676

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226302683.001.0001

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Toward a Liquidity Risk Management Strategy for Emerging Market Economies

Toward a Liquidity Risk Management Strategy for Emerging Market Economies

(p.293) 8 Toward a Liquidity Risk Management Strategy for Emerging Market Economies
Latin American Macroeconomic Reforms

Pablo E. Guidotti

University of Chicago Press

A country's risk management strategy to volatility should focus on three main areas: the financial system, public debt management, and the corporate sector. This chapter articulates the main elements of a country's strategy to deal with liquidity (or rollover) risk. It focuses on selected issues that were crucial in dealing with market volatility in the 1990s, and whose importance has not been adequately emphasized or, in some cases, remains controversial. In the analysis, frequent references are made to the recent experience of some emerging market economies, in particular that of Argentina during the 1990s. The strategy focuses on the financial system and on the financing policies in the public and the private sector. Once the main elements are presented, the implications for exchange rate policy, as well as for the role of the IMF, are discussed.

Keywords:   volatility, financial system, public debt management, liquidity risk, Argentina, exchange rate policy, IMF

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