WorldCat Identities

Portes, Richard

Overview
Works: 196 works in 640 publications in 3 languages and 5,320 library holdings
Genres: Conference proceedings  Periodicals 
Roles: Editor, Redactor, Interviewee
Classifications: HG3881, 332.042
Publication Timeline
Key
Publications about  Richard Portes Publications about Richard Portes
Publications by  Richard Portes Publications by Richard Portes
Most widely held works by Richard Portes
Threats to international financial stability by Richard Portes ( Book )
9 editions published in 1987 in English and Undetermined and held by 489 WorldCat member libraries worldwide
This volume, based on a conference organized by the International Center for Monetary and Banking Studies in association with the Centre for Economic Policy Research, brings togehter a leading group of economists, financial theorists, policy-makers and bankers to analyse current threats to international financial stabitlity
Europe after 1992 : three essays by Michael Emerson ( Book )
7 editions published in 1991 in English and held by 415 WorldCat member libraries worldwide
Planning and market relations: proceedings of a conference held by the International Economic Association at Liblice, Czechoslovakia by Michael Charles Kaser ( Book )
16 editions published between 1971 and 1986 in English and Undetermined and held by 357 WorldCat member libraries worldwide
External constraints on macroeconomic policy : the European experience ( Book )
10 editions published between 1991 and 2011 in English and held by 304 WorldCat member libraries worldwide
Blueprints for exchange-rate management by Marcus Miller ( Book )
10 editions published in 1989 in English and Undetermined and held by 298 WorldCat member libraries worldwide
Global macroeconomics : policy conflict and cooperation ( Book )
14 editions published between 1987 and 1988 in English and held by 290 WorldCat member libraries worldwide
Economic transformation in Central Europe : a progress report by Commission of the European Communities ( Book )
19 editions published between 1993 and 1994 in English and Undetermined and held by 260 WorldCat member libraries worldwide
European Union trade with Eastern Europe : adjustment and opportunities ( Book )
11 editions published between 1994 and 1995 in English and Undetermined and held by 240 WorldCat member libraries worldwide
Toward a lender of first resort by Daniel Cohen ( )
14 editions published between 2004 and 2006 in English and held by 215 WorldCat member libraries worldwide
If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad" equilibrium. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that breaks down the origin of crises into three components: confidence (spreads and currency crisis), fundamentals (real growth rate), and economic policy (primary deficit). Theory then suggests a set of circumstances in which a lender of first resort would be desirable. The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives. Theory also illuminates the potential role of collective action clauses in reducing the risk of self-fulfilling debt crises
Crisis? What crisis? Orderly workouts for sovereign debtors by Barry J Eichengreen ( Book )
7 editions published in 1995 in English and held by 208 WorldCat member libraries worldwide
The determinants of cross-border equity flows by Richard Portes ( Book )
26 editions published between 1998 and 2001 in English and held by 135 WorldCat member libraries worldwide
We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The model integrates elements of the finance literature on portfolio composition and the international macroeconomics and asset trade literature. Gross asset flows depend on market size in both source and destination country as well as trading costs, in which both information and the transaction technology play a role. Distance proxies some information costs, and other variables explicitly represent information transmission, an information asymmetry between domestic and foreign investors, and the efficiency of transactions. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information is the main determinant of the pattern of international transactions, while there is little support in our data for diversification and return-chasing motives for transactions." -- Authors
The emergence of the euro as an international currency by Richard Portes ( Book )
27 editions published between 1997 and 1998 in English and held by 133 WorldCat member libraries worldwide
After nearly a century of domination in world affairs, the dollar is about to face stiff competition when the euro is created. According to the authors of this article, political calculations and national symbolism will undoubtedly play a part; the international status of the euro will have substantial implications for the international monetary system, the composition of portfolios, exchange rates and monetary policies. This article examines these issues, providing a clear analytical framework for discussion. The authors conclude that, given the euro's fundamentals - the EU's economic size, the liberalization and integration of its financial markets, and confidence in its international creditor status and stability-orientated monetary policy -, the most likely outcome in the future is that the dollar will have to share the number-one position.--SCAD summary
Defining benchmark status : an application using euro-area bonds by Peter G Dunne ( Book )
16 editions published in 2002 in English and held by 97 WorldCat member libraries worldwide
The introduction of the euro on 1 January 1999 created the conditions for an integrated government bond market in the euro area. Using a unique data set from the electronic trading platform Euro-MTS, we consider what is the benchmark' in this market. We develop and apply two definitions of benchmark status that differ from the conventional view that the benchmark is the security with lowest yield at a given maturity. Using Granger-causality and cointegration methods, we find a complex pattern of benchmark status in euro-area government bonds
The Polish crisis : western economic policy options by Richard Portes ( Book )
6 editions published in 1981 in English and Polish and held by 92 WorldCat member libraries worldwide
Dealing with destabilizing "market discipline" by Daniel Cohen ( Book )
12 editions published in 2004 in English and held by 88 WorldCat member libraries worldwide
"If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which then becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the good equilibrium' over the bad equilibrium'. We see here a fundamental flaw in the process of market discipline. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that enables us to break down the origin of crises into three components: a crisis of confidence (spreads and currency crisis), a crisis of fundamentals (real growth rate), and a crisis of economic policy (primary deficit). The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives"--National Bureau of Economic Research web site
Dealing with debt : the 1930s and the 1980s by Barry J Eichengreen ( Book )
13 editions published between 1989 and 1990 in English and held by 82 WorldCat member libraries worldwide
This paper analyzes the sovereign defaults of the 1930s and their implications for the debt crisis of the 1980s. It reports nine major findings. There is little evidence that financial markets have grown more sophisticated' over time, or that banks have a comparative advantage over the bond market in processing information. (2) Debt default in the 1930s depended on a combination of factors, . including the magnitude of the external shocks, the level of debt, and: the: economic policy response, as well as on a range, of: noneconomic considerations. (3) Countries which interrupted service recovered more quickly from the Great Depression than countries which resisted default. This contrasts with the experience of the 1980s, when no clearcut relationship exists (4) There is little evidence that countries which defaulted in the 19305 suffered inferior capital market access subsequently. (S} The readjustment of defaulted debts was protracted: the analogy with Chapter 11 corporate bankruptcy proceedings is no more applicable to the 1930s than to the 1980s. (6) Although default led in some cases to a substantial reduction of transfers from debtors to creditors, on balance returns on sovereign loans compared favorably with returns on domestic investments. (7) Creditor-country governments did more in the 'thirties than in the 'eighties to accelerate the settlement process. (3) Global schemes analogous to the Baker Plan were widely proposed but never implemented. (9) In contrast, market-based debt reduction in the form G debt buybacks played a useful role in the resolution of the crisis
The Conservative revolution ( Book )
1 edition published in 1987 in English and held by 75 WorldCat member libraries worldwide
Optimal currency shares in international reserves the impact of the Euro and the prospects for the dollar by Elias Papaioannou ( Book )
16 editions published in 2006 in English and held by 73 WorldCat member libraries worldwide
"Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater liquidity in other major currencies, and the rising current account deficits and external debt of the United States have increased the pressure on central banks to diversify away from the US dollar. A major portfolio shift would significantly affect exchange rates and the status of the dollar as the dominant international currency. We develop a dynamic mean-variance optimization framework with portfolio rebalancing costs to estimate optimal portfolio weights among the main international currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro has changed this allocation. We then perform simulations for the optimal currency allocations of four large emerging market countries (Brazil, Russia, India and China), adding constraints that reflect a central bank's desire to hold a sizable portion of its portfolio in the currencies of its peg, its foreign debt and its international trade. Our main results are: (i) The optimizer can match the large share of the US dollar in reserves, when the dollar is the reference (risk-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may already enjoy an enhanced role as an international reserve currency ("punching above its weight"). (iii) Growth in issuance of euro-denominated securities, a rise in euro zone trade with key emerging markets, and increased use of the euro as a currency peg, would all work towards raising the optimal euro shares, with the last factor being quantitatively the most important"--National Bureau of Economic Research web site
Economic policy by George De Menil ( )
4 editions published between 2008 and 2009 in English and held by 68 WorldCat member libraries worldwide
Top economists provide a concise and accessible evaluation of major developments in trade and trade policy.Economic Policy has earned a reputation around the world as the one publication that always identifies current and emerging policy topics earlyPapers are specially commissioned from first-class economists and experts in the policy fieldThe editors are all based at top European economic institutions and each paper is discussed by a panel of distinguished economistsThis unique approach guarantees incisive debate and alternative interpretations of the evidence
Crises de la dette : prévention et résolution : rapport by France ( Book )
7 editions published in 2003 in French and held by 67 WorldCat member libraries worldwide
 
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Alternative Names
Portes, R. 1941-
Portes, Richard.
Portes, Richard D. 1941-
Languages
English (230)
French (7)
Polish (1)
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