Romain Ranciere

TL;DR: In this article, the authors show that real exchange rate volatility can have a significant impact on productivity growth, but the effect depends critically on a country's level of financial development, and they also offer a simple monetary growth model in which real exchange-rate uncertainty exacerbates the negative investment effects of domestic credit market constraints.

TL;DR: In this article, the authors studied how high leverage and crises can arise as a result of changes in the income distribution and presented a theoretical model where these features arise endogenously as a shift in bargaining powers over incomes.

TL;DR: In this paper, the authors study the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity and find that a positive long-run relationship between financial intermediary and output growth coexists with a mostly negative short run relationship, and further develop an explanation for these contrasting effects by relating them to recent theoretical models.

TL;DR: In this article, the authors investigate the long-run effects of financial intermediation on economic activity and find that a positive long run relationship exists with a negative short-run relationship, and further develop an explanation for these contrasting effects by relating them to recent theoretical models.

TL;DR: This paper presented a model of the optimal level of international reserves for a small open economy seeking insurance against sudden stops in capital flows and derived a formula for the optimal amount of reserves and showed that plausible calibrations can explain reserves of the order of magnitude observed in many emerging market countries.