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Trade and Financial Contagion in Currency Crises
Salgado, Ranil; Ricci, Luca Antonio; Caramazza, Francesco - International Monetary Fund (IMF) - 2000
estimation finds these economic indicators to be significant for emerging market countries during the Mexican, Asian, and Russian …
Persistent link: https://www.econbiz.de/10005769104
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Original Sin, Balance Sheet Crises, and the Roles of International Lending
Zettelmeyer, Jeromin; Jeanne, Olivier - International Monetary Fund (IMF) - 2002
We present a stylized framework which encompasses a variety of "balance sheet approaches" to currency crises that have been suggested in the literature, and analyze their policy implications. The common theme is that currency and maturity mismatches in private sector balance sheets constrain the...
Persistent link: https://www.econbiz.de/10005599651
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Over there : American banks abroad
Hallow, Mary J. - 1993
Persistent link: https://www.econbiz.de/10004163218
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Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries
Yue, Vivian Z.; Jahjah, Samir - International Monetary Fund (IMF) - 2004
We test the hypothesis of a link between exchange rate policy and sovereign bonds. We analyze the effect of exchange rate policies on supply and credit spreads of sovereign bonds issued by developing countries. An exchange rate policy is captured by the de facto exchange rate regime and the real...
Persistent link: https://www.econbiz.de/10005599729
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Monetary Independence in Emerging Markets; Does the Exchange Rate Regime Make a Difference?
Philippon, Thomas; Zettelmeyer, Jeromin; Borensztein, … - International Monetary Fund (IMF) - 2001
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest...
Persistent link: https://www.econbiz.de/10005825800
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Exchange Rate Policy and Debt Crises in Emerging Economies
Montiel, Peter; Jahjah, Samir - International Monetary Fund (IMF) - 2003
We explore a model intended to capture the interaction between exchange rate policy, fiscal policy, and outright default on foreign-currency denominated debt. We examine how the exchange rate affects the supply of short-term debt facing the government. We show that under a credible hard peg...
Persistent link: https://www.econbiz.de/10005826111
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Financial Repression and Exchange Rate Management in Developing Countries; Theory and Empirical Evidence for India
Kohli, Renu; Kletzer, Kenneth - International Monetary Fund (IMF) - 2001
Most developing countries have imposed restrictions on domestic and international financial transactions at one time or another. Such restrictions have allowed governments to generate significant proportions of their revenues from financial repression while restraining inflation. The eventual...
Persistent link: https://www.econbiz.de/10005826206
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Currency Boards, Credibility, and Macroeconomic Behavior
Sy, Amadou N. R.; Rivera-Batiz, Luis - International Monetary Fund (IMF) - 2000
Currency boards operate differently from standard pegs. The former exhibit greater currency stability and lower transaction costs, inflation, and nominal interest rates, but are limited in their use of devaluation. We extend Drazen and Masson’s (1994) signaling model to consider the choice...
Persistent link: https://www.econbiz.de/10005768949
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The Pros and Cons of Full Dollarization
Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000
We analyze the costs and benefits of full dollarization compared to its closest alternative, a currency board, quantifying for Argentina where possible. Potential advantages include lower borrowing costs and deeper integration into world markets. One cost is the transfer of seigniorage to the...
Persistent link: https://www.econbiz.de/10005605277
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Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration
International Monetary Fund (IMF); International … - 2005
derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …
Persistent link: https://www.econbiz.de/10005767345