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The Euro's Challenge to the Dollar; Different Views From Economists and Evidence From Cofer (Currency Composition of Foreign Exchange Reserves) and Other Data
Lim, Ewe-Ghee - International Monetary Fund (IMF) - 2006
This paper examines opposing views on the euro's challenge to the dollar as an international currency. One view … euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size alone is … insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to advance as an …
Persistent link: https://www.econbiz.de/10005825711
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Managing Financial Crises; Recent Experience and Lessons for Latin America
Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...
Persistent link: https://www.econbiz.de/10005824823
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Czech Koruna and Polish Zloty; Spot and Currency Option Volatility Patterns
Morales, Armando Méndez - International Monetary Fund (IMF) - 2001
against the euro relative to the U.S. dollar, while the opposite is true for the zloty, apparently related to earlier … inflation rates. By contrast, the currency options market shows enhanced information content of both currencies against the euro …
Persistent link: https://www.econbiz.de/10005826189
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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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Debt Crises and the Development of International Capital Markets
Sy, Amadou N. R.; Pescatori, Andrea - International Monetary Fund (IMF) - 2004
Crises on external sovereign debt are typically defined as defaults. Such a definition accurately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining defaults as debt crises is problematic for the 1990s, when sovereign bond markets...
Persistent link: https://www.econbiz.de/10005263954
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Haircuts; Estimating Investor Losses in Sovereign Debt Restructurings, 1998-2005
Zettelmeyer, Jeromin; Sturzenegger, Federico - International Monetary Fund (IMF) - 2005
This paper estimates bond-by-bond "haircuts"-realized investor losses-in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. We consider both external and domestic retructurings. Haircuts are computed as the percentage difference between the present values...
Persistent link: https://www.econbiz.de/10005825806
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Accounting for Output Drops in Latin America
Lama, Ruy - International Monetary Fund (IMF) - 2009
This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGrattan, 2007) in which output fluctuations are decomposed into four sources: total...
Persistent link: https://www.econbiz.de/10005826407
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Persistent Gaps, Volatility Types, and Default Traps
Fostel, Ana; Kapur, Sandeep; Catão, Luis - International Monetary Fund (IMF) - 2007
We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of borrowing-and-default ("default traps"), as well as the fact that recalcitrant...
Persistent link: https://www.econbiz.de/10005604946
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An Interest Rate Defense of a Fixed Exchange Rate?
Jeanne, Olivier; Flood, Robert P. - International Monetary Fund (IMF) - 2000
Defending a government’s exchange-rate commitment with active interest rate policy is not an option in the Krugman-Flood-Garber (KFG) model of speculative attacks. In that model, the interest rate is the passive reflection of currency-depreciation expectations. In this paper we show how to...
Persistent link: https://www.econbiz.de/10005264210
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Financial Stability in Dollarized Economies
Gulde, Anne Marie; Hoelscher, David S.; Ize, Alain; … - International Monetary Fund (IMF) - 2004
This paper addresses the challenges to prudential supervision in highly dollarized economies, where central banks and supervisors may be constrained in the use of standard money and financial policy tools. The study’s conclusions are the basis of an ongoing policy dialogue with IMF member...
Persistent link: https://www.econbiz.de/10005824860