Similar Search Results

Monetary Transaction Costs and the Term Premium

Espinoza, Raphael A.; Tsomocos, Dimitrios P. - International Monetary Fund (IMF) - 2013

-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified. …We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the … Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of …

Persistent link: https://www.econbiz.de/10010790281

Regional Financial Integration in the GCC

Espinoza, Raphael A.; Williams, Oral; Prasad, … - International Monetary Fund (IMF) - 2010

We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development...

Persistent link: https://www.econbiz.de/10008470389

Regional Financial Integration in the Caribbean; Evidence From Financial and Macroeconomic Data

Kwon, Goohoon; Espinoza, Raphael A. - International Monetary Fund (IMF) - 2009

This paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well...

Persistent link: https://www.econbiz.de/10008528700

Recent Credit Stagnation in the Mena Region; What to Expect? What Can Be Done?

Chami, Ralph; Espinoza, Raphael A.; Barajas, Adolfo; … - International Monetary Fund (IMF) - 2010

This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds that, similar to other regions and to its past history, a credit boom preceded the current slowdown, and that a protracted period of sluggish...

Persistent link: https://www.econbiz.de/10008671284