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Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004)

Arlt, Josef; Kodera, Jan; Mandel, Martin; Tomšík, … - In: Politická ekonomie 2006 (2006) 3

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship … between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy … money and tradables inflation in the case of the Czech small open economy is not found. The conclusions presented in the …

Persistent link: https://www.econbiz.de/10005036707

What Matters for Financial Development? Capital Controls, Institutions, and Interactions

Chinn, Menzie David - 2005

We extend our work (Chinn and Ito, 2002) focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to...

Persistent link: https://www.econbiz.de/10012736761

A Decomposition of Global Linkages in Financial Markets Over Time

Forbes, Kristin J. - 2003

This paper tests if real and financial linkages between countries can explain why movements in the world's largest markets often have such large effects on other financial markets, and how these cross-market linkages have changed over time. It estimates a factor model in which a country's market...

Persistent link: https://www.econbiz.de/10012740019

Empirical Exchange Rate Models of the Nineties : Are Any Fit to Survive?

Cheung, Yin-Wong - 2008

Previous assessments of forecasting performance of exchange rate models have focused upon a narrow set of models typically of the 1970's vintage. The canonical papers in this literature are by Meese and Rogoff (1983, 1988), who examined monetary and portfolio balance models. Succeeding works by...

Persistent link: https://www.econbiz.de/10012722882

Empirical Exchange Rate Models of the Nineties : Are Any Fit to Survive?

Chinn, Menzie David - 2007

We re-assess exchange rate prediction using a wider set of models that have been proposed in the last decade: interest rate parity, productivity based models, and a composite specification. The performance of these models is compared against two reference specifications - purchasing power parity...

Persistent link: https://www.econbiz.de/10012732344

Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries

Chinn, Menzie David - 2006

We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests. The results indicate that under certain assumptions it is easier to detect...

Persistent link: https://www.econbiz.de/10012782301

Measuring Misalignment Purchasing Power Parity and East Asian Currencies in the 1990s

Chinn, Menzie David - 2006

The concept of purchasing power parity (PPP) is used to evaluate whether eight East Asian currencies were overvalued on the eve of the 1997 crises. The Johansen and Horvath-Watson cointegration test procedures are applied to bilateral and multilateral exchange rates, deflated using CPIs,...

Persistent link: https://www.econbiz.de/10012782578

The Overvaluation of Renminbi Undervaluation

Cheung, Yin-Wong - 2013

We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...

Persistent link: https://www.econbiz.de/10012753994

China, Hong Kong, and Taiwan : A Quantitative Assessment of Real and Financial Integration

Cheung, Yin-Wong - 2013

The status of real and financial integration of China, Hong Kong, and Taiwan is investigated using monthly data on one-month interbank rates, exchange rates, and prices. Specifically, the degree of integration is assessed based on the empirical validity of real interest parity, uncovered...

Persistent link: https://www.econbiz.de/10012754642

Currency Traders and Exchange Rate Dynamics : A Survey of the U.S. Market

Cheung, Yin-Wong - 2013

We report findings from a survey of United States foreign exchange traders. Our results indicate that: (i) in recent years electronically-brokered transactions have risen substantially, mostly at the expense of traditional brokers; (ii) the market norm is an important determinant of interbank...

Persistent link: https://www.econbiz.de/10012754733