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An Institutional Framework for Comparing Emerging Market Currency Boards
Gilson, Marie-Thérèse Camilleri - International Monetary Fund (IMF) - 2004
discussion of flexibility and credibility trade-offs and exit issues. …
Persistent link: https://www.econbiz.de/10005826104
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An Equilibrium Model of Global Imbalances and Low Interest Rates
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, … - Society for Economic Dynamics - SED - 2006
Three of the most important recent facts in global macroeconomics — the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio — appear as anomalies from the perspective of...
Persistent link: https://www.econbiz.de/10005090729
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An equilibrum model of "global imbalances" and low interest rates
Caballero, Ricardo J; Farhi, Emmanuel; Gourinchas, … - Bank for International Settlements (BIS) - 2006
Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and...
Persistent link: https://www.econbiz.de/10005121441
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Exchange Rates and Global Rebalancing
Eichengreen, Barry; Rua, Gisela - East Asian Bureau of Economic Research (EABER) - 2011
This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the...
Persistent link: https://www.econbiz.de/10009653202
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Exchange Rates and Global Rebalancing
Eichengreen, Barry; Rua, Gisela - East Asian Bureau of Economic Research (EABER) - 2011
This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the...
Persistent link: https://www.econbiz.de/10009653222
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Capital Inflows, Exchange Rate Flexibility, and Domestic Credit
Reinhart, Carmen - Volkswirtschaftliche Fakultät, … - 2012
Protracted expansionary monetary policies in advanced countries have renewed the debate over policy options to cope with large capital inflows that drive credit expansions in emerging economies. In a forthcoming paper, we show that during capital inflow bonanzas credit grows more rapidly and its...
Persistent link: https://www.econbiz.de/10011113035
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Sources of Currency Crisis: An Empirical Analysis
Weber, Axel A. - University of Bonn, Germany - 1997
Two types of currency crisis models coexist in the literature: first generation models view speculative attacks as being caused by economic fundamentals which are inconsistent with a given parity. Second generation models claim self-fulfilling speculation as the main source of a currency crisis....
Persistent link: https://www.econbiz.de/10004968310
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Transition Countries on the Eve of EU Enlargement
Podkaminer, Leon - 2004
The transition countries approach EU enlargement with GDP growth outperforming the 'old' EU. In 2003, Poland's economy resumed quite strong growth after two years of stagnation. Growth accelerated also in the Czech Republic, while it experienced some moderate slowdown in Romania, Bulgaria,...
Persistent link: https://www.econbiz.de/10012100039
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As East You Go, the More They Grow: Transition Economies in a New Setting
Gligorov, Vladimir; Pöschl, Josef; Richter, Sandor - 2004
output, construction, foreign trade and quarterly GDP figures confirm this development. The economic recovery in the 'old EU …, only Estonia and Lithuania currently meet all the Maastricht convergence criteria. A brief study of foreign trade data … reveals that in the Baltic States, foreign trade deficits are very high for goods even more so than for services. The NMS in …
Persistent link: https://www.econbiz.de/10012100044
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Accelerating GDP Growth, Improved Prospects for European Integration
Astrov, Vasily; Gligorov, Vladimir; Havlik, Peter; … - 2005
outstanding feature of last year's economic developments was a boost in foreign trade (or of intra-EU dispatches and arrivals in … their aggregate trade balance slightly deteriorated (in fact foreign trade contributed positively to GDP growth in Poland … and 72% of imports represent intra-EU trade. Given the high (and rising) export surpluses of Russia and Ukraine - in both …
Persistent link: https://www.econbiz.de/10012100050