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Speculation, Hedging and Intermediation in the Foreign Exchange Market.

Krüger, Malte - Banco de España - 1996

In this study it is attempted to estimate the amount of speculation in foreign exchange market.

Persistent link: https://www.econbiz.de/10005155219

An Empirical Analysis of the Peseta's Exchange Rate Dynamics.

Ayuso, Juan; Vega, Juan L. - Banco de España - 1996

The paper addresses the issue of the role of exchange rate jumps. The short-run dynamics of the peseta's effective exchange rate vis-a- vis OECD countries over the period 1974:1 - 1995:9 is estimated using a PPP-based error-correction model enlarged with additional terms allowing for the...

Persistent link: https://www.econbiz.de/10005155238

Devaluations and Depreciation Expectations in the E.M.S.

Ayuso, Juan; Jurado, María Pérez - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590659

Do Exchange Rate Move to Address International Macroeconomic Imbalances?

Canzoneri, Matthew B.; Vallés, Javier; Viñals, José - Banco de España - 1996

This paper provides empirical evidence on the effectiveness of movements in nominal exchange rates in smooting cyclical imbalances between countries, as explained by the literature on optimal currency areas.

Persistent link: https://www.econbiz.de/10005590669

Is there a Trade-Off Between Exchange Rate Risk and Interest Rate Risk?

Huertas, Juan Ayuso - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590703

Contagion and portfolio shift in emerging countries' sovereign bonds

Ríos, Antonio Díez de los; Herrero, Alicia García - Banco de España - 2003

The paper tests whether there were events of contagion, and portfolio shift, in the sovereign bond markets of eleven emerging countries' between January 1995 and November 2001. From existing definitions, we narrow down the concept of contagion by focusing on pricing errors, after general market...

Persistent link: https://www.econbiz.de/10004965259

An Empirical Examination of a Multilateral Target Zone.

Schulstad, Paul; Serrat, Ángel - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005022238

The transmission of emerging market shocks to global equity markets

Sáez, Lucía Cuadro; Fratzscher, Marcel; Thimann, Christian - Banco de España - 2007

The paper analyses whether, and to what extent, emerging market economies (EMEs) have systemic importance for global financial markets, above and beyond their influence during crises episodes. Using a novel database of exogenous economic and political shocks for 14 EMEs, we find that EME shocks...

Persistent link: https://www.econbiz.de/10005022262

Optimal Exchange Rate Targets and Macroeconomic Stabilization.

Ila, Enrique Alberola - Banco de España - 1996

Exchange rate targets in a stabilization game are considered. The targeting strategy consists on the choice of a desired level for the exchange and the weight assigned to such target in the loss function. The exchange rate target appears then as an intermediate objective and acts as a surrogate...

Persistent link: https://www.econbiz.de/10005088323

The role of the IMF in recent sovereign debt restructurings: Implications for the policy of lending into arrears

Díaz-Cassou, Javier; Erce-Domínguez, Aitor; … - Banco de España - 2008

This paper analyzes the role played by the IMF in eight recent sovereign debt restructurings from a comparative … the Policy of Lending Into Arrears. We find that the IMF can potentially exert a substantial influence on sovereign debt … sovereign debt restructurings. In part, this reflects the flexibility with which the IMF has adapted its intervention to country …

Persistent link: https://www.econbiz.de/10005590736