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Bayoumi, Tamim; Fazio, Giorgio; Kumar, Manmohan; … - C.E.P.R. Discussion Papers - 2003

This Paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on … previous work, it uses correlations of equity markets across countries to measure contagion, but in a departure from previous … practice, measures contagion using the relationship of these correlations with distance. Also in contrast to previous work, our …

Persistent link: https://www.econbiz.de/10005656435

Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

Bayoumi, Tamim; Bordo, Michael D - C.E.P.R. Discussion Papers - 1996

We compare the resumption of convertibility into gold by the United States in 1879 and the United Kingdom in 1925 to ascertain the degree to which the outcomes reflect differences in strategies adopted by the authorities or in the external environment. It is concluded that external factors were...

Persistent link: https://www.econbiz.de/10005123560

Who Needs Bands? Exchange Rate Policy Before EMU

Bayoumi, Tamim - C.E.P.R. Discussion Papers - 1995

Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbours appear the most likely to gain; our knowledge is too uncertain to say whether all, some, or no countries would reap net economic benefits, however....

Persistent link: https://www.econbiz.de/10005123644

A Formal Model of Optimum Currency Areas

Bayoumi, Tamim - C.E.P.R. Discussion Papers - 1994

A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies,...

Persistent link: https://www.econbiz.de/10005788945

On Regional Monetary Arrangements For ASEAN

Bayoumi, Tamim; Eichengreen, Barry; Mauro, Paolo - C.E.P.R. Discussion Papers - 2000

This paper analyses the extent to which ASEAN may be suitable for a regional monetary arrangement. On the economic front, we review evidence on patterns of trade, economic shocks, the extent of factor mobility, and the monetary transmission mechanism. We find that ASEAN today is less suitable...

Persistent link: https://www.econbiz.de/10005791271

Operationalizing the Theory of Optimum Currency Areas

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1996

Recent years have seen a wave of empirical studies attempting to give empirical content to the theory of optimum currency areas as a way of marshalling evidence on the costs and benefits of EMU. This paper reviews this empirical literature, as a way of examining the success with which theory has...

Persistent link: https://www.econbiz.de/10005791841

Spillovers from the Euro Area Sovereign Debt Crisis: A Macroeconometric Model Based Analysis

Bayoumi, Tamim; Vitek, Francis - C.E.P.R. Discussion Papers - 2011

This paper analyzes past and possible future spillovers from the Euro Area Sovereign Debt Crisis, both within the Euro Area and to the rest of the world. This analysis is based on a structural macroeconometric model of the world economy, disaggregated into fifteen national economies. We find...

Persistent link: https://www.econbiz.de/10009207522

Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton-Woods Float: An Impulse-Response Analysis

Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1992

We use time-series methods to estimate a simple aggregate supply and demand model in order to analyse the comparative performance of fixed and flexible exchange rate systems and test competing hypotheses designed to explain shifts between exchange rate regimes. The paper provides a coherent...

Persistent link: https://www.econbiz.de/10005136700

Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence

Bayoumi, Tamim; Prasad, Eswar - C.E.P.R. Discussion Papers - 1995

This paper compares sources of disturbances to output and labour market adjustment in the US currency union compared to a set of EU countries. Comparable datasets comprising 1-digit sectoral data for 8 US regions and 8 European countries are constructed and used to study the relative importance...

Persistent link: https://www.econbiz.de/10005067519

Relative Prices and Economic Adjustment in the US and EU: A Real Story About European Monetary Union

Bayoumi, Tamim; Thomas, Alun - C.E.P.R. Discussion Papers - 1994

Structural vector autoregressions are used to analyse the relationship between real output and relative prices within the European Union (EU) and the United States. Relative price variability appears to be more important for adjustment within the EU than the United States, reflecting the lower...

Persistent link: https://www.econbiz.de/10005067643