Similar Search Results

Can the moral hazard caused by IMF bailouts be reduced?

Eichengreen, Barry - 2000

Persistent link: https://www.econbiz.de/10001529214

The Bail-In Problem: Systematic Goals, Ad Hoc Means

Eichengreen, Barry; Ruehl, Christoph - C.E.P.R. Discussion Papers - 2000

In this paper we analyse the recent efforts of the international financial institutions to limit the moral hazard created by their assistance to crisis countries. We question the wisdom of the case-by-case approach taken in Pakistan, Ecuador, Romania and Ukraine. We show that because default and...

Persistent link: https://www.econbiz.de/10005124195

Would Collective Action Clauses Raise Borrowing Costs?

Eichengreen, Barry; Mody, Ashoka - C.E.P.R. Discussion Papers - 1999

We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...

Persistent link: https://www.econbiz.de/10005067390

Debt Maturity and the Global Financial Architecture

Jeanne, Olivier - C.E.P.R. Discussion Papers - 2000

The paper starts from the premise that the debate on the ‘new architecture’ of the international financial system should be based on a theory that endogenizes the structure of countries' external liabilities. I present a model in which the maturity of a country's external sovereign debt is...

Persistent link: https://www.econbiz.de/10005666408

Can Oil Prices Forecast Exchange Rates?

Ferraro, Domenico; Rogoff, Kenneth; Rossi, Barbara - C.E.P.R. Discussion Papers - 2011

This paper investigates whether oil prices have a reliable and stable out-of-sample relationship with the Canadian/U.S dollar nominal exchange rate. Despite state-of-the-art methodologies, we find little systematic relation between oil prices and the exchange rate at the monthly and quarterly...

Persistent link: https://www.econbiz.de/10009359490

A Theory of International Crisis Lending and IMF Conditionality

Jeanne, Olivier; Ostry, Jonathan D; Zettelmeyer, Jeromin - C.E.P.R. Discussion Papers - 2008

We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the … conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality commits country authorities … to undertake crisis resolution efforts, facilitating the return of private capital, and ensuring repayment to the IMF …

Persistent link: https://www.econbiz.de/10005666863

Noise Trading and Exchange Rate Regimes

Jeanne, Olivier; Rose, Andrew K - C.E.P.R. Discussion Papers - 1999

Both the literature and new empirical evidence show that exchange rate regimes differ primarily by the noisiness of the exchange rate, not by measurable macroeconomic fundamentals. This motivates a theoretical analysis of exchange rate regimes with noise traders. The presence of noise traders...

Persistent link: https://www.econbiz.de/10005666966

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

Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

Eichengreen, Barry - C.E.P.R. Discussion Papers - 1991

Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve...

Persistent link: https://www.econbiz.de/10005791345

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