Narrow search
Showing 1 - 10 of 431
Cover Image
On the Evolution of Credibility and Flexible Exchange Rate Target Zones
Avesani, Renzo; Gallo, Giampiero M; Salmon, Mark - C.E.P.R. Discussion Papers - 1995
This paper considers a new approach to the optimal management and analysis of exchange rate target zones by regarding the operation of a target zone as a dynamic signalling game between the monetary authorities and the financial markets. A Sequential Open Loop (Feedback) policy of sterilized...
Persistent link: https://www.econbiz.de/10005123996
Cover Image
The European Contribution to International Financial Stability
Portes, Richard - C.E.P.R. Discussion Papers - 2001
This Paper considers how the European Union, and more specifically the euro area, can contribute to international financial stability. It sets the issues in the broader framework of financial globalization and international capital mobility. Sections 1-3 discuss globalization, international...
Persistent link: https://www.econbiz.de/10005114310
Cover Image
The International Financial Integration of China and India
Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006
Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these countries are large holders of official reserves....
Persistent link: https://www.econbiz.de/10005662395
Cover Image
Stability Without a Pact? Lessons from the European Gold Standard 1880-1914
Flandreau, Marc; Le Cacheux, Jacques; Zumer, Frédéric - C.E.P.R. Discussion Papers - 1998
The high level of trade and financial integration reached by Europe both today and under the late 19th century gold standard suggests that important lessons can be learned by looking at past record to inform current issues. In this article, we draw a fresh picture of the European gold standard,...
Persistent link: https://www.econbiz.de/10005123899
Cover Image
The Future of International Liquidity and the Role of China
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013
and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments …’ precautionary demand for reserve assets is likely to increase. But the world then risks a third crisis of the global reserve system … reserve liquidity to include some large emerging-market providers, or finding ways to manage emerging-market risks so as to …
Persistent link: https://www.econbiz.de/10011084193
Cover Image
How to Save Globalization from its Cheerleaders
Rodrik, Dani - C.E.P.R. Discussion Papers - 2007
The new conventional wisdom on globalization emphasizes that reaping the benefits of trade and financial integration is not automatic, and requires better domestic institutions, essentially improved safety nets in rich countries and improved governance in the poor countries. The prevailing...
Persistent link: https://www.econbiz.de/10005666608
Cover Image
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...
Persistent link: https://www.econbiz.de/10005666863
Cover Image
Coordination Failure, Moral Hazard and Sovereign Bankruptcy Procedures
Ghosal, Sayantan; Miller, Marcus - C.E.P.R. Discussion Papers - 2003
We study a model of sovereign debt crisis that combines problems of creditor co-ordination and debtor moral hazard. Solving the sovereign debtor’s incentives leads to excessive ‘rollover failure’ by creditors when sovereign default occurs. We discuss how the incidence of crises might be...
Persistent link: https://www.econbiz.de/10005791694
Cover Image
Finance and Efficiency: Do Bank Branching Regulations Matter?
Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007
We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for investments in the real economy, the efficient Sharpe...
Persistent link: https://www.econbiz.de/10005504526
Cover Image
Financial Globalization: A Reappraisal
Kose, Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2006
The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels with a variety of apparently conflicting results. We attempt to provide a unified conceptual framework for organizing this vast and growing...
Persistent link: https://www.econbiz.de/10005114486