Narrow search
Showing 1 - 10 of 92
Cover Image
Nominal and Real Exchange Rate Models in South Africa: How Robust are they?
Egert, Balazs - CESifo - 2012
This paper addresses difficulties in modelling exchange rates in South Africa. Real exchange rate models of earlier research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation methods. Alternative exchange rate models proposed in...
Persistent link: https://www.econbiz.de/10010554826
Cover Image
The Crisis in the Foreign Exchange Market
Melvin, Michael; Taylor, Mark P. - CESifo - 2009
The financial crisis of 2007-2008 had major implications for the foreign exchange market. We review events and implications for exchange rates, volatility, returns to currency investing, and transaction costs. This “blow-by-blow” narrative is intended to be a resource for researchers seeking...
Persistent link: https://www.econbiz.de/10005013075
Cover Image
Capital Controls and Exchange Rate Regimes: An Empirical Investigation
Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001
It is often argued that deregulation of international transactions and its effects on the “globalization” of financial markets is behind the decline in the attractiveness of fixed exchange rate regimes. We argue that, instead, much of the recently observed decrease in the level of capital...
Persistent link: https://www.econbiz.de/10005181251
Cover Image
The Overvaluation of Renminbi Undervaluation
Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji - CESifo - 2007
We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...
Persistent link: https://www.econbiz.de/10005196252
Cover Image
Automating Exchange Rate Target Zones: Intervention via an Electronic Limit Order Book
Melvin, Michael; Menkhoff, Lukas; Schmeling, Maik - CESifo - 2008
is smaller on intervention days than on non-intervention days. Finally, we reveal that informed banks take different … positions than uninformed banks as they tend to trade against the central bank – which reflects a rational stance. Despite this …
Persistent link: https://www.econbiz.de/10005181265
Cover Image
Measurement and Determinants of Access to Loans
Hainz, Christa; Nabokin, Tatjana - CESifo - 2013
Measuring and identifying financial constraints represents an important challenge in empirical studies. Due to data limitations perception-based indicators or approximations of access to finance by the usage of finance are often used, disregarding firm-specific differences in the demand for...
Persistent link: https://www.econbiz.de/10010877770
Cover Image
Catching-up and Credit Booms in Central and Eastern European EU Member States and Acceding Countries: An Interpretation within the New Neoclassical Synthesis Framework
Backé, Peter; Wójcik, Cezary - CESifo - 2006
Credit to the private sector has risen rapidly in many Central and Eastern European EU Member States (MS) and acceding countries (AC) in recent years. The lending boom has recently been particularly strong in the segment of loans to households, primarily mortgage-based housing loans, and in...
Persistent link: https://www.econbiz.de/10005094180
Cover Image
The Impact of Creditor Protection on Stock Prices in the Presence of Liquidity Crises: Theory and Cross-country Evidence
Hale, Galina; Razin, Assaf; Tong, Hui - CESifo - 2012
We develop a model predicting two channels through which creditor protection enhances the performance of stock prices: (1) The probability of a liquidity crisis leading to a binding investment-finance constraint falls with a strong protection of creditors; (1) The stock prices under the...
Persistent link: https://www.econbiz.de/10010539151
Cover Image
The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches
Hale, Galina; Razin, Assaf; Tong, Hui - CESifo - 2011
Data show that better creditor protection is correlated across countries with lower average stock market volatility. Moreover, countries with better creditor protection seem to have suffered lower decline in their stock market indexes during the current financial crisis. To explain this...
Persistent link: https://www.econbiz.de/10009019146
Cover Image
Pooling, Tranching and Credit Expansion
Bougheas, Spiros - CESifo - 2012
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well … documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created …-rated tranche. This paper builds a simple model of securitization that accounts for the above retention strategies. Banks in the …
Persistent link: https://www.econbiz.de/10010555214