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On the Inclusion of the Chinese Renminbi in the SDR Basket
Benassy-Quere, Agnes; Capelle, Damien - CESifo - 2012
This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...
Persistent link: https://www.econbiz.de/10010877819
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Economy Wide Impact of the Trade Integration between Japan and India: A Computable General Equilibrium Analysis
Bhattacharyay, Biswa Nath; Mukhopadhyay, Kakali - CESifo - 2013
Japan and India signed the much-awaited Comprehensive Economic Partnership Agreement (CEPA) on 16th February 2011. The CEPA will eliminate tariff on goods that account for 94% of their two way trade over ten years and will boost bilateral trade and investment. Indian exports which were subject...
Persistent link: https://www.econbiz.de/10010732348
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Understanding the Latest Wave and Future Shape of Regional Trade and Cooperation Agreements in Asia
Bhattacharyay, Biswa N. - CESifo - 2006
Asia accounts for more than 30% of world GDP and contributes half of the global growth in recent years. Despite high … growth rates, Asia is still facing considerable socio-economic challenges. If Asia is to reemerge as a major power in the … region’s economies more integrated regionally and internationally. Following the recent global trend, Asia witnessed a wave …
Persistent link: https://www.econbiz.de/10005406449
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Roles of Social Conformity in Deviance in Poverty: A Study on Working Poverty and Educational Investment in Bangladesh
Bhattacharyay, Biswa N.; Gangopadhyay, Partha; Rahman, … - CESifo - 2013
In recent decades the Indian subcontinent has displayed remarkable invariance in the incidence of working poverty despite strong economic performance. It is widely held that education can rescue households from various types of poverty traps created by information problems and incorrect...
Persistent link: https://www.econbiz.de/10010693470
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Catastrophic Medical Expenditure Risk
Flores, Gabriela; O'Donnell, Owen - CESifo - 2013
Medical expenditure risk can pose a major threat to living standards. We derive decomposable measures of catastrophic medical expenditure risk from reference-dependent utility with loss aversion. We propose a quantile regression based method of estimating risk exposure from cross-section data...
Persistent link: https://www.econbiz.de/10010693478
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Transparency, Flexibility and Macroeconomic Stabilization
Geraats, Petra - CESifo - 2014
Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...
Persistent link: https://www.econbiz.de/10010877697
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How Expoerts Decide: Preferences or Private Assessments on a Monetary Policy Committee?
Hansen, Stephen; McMahon, Michael; Rivera, Carlos Velasco - CESifo - 2013
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10010877935
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Asset Allocation and Monetary Policy: Evidence from the Eurozone
Hau, Harald; Lai, Sandy - CESifo - 2014
The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003-2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...
Persistent link: https://www.econbiz.de/10010948820
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro; Melina, Giovanni - CESifo - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10011272622
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Taxation, Corruption and the Exchange Rate Regime
Hefeker, Carsten - CESifo - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10005013051