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Currency Intervention: A Case Study of an Emerging Market
Fry-McKibbin, Renee; Wanaguru, Sumila - Crawford School of Public Policy, Australian National … - 2012
Using a unique dataset on daily foreign exchange intervention and a new methodological framework of a latent factor model of central bank intervention, this paper addresses the effects of intervention in an emerging market. Events in financial markets from 2002 to 2010 provide a natural...
Persistent link: https://www.econbiz.de/10011201587
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INCREASING RETURNS, FINANCIAL CAPITAL MOBILITY AND REAL EXCHANGE RATE DYNAMICS
Pennings, Steven; Tyers, Rod - Crawford School of Public Policy, Australian National … - 2007
The 1990s appreciation of the US$ has been blamed on the 'irrational exuberance' of investors in the US IT boom. A core of these investors appeared to believe that technology-related productivity growth (due, in part, to knowledge spill-over externalities) would raise the relative US rate of...
Persistent link: https://www.econbiz.de/10011201630
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THE CONTRIBUTION OF DOMESTIC, REGIONAL AND INTERNATIONAL FACTORS TO LATIN AMERICA'S BUSINESS CYCLE
Boschi, Melisso; Girardi, Alessandro - Crawford School of Public Policy, Australian National … - 2008
This paper quantifies the relative contribution of domestic, regional and international factors to the fluctuation of domestic output in six key Latin American (LA) countries: Argentina, Bolivia, Brazil, Chile, Mexico and Peru. Using quarterly data over the period 1980:1-2003:4, a multi-variate,...
Persistent link: https://www.econbiz.de/10010904300
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Real Exchange Rates and Sectoral Productivity in the Eurozone
Berka, Martin; Devereux, Michael B.; Engel, Charles - Crawford School of Public Policy, Australian National … - 2014
We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in the Eurozone. Real exchange rate patterns closely accord with an amended Balassa-Samuelson interpretation, both in cross-section and time series. We construct a sticky price...
Persistent link: https://www.econbiz.de/10010939113
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Should developing countries undervalue their currencies?
Schröder, Marcel - Crawford School of Public Policy, Australian National … - 2013
The Washington Consensus emphasizes the economic costs of real exchange rate distortions. However, a sizable recent empirical literature finds that undervalued real exchange rates help countries to achieve faster economic growth. This paper shows that recent findings are driven by inappropriate...
Persistent link: https://www.econbiz.de/10011144018
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Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Kollmann, Robert - Crawford School of Public Policy, Australian National … - 2014
Standard macro models cannot explain why real exchange rates are volatile and disconnected from macro aggregates. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show that this result is highly sensitive to the structure of...
Persistent link: https://www.econbiz.de/10010942940
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Mercantilism and China’s hunger for international reserves
Schroder, Marcel - Crawford School of Public Policy, Australian National … - 2015
This paper is motivated by the popular view that the surge in China’s foreign exchange reserves is due to a … the reserve build-up in China during 1998Q4-2011Q4. A substantial problem is that theory is consistent with employing two … in China’s case. The results suggest that mercantilism accounts for less than 10 percent of reserve accumulation …
Persistent link: https://www.econbiz.de/10011252688
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The Malaysian Capital Controls: A Success Story?
Athukorala, Prema-Chandra - Crawford School of Public Policy, Australian National … - 2007
This paper aims to contribute to the debate on the use of temporary controls on capital outflows as a crisis resolution measure my examining the outcome of Malaysia’s radical response to the 1997-98 financial crisis. The analysis suggests that carefully designed temporary capital controls were...
Persistent link: https://www.econbiz.de/10004970720
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The Fiscal Multiplier and Spillover in a Global Liquidity Trap
Fujiwara, Ippei; Ueda, Kozo - Crawford School of Public Policy, Australian National … - 2012
We consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Using a standard New Open Economy Macroeconomics (NOEM) model, an optimizing two-country sticky price model, we show that the fiscal multiplier and spillover...
Persistent link: https://www.econbiz.de/10011201597
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STABILIZING THE AUSTRALIAN BUSINESS CYCLE: GOOD LUCK OR GOOD POLICY?
Liu, Philip - Crawford School of Public Policy, Australian National … - 2007
This paper examines the sources of Australia's business cycle fluctuations focusing on the role of international shocks and short run stabilization policy. A VAR model identified using robust sign restrictions derived from an estimated structural model is used to aid the investigation. The...
Persistent link: https://www.econbiz.de/10011201614