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The Travails of Current Macroeconomic and Exchange Rate Management in China: The Complications of Switching to a New Growth Engine

Woo, Wing Thye - EconWPA - 2003

Just when China’s leaders receive conflicting signals of “overheating” and “below-potential growth”, they encounter … challenges have their roots in China’s inadequate marketization and continued discrimination against the domestic private sector … themselves into nonperforming loans. In partially-reformed China, public-directed investments via the state enterprises tend to …

Persistent link: https://www.econbiz.de/10005062405

Comparison between Asian, Russian and Turkish financial crises

Lukkarila, Johanna - EconWPA - 2004

Since the start of the 1990s, several countries have abandoned fixed- but-adjustable exchange rate regimes. The tendency towards floating exchange rate regimes, or alternatively monetary unions, has given rise to a debate on the disappearance of pure currency crises, and the literature has...

Persistent link: https://www.econbiz.de/10005556609

Budget Deficit Persistence and the Twin Deficits Hypothesis

Normandin, Michel - EconWPA - 1996

This paper gauges the causal relationship between external and budget deficits by using Blanchard's overlapping generations model. This model sests the twin deficits hypothesis (i.e. there is a positive relationship between the deficits) and the Ricardian equivalence hypothesis (i.e. there is no...

Persistent link: https://www.econbiz.de/10005561364

Productivity differentials and external balance in ERM II

Henriksson, Marketta - EconWPA - 2005

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still ongoing in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster growth...

Persistent link: https://www.econbiz.de/10005125509

Explaining the Real Exchange Rate during Sudden Stops and Tranquil Periods

Terada-hagiwara, Akiko - EconWPA - 2005

This paper untangles the causes behind real exchange rate devaluation events with particular attention paid to the Sudden Stop of capital flows. By utilizing cumulative impulse response function and variance decomposition analysis, we argue that there is the asymmetric response across Sudden...

Persistent link: https://www.econbiz.de/10005125513

International Capital Mobility: Evidence from Panel Data

Jansen, W. Jos - EconWPA - 2003

Krol (1996) reports estimates of the saving-investment correlation, based on panel regressions, that are much lower than commonly found in the literature. This note argues that this low estimate is not related to the panel estimation technique, as Krol claims, but largely to the inclusion of...

Persistent link: https://www.econbiz.de/10005125535

Consumption Smoothing Channels in Open Economies

Asdrubali, Pierfederico; Kim, Soyoung - EconWPA - 2005

We recognize that intertemporal models of the current account (Frankel and Razin with Yuan 1996, or Baxter and Crucini 1993) imply a theory of consumption smoothing channels, and thus we build an empirical model on the theoretical foundations of Sachs (1982)'s optimizing model in order to...

Persistent link: https://www.econbiz.de/10005125536

Open Capital Account: Concrete Wealth or Paper Wealth

Cai, Junning; Gangnes, Byron - EconWPA - 2004

Empirical evidence shows that capital inflows are often used by developing countries to finance excessive consumption. The existing literature explains these phenomena as resulting from institutional imperfections. In contrast, we argue that they can be fundamental outcomes of open capital...

Persistent link: https://www.econbiz.de/10005125556

What drives financial crises in emerging markets?

Komulainen, Tuomas; Lukkarila, Johanna - EconWPA - 2003

The study examines the reasons for financial crises in 31 emerging market countries during 1980-2001. It estimates a probit model using 23 macroeconomic and financial sector variables. Traditional variables such as unemployment and inflation, as well as several indicators of indebtedness such as...

Persistent link: https://www.econbiz.de/10005126411

Trade Balance and Exchange-Rate for a Small Open Economy during the EMS: The Hellenic Case 1983:1-1995:12

Theodoros, Stamatopoulos - EconWPA - 2005

We are interested on assessing the effectiveness of the Bank of Greece (BoG) exchange rate policy, to achieve the objective of adjusting balance of payments des-equilibrium, during the period 1983:1-1995:12. The traditional theory of the balance of payments adjustment process through exchange...

Persistent link: https://www.econbiz.de/10005408156

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