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Central counterparty clearing: constructing a framework for evaluation of risks and benefits
Ripatti, Kirsi - EconWPA - 2005
Counterparty Clearing has become increasingly popular in Europe, not just in derivatives markets, where, due to the high risk … the increased sophistication in clearing arrangements is the ongoing process of European economic integration, ie the euro … pan-European financial infrastructure for payments and securities clearing and settlement. Central counterparty clearing …
Persistent link: https://www.econbiz.de/10005134670
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WHY DO COUNTRIES DEVELOP MORE FINANCIALLY THAN OTHERS? THE ROLE OF THE CENTRAL BANK AND BANKING SUPERVISION
Sáez, Lucía Cuadro; Herrero, Sonsoles Gallego; … - EconWPA - 2003
We construct a new measure of financial development, through multivariate analysis, which includes several indicators of financial size and efficiency for 134 countries. Based on this broad measure, we assess empirically the determinants of financial development focusing on two factors not yet...
Persistent link: https://www.econbiz.de/10005134948
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Is Black Market Exchange Rate a Good Indicator of Equilibrium Exchange Rate? A Simple Test With Evidence From South Asia
Emran, M. Shahe; Shilpi, Forhad - EconWPA - 2004
The black market exchange rate premium is widely used in the empirical literature as an indicator of trade and exchange rate distortions. This paper presents a simple test of the null hypothesis that the black market exchange rate is a reliable indicator of the equilibirum exchange rate. The...
Persistent link: https://www.econbiz.de/10005062423
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Purchasing Power Parity Hypothesis in Developing Economies:Some Empirical Evidence from Sri Lanka
Wickremasinghe, Guneratne Banda - EconWPA - 2004
Purchasing power parity (PPP) hypothesis has attracted a lot of attention from academics and policy-makers particularly, during the recent float. Most previous studies used data from the developed world. This study examines the validity of the PPP hypothesis using data during the recent float...
Persistent link: https://www.econbiz.de/10005408175
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Foreign Trade Regimes and Import Demand Function: Evidence from Sri Lanka
Emran, M. Shahe; Shilpi, Forhad - EconWPA - 2001
Time series data for Sri Lanka span periods of pervasive trade and exchange restrictions along with periods of liberalized trade. This paper implements a structural econometric model of aggregate imports which incorporates the implications of the shifts in the policy regime. The results...
Persistent link: https://www.econbiz.de/10005556426
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EFFICIENCY OF FOREIGN EXCHANGE MARKETS: A DEVELOPING COUNTRY PERSPECTIVE
Wickremasinghe, Guneratne Banda - EconWPA - 2004
This study tests weak and semi-strong form efficiency of the foreign exchange market in Sri Lanka using six bilateral foreign exchange rates during the recent float. Weak-form efficiency is examined using unit root tests while semi-strong form efficiency is tested using co- integration and...
Persistent link: https://www.econbiz.de/10005556627
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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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CLAVES DE LA INFLACION DE 2005
Marongiu, Federico - EconWPA - 2005
El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...
Persistent link: https://www.econbiz.de/10005076625
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National Appointments to Multinational Monetary Policy Making: A Role Conflict?
Ripoll, Jose - EconWPA - 2003
Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of loyalties and allegiances - to the home regional...
Persistent link: https://www.econbiz.de/10005076671
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CAN MONETARY POLICY AFFECT THE REAL ECONOMY?
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2002
Current monetary policy involves the manipulation of the Central Bank interest rate (the repo rate), with the specific objective of achieving the goal(s) of monetary policy. The latter is normally the inflation rate, although in a number of instances this may include the level of economic...
Persistent link: https://www.econbiz.de/10005076687