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SECURITIES MARKETS AND SOCIAL CAPITAL INTEGRATION IN AFRICA: RISKS AND POLICY OPTIONS
NWAOBI, GODWIN - EconWPA - 2005
The need to develop securities market has, following the recent international financial crises, increasingly attracted the attention of national and international policy makers. Never before have developed and developing countries shared such a strong interest in ensuring the stable growth of...
Persistent link: https://www.econbiz.de/10005561601
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Intertemporally non-separable monetary-asset risk adjustment and aggregation
Barnett, William A.; Wu, Shu - EconWPA - 2004
aggregation. The extension of that literature to risk with intertemporally non-separable preferences now has become available in a …
Persistent link: https://www.econbiz.de/10005412580
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On User Costs of Risky Monetary Assets
Barnett, William A.; Wu, Shu - EconWPA - 2004
We extend the monetary-asset user-cost risk adjustment of Barnett, Liu, and Jensen (1997) and their risk … generate potentially larger and more accurate CCAPM user-cost risk adjustments than those found in Barnett, Liu, and Jensen … (1997). We show that the risk adjustment to a monetary asset’s user cost can be measured easily by its beta. We show that …
Persistent link: https://www.econbiz.de/10005412796
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Travel Hysteresis in the US Current Account After the Mid-1980s
Meurer, Roberto; Moura, Guilherme; Silva, Sergio Da - EconWPA - 2005
Following the real appreciation of the US dollar in the first half of the 1980s, travel expenditures in the current account soared. Employing standard regression techniques as well as Markov-switching regime analysis we show that such expenditures did not return to their pre- appreciation levels...
Persistent link: https://www.econbiz.de/10005076555
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Trade Balance Constraints and Optimal Regulation
Quesada, Lucia; Chisari, Omar - EconWPA - 2005
We investigate the interactions between optimal regulation and external credit constraints. When part of a regulated ¯rm is owned by foreign investors, a credit-constrained country who wants to send pro¯ts abroad has to generate enough surplus in the trade account in order to compensate...
Persistent link: https://www.econbiz.de/10005076909
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Exchange Rate – Relative Price Relationship: Nonlinear Evidence from Malaysia
Liew, Venus Khim-Sen; Lim, Kian-Ping; Lau, Evan; … - EconWPA - 2003
Using nonlinear unit root tests developed by Kapetanios et al. (2003), we find strong evidence that the Consumer Price Index (CPI) and Wholesale Price Index (WPI) based Malaysian Ringgit – U.S. Dollar (MYR/USD) real exchange rates are nonlinear stationary, implying that MYR/USD nominal...
Persistent link: https://www.econbiz.de/10005124933
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Exchange Rate – Relative Price Relationship: Nonlinear Evidence from Malaysia
Liew, Venus Khim-Sen; Lim, Kian-Ping; Lau, Evan; … - EconWPA - 2003
Using nonlinear unit root tests developed by Kapetanios et al. (2003), we find strong evidence that the Consumer Price Index (CPI) and Wholesale Price Index (WPI) based Malaysian Ringgit – U.S. Dollar (MYR/USD) real exchange rates are nonlinear stationary, implying that MYR/USD nominal...
Persistent link: https://www.econbiz.de/10005124941
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Current Account Reversals In Selected Transition Countries
Aristovnik, Aleksander - EconWPA - 2005
The paper investigates sharp reductions seen in current account deficits in selected transition countries in the 1992-2003 period. The analysis focuses on three important aspects of these current account reversals: a) to examine those factors that might have triggered the reversals and to...
Persistent link: https://www.econbiz.de/10005124954
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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
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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