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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

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

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

Net Foreign Assets Management and Capital Account Liberalization. The Romanian Case

Neagu, Florian - EconWPA - 2003

EU accession requires, inter alia, free movements of capital. If a massive capital outflow occurs, the central banks from the accession or acceding countries may carry two types of intervention: on money market, and introducing restrictions on capital account. The paper explains when is...

Persistent link: https://www.econbiz.de/10005407807

THE BALANCE OF PAYMENTS AS A MONETARY PHENOMENON:AN ECONOMETRIC CASE STUDY OF NIGERIA

NWAOBI, GODWIN CHUKWUDUM - EconWPA - 2003

THE THRUST OF THIS PAPER HAS BEEN TO INVESTIGATE THE THEORETICAL PROPOSITION OF THE MONETARY APPROACH TO THE THEORY OF BALANCE OF PAYMENTS ADJUSTMENT MECHANISM. THE ESSENCE OF THE APPROACH IS A CONSISTENT INSISTENCE THAT BALANCE OF PAYMENTS IS A MONETARY AND NOT A REAL PHENOMENON AS POSITED BY...

Persistent link: https://www.econbiz.de/10005408148

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

On Singaporean Dollar-U.S. Dollar and Purchasing Power Parity

Liew, Venus Khim-Sen; Baharumshah, Ahmad Zubaidi; Lim, … - EconWPA - 2003

This study re-examines the validity of relationship between Singapore Dollar-US Dollar exchange rate and the relative price using the latest econometric methodologies that accounts for non-linearity. Among others, this study finds Exponential Smooth Transition Autoregressive (ESTAR)- type...

Persistent link: https://www.econbiz.de/10005408165

Sovereign Risk and Real Business Cycles in a Small Open Economy

Hamann, Franz - EconWPA - 2002

This paper investigates the effect of sovereign risk on the stochastic rational expectations equilibrium of a real … debt and chooses to default when it is optimal to do so. The possibility of default induces an endogenous sovereign risk …

Persistent link: https://www.econbiz.de/10005408167

Investment-Saving Comovement and Capital Mobility: Evidence from Century Long U.S. Time Series

Levy, Daniel - EconWPA - 2005

This paper makes three contributions: First, I construct annual time series of gross domestic investment and national saving in the U.S. for the 1897–1949 period using historical component series. I compare the qualitative and quantitative properties of the newly constructed series with the...

Persistent link: https://www.econbiz.de/10005408170

Determinants of the euro real effective exchange rate: a BEER/PEER approach

Maeso-Fernandez, Francisco; Osbat, Chiara; Schnatz, Bernd - EconWPA - 2001

This paper presents an empirical analysis of the medium-term determinants of the euro effective exchange rate. The empirical analysis builds on synthetic quarterly data from 1975 to 1998, and derives a Behavioural Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER)....

Persistent link: https://www.econbiz.de/10005408176