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From Crisis to IMF-Supported Program; Does democracy impede the speed required by financial markets?
Mody, Ashoka; Saravia, Diego - International Monetary Fund (IMF) - 2008
agreement on an IMF-supported adjustment program. This span appears to have decreased over time. More precisely, we find that …
Persistent link: https://www.econbiz.de/10005605163
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On the Role and Eects of IMF Seniority
Saravia, Diego - Econometric Society - 2004
The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare … highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF … IMF intervention always makes the borrower country better off. The eects on non-senior lenders depend on the size of the …
Persistent link: https://www.econbiz.de/10005699628
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Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences
Cheung, Yin-wong; Ito, Hiro - Hong Kong Institute for Monetary Research (HKIMR), … - 2008
We examine the empirical determinants of the demand for international reserves and compare the experiences of some Asian and Latin American economies. Our empirical results indicate that different vintages of the model of international reserves give different inferences about the appropriate...
Persistent link: https://www.econbiz.de/10005558124
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The Suitability of A Greater China Currency Union
Cheung, Yin-wong; Yuen, Jude - Hong Kong Institute for Monetary Research (HKIMR), … - 2004
The study assesses the level of integration among the three Greater China economies (namely China, Hong Kong, and Taiwan) and examines the suitability of a Greater China currency union. Currently, the three economies have extensive trade and investment linkages. Our analyses show that these...
Persistent link: https://www.econbiz.de/10005558154
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An Output Perspective on a Northeast Asia Currency Union
Cheung, Yin-wong; Yuen, Jude - Hong Kong Institute for Monetary Research (HKIMR), … - 2005
The prospect of creating a currency union consisting of China, Japan, and Korea is evaluated using output data. After a brief discussion on the interactions between the three countries, the study investigates whether these three countries have common synchronous business cycles, which are...
Persistent link: https://www.econbiz.de/10005435854
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Does the Chinese Interest Rate Follow the US Interest Rate?
Cheung, Yin-wong; Tam, Dickson; Yiu, Matthew S. - Hong Kong Institute for Monetary Research (HKIMR), … - 2006
One argument for floating the Chinese renminbi (RMB) is to insulate China¡¦s monetary policy from the US effect. However, we note that both theoretical considerations and empirical results do not offer a definite answer on the link between exchange rate arrangement and policy dependence. We...
Persistent link: https://www.econbiz.de/10005435860