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Ricci, Luca Antonio - Institut für Weltwirtschaft (IfW) - 2007

This paper develops a model of the circumstances under which it is beneficial to participate in a currency area. The … the optimum currency area literature: correlation of real and monetary shocks, international factor mobility, fiscal … benefits is ambiguous, contrary to the usual argument that more open economies are better candidates for a currency area. Also …

Persistent link: https://www.econbiz.de/10005083391

The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan

Frenkel, Michael; Pierdzioch, Christian; Stadtmann, Georg - Institut für Weltwirtschaft (IfW) - 2002

This paper presents evidence on the accuracy of press reports regarding the foreign exchange market interventions conducted by the Bank of Japan (BoJ) between January 1995 and December 1999. We find that the reports of interventions in the financial press are a relatively inaccurate indicator...

Persistent link: https://www.econbiz.de/10005755250

The Effectiveness of the Interventions of the Swiss National Bank; An Event-Study Analysis

Pierdzioch, Christian; Stadtmann, Georg - Institut für Weltwirtschaft (IfW) - 2003

We use the event-study methodology to analyze the effectiveness of the foreign exchange market interventions conducted by the Swiss National Bank (SNB) during the period from 1986 through 1995. We find some evidence that the interventions of the SNB had an impact on exchange rate dynamics. The...

Persistent link: https://www.econbiz.de/10005818786

The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility

Frenkel, Michael; Pierdzioch, Christian; Stadtmann, Georg - Institut für Weltwirtschaft (IfW) - 2003

Previous studies have mainly used reports in the financial press to analyze the link between the interventions of the Bank of Japan (BoJ) and exchange rate volatility. We use official intervention data for the period 1993-2000 that were released only recently by the BoJ and find that the...

Persistent link: https://www.econbiz.de/10005700559

International Exchange Rate Systems - Where do we Stand?

Siebert, Horst - Institut für Weltwirtschaft (IfW) - 2006

This paper analyzes institutional arrangements for exchange rate systems and reviews what we know. It looks at the foreign exchange market, different balance of payment situations in which countries find themselves and the necessary exchange rate adjustments. It studies the options that are...

Persistent link: https://www.econbiz.de/10005700582

A Bargaining Theory of Trade Invoicing and Pricing

Goldberg, Linda; Tille, Cédric - Institut für Weltwirtschaft (IfW) - 2013

the transaction price and exposure to exchange rate fluctuations. We find that the choice of price and invoicing currency …-importer transactions, but also for aggregate variables such as the average price, the average choice of invoicing currency, and the … correlation between invoicing currency and the size of trade transactions …

Persistent link: https://www.econbiz.de/10010886869

Monetary Union and Macroeconomic Stabilization

Groll, Dominik - Institut für Weltwirtschaft (IfW) - 2013

It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...

Persistent link: https://www.econbiz.de/10010886905

Revenue and expenditure nexus: A case study of ECOWAS

Magazzino, Cosimo - Institut für Weltwirtschaft (IfW) - 2012

This paper aims to assess the relationship among fiscal variables (net lending, government expenditure and revenue) and economic growth in Sub-Saharan African countries. Using yearly data for the period between 1980 and 2011 in 15 ECOWAS countries, a weak long-run relationship between government...

Persistent link: https://www.econbiz.de/10010956037

Financial liberalization, financial development and productivity growth: An overview

Gehringer, Agnieszka - Institut für Weltwirtschaft (IfW) - 2013

The paper surveys the literature on the effects of finance on productivity growth. In both the theoretical and empirical literature, there is no consensus regarding the contribution of financial liberalization and financial development to growth. Focusing on the direct channels of growth, the...

Persistent link: https://www.econbiz.de/10010956114

A Model of the IMF as a Coinsurance Arrangement

Chami, Ralph; Sharma, Sunil; Shim, Ilhyock - Institut für Weltwirtschaft (IfW) - 2007

The paper shows that an IMF-like coinsurance arrangement among countries can play a useful role in the global financial system. The operation of the coinsurance arrangement is examined under different loan contracts. It shows that, if the IMF´s objective is to safeguard its resources and be...

Persistent link: https://www.econbiz.de/10005083334

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