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A Model of an Optimum Currency Area
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 proposed two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments suggested by the optimum currency area literature: correlation of...
Persistent link: https://www.econbiz.de/10005083391
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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
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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
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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
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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
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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
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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
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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
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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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The Single Currency's Effects on Eurozone Sectoral Trade: Winners and Losers?
Vicarelli, Claudio; De Santis, Roberta; De Nardis, Sergio - Institut für Weltwirtschaft (IfW) - 2008
In this paper we study the effect of the single currency across industries for euro area members. This analysis may … help to shed light on the main factors influencing the euro effect on trade flows. We intend to verify whether these … factors are specific to individual sectors and/or countries or common to the entire euro area. We use a dynamic specification …
Persistent link: https://www.econbiz.de/10005083340