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Euro Area: Single Currency - National Money Creation
Kooths, Stefan; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2012
maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in … centrifugal forces become that ultimately might break up the single currency. Instead of a fiscal union, a euro … in the short run. These funds would not rescue banks but they would kick in as soon as a bank's equity is depleted in …
Persistent link: https://www.econbiz.de/10010886947
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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
Bank of Japan (BoJ) and exchange rate volatility. We use official intervention data for the period 1993-2000 that were …
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
experience for multilateral options. The actual system is a fragile low-inflation central bank dominated arrangement. Options for …
Persistent link: https://www.econbiz.de/10005700582
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The future of the IMF: how to prevent the next global financial crisis
Siebert, Horst - Institut für Weltwirtschaft (IfW) - 1998
The paper analyzes how the next financial crisis can be prevented and which role the IMF should play. The paper distinguishes between the improvement of existing instruments and solving the moral hazard problem. Both issues are interrelated. The size of operation of the IMF creates a moral...
Persistent link: https://www.econbiz.de/10009276534
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Commercial banks, default insurance and IMF reforms
Rockerbie, Duane W.; Easton, Stephen T. - Institut für Weltwirtschaft (IfW) - 2009
This paper discusses, in a very general way, a system of IMF insurance against sovereign default that could be offered to private lenders and banking groups. The system could overcome many of the current issues that plague the international private lending market, such as moral hazard on the...
Persistent link: https://www.econbiz.de/10005026943
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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 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
conducted by the Bank of Japan (BoJ) between January 1995 and December 1999. We find that the reports of interventions in the …
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
by the Swiss National Bank (SNB) during the period from 1986 through 1995. We find some evidence that the interventions …
Persistent link: https://www.econbiz.de/10005818786
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DSGE Models and Central Banks
Tovar, Camilo Ernesto - Institut für Weltwirtschaft (IfW) - 2008
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10005083409
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Optimal Monetary Policy Committee Size: Theory and Cross Country Evidence
Erhart, Szilárd; Vasquez-Paz, Jose Luis - Institut für Weltwirtschaft (IfW) - 2007
Theoretical and empirical studies of different sciences suggest that an optimal committee consists of roughly 5-9 members, although it can swell mildly under specific circumstances. This paper develops a conceptual model in order to analyze the issue in case of monetary policy formulation. The...
Persistent link: https://www.econbiz.de/10005700491